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Research on the Impact of Green Credit on Carbon Emissions of Heavily Polluting Enterprises

Author(s)

Jiacheng Ding

Affiliation(s)

Jiangxi Normal University, Nanchang, Jiangxi, China

Abstract

Heavily polluting enterprises are a significant component of China's industrial system, and their low-carbon transition is a critical step in achieving the dual carbon goals. An in-depth study of the impact of green credit on the carbon emissions of heavily polluting enterprises contributes to the implementation of the dual carbon targets. This paper selects panel data from Shanghai and Shenzhen A-share listed companies from 2007 to 2022, using the 2012 "Green Credit Guidelines" as a quasi-natural experiment, and constructs a difference-in-differences model to investigate the impact and mechanisms of green credit on the carbon emissions of heavily polluting enterprises. The results show that: (1) Green credit policies significantly suppress the carbon emissions of heavily polluting enterprises, and this conclusion remains valid after a series of robustness tests; (2) Green credit policies can curb the carbon emissions of heavily polluting enterprises through external financing constraints and Corporate Green Technology Innovation; (3) Corporate reputation plays a positive moderating role in the process of green credit policies restraining carbon emissions of heavily polluting enterprises; (4) The effectiveness of green credit policies in reducing corporate carbon emissions varies significantly across regions and levels of corporate transparency.

Keywords

Green Credit Policy; Corporate Carbon Emissions; Financing Constraints; Corporate Green Technology Innovation

References

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