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Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China

机译：绿色信用政策与发展对中国不同类型企业的债务融资成本和成熟度的不对称影响

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摘要

Green credit plays an increasingly important role in promoting environmentally friendly enterprises and limiting polluting enterprises by regulating the flow of social capital to strengthen environmental governance and promote green production in society. Taking China as an example, this paper surveys the asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises. It uses the fixed effect model based on the Hausman test and the mediating effect analysis method to quantify the panel data of 52 green enterprises and 81 high-pollution and high-emissions (referred to as "two-high") enterprises in China from 2001 to 2017. The findings are as follows: (1) both green credit policy and green credit development increase the debt financing cost of "two-high" enterprises, but they reduce the debt financing cost of green enterprises; (2) green credit policy and the development of green credit reduce the debt financing maturity of "two-high" enterprises, while they have little impact on the debt financing maturity of green enterprises; (3) the impact of green credit policy on enterprise debt financing cost and maturity occurs partly through the development of green credit; and (4) with respect to the debt financing cost and maturity, enterprises in economically developed regions are more strongly affected by green credit than those in economically underdeveloped regions. The conclusions will help the government, banks and enterprises make their environmental protection and financing decisions. (C) 2020 Elsevier Ltd. All rights reserved.
机译：绿色信贷在促进环保企业并通过规范社会资本流动加强环境治理，促进社会绿色产量，在促进环保企业和限制污染企业方面发挥着越来越重要的作用。以中国为例，本文调查了绿色信贷政策和发展对不同类型企业的债务融资成本和成熟度的不对称影响。它采用了基于Hausman测试的固定效果模型和调解效果分析方法，以量化52个绿色企业的面板数据和2001年中国的81个高污染和高排放（称为“二高”）企业至2017年。调查结果如下：（1）绿色信贷政策和绿色信贷发展均增加“二高”企业的债务融资成本，但他们降低了绿色企业的债务融资成本; （2）绿色信贷政策与绿色信贷的发展减少了“二高”企业的债务融资成熟，同时对绿色企业的债务融资成熟几乎没有影响; （3）绿色信贷政策对企业债务融资成本和成熟度的影响部分通过绿色信贷发展部分地发生; （4）关于债务融资成本和成熟度，经济发达地区的企业受到绿色信用的影响比经济欠发达地区的企业更受强烈的影响。结论将有助于政府，银行和企业进行环保和融资决策。 （c）2020 elestvier有限公司保留所有权利。

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