Green credit policy and firm performance: What we learn from China

被引：355

作者：

Yao, Shouyu ^{[1
]}

Pan, Yuying ^{[2
]}

Sensoy, Ahmet ^{[3
]}

Uddin, Gazi Salah ^{[4
]}

Cheng, Feiyang ^{[1
,5
]}

机构：

[1] Tianjin Univ, Coll Management & Econ, Tianjin, Peoples R China

[2] Shandong Univ Finance & Econ, Sch Finance, Jinan, Shandong, Peoples R China

[3] Bilkent Univ, Fac Business Adm, Bilkent, Turkey

[4] Linkoping Univ, Dept Management & Engn, Linkoping, Sweden

[5] Macquarie Univ, Macquarie Business Sch, Sydney, NSW, Australia

来源：

ENERGY ECONOMICS | 2021年 / 101卷 / 101期

基金：

中国国家自然科学基金;

关键词：

Green credit policy; Firm performance; Financial constraints; Investment; China; FINANCIAL PERFORMANCE; INVESTMENT EVIDENCE; ECONOMIC-GROWTH; IMPACT; CONSTRAINTS; INFORMATION; ENVIRONMENT; INNOVATION; EFFICIENCY; RESPONSIBILITY;

D O I：

10.1016/j.eneco.2021.105415

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore the effect of green credit policy on firm performance of listed firms in China. We find that green credit policy reduces firm performance in heavily polluting industries. This effect is more prominent in stateowned enterprises, firms with large size, high institutional ownership, high analyst coverage and during high economic policy uncertainty period. Moreover, we observe that green credit policy decreases heavily polluting firms' performance by increasing firm financing constraints and decreasing investment level. Our results help to restrain heavily polluting enterprises and promote industrial transformation in developing markets.

引用

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