Green credit policy, property rights and debt financing: Quasi-natural experimental evidence from China
By Xing Liu, Enxian Wang, Danting Cai. Finance Research Letters, 2019
395 citations recorded by the source corpus.
Abstract Our paper uses the promulgation of the "Green Credit Guidelines" policy in China as a quasi-natural experiment. Based on a difference-in-differences (DID) model, the results show that the debt financing capacity of heavily polluting enterprises has dropped significantly, and the negative net effect of debt financing is more pronounced in state-owned enterprises and enterprises in regions with weak financial ecosystems. The research results show that the green credit policy system plays a guiding role in the allocation of credit resources.
Subfields: Accounting, Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/dd054480869ea13c30ed89cdcaea2d048e7b166a
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
Citations in the corpus
- Research on the Environmental Effect of Green Finance Policy Based on the Analysis of Pilot Zones for Green Finance Reform and Innovations (2021, background): “performed a quasi-natural experiment in China based on the enacting of green credit directive policy, and concluded that the debt financing capacity of heavy polluting enterprises declined sharply while state-owned enterprises and enterprises in regions with vulnerable finance ecology produced a rem”