Study of the Impact of Green Credit Policy on the Performance of Heavily Polluting Firms

Abstract

Since the reform and opening up, China's economy has been developing rapidly, and has made remarkable achievements, but at the same time, it is also facing the problems of environmental pollution, climate anomalies and resource depletion, etc. How to realize energy saving and emission reduction while developing the economy is a major problem for China. How to realize energy saving and emission reduction while developing economy is a major problem facing China now. This project starts from the micro level, takes the financing penalty effect and investment inhibition effect as the entry point, and constructs a quasi-natural experiment with the Green Credit Guidelines issued in 2012 as the event. Selecting the data of Chinese A-share listed companies from 2008 to 2015 in CSMAR database, the DID model is used to explore the impact of green credit policy on the performance of heavy polluters, to provide suggestions for the promotion and improvement of green credit policy, and to provide a theoretical basis for the green innovation and transformation and upgrading of heavy polluters in China. The above study is of great significance to China, which is in the process of developing a low-carbon economy and promoting the realization of the "dual-carbon" goal.