Institutional Change and Effect Evaluation of Green Finance Policy in China: Evidence from Green Credit Policy

Abstract

Abstract: The institutional change of green financial policy in China is described, and the green credit policy is used as an example to analyze the mechanism of the green financial policy on green companies and “H-H” (High Pollution-High Energy Consumption) companies. Based on the panel data from 2001 to 2015, the effect of green credit policy on green listed companies is evaluated by using the DID (difference-in-difference) approach setting the “H-H” listed companies as control group. It is found that, the implementation of green credit policy has enhanced the financing convenience of green listed companies significantly, but its effect on financing cost is not significant.

Key words: green finance, green credit policy, debt financing, DID

Niu Haipeng, Zhang Xiayi, Zhang Pingdan. Institutional Change and Effect Evaluation of Green Finance Policy in China: Evidence from Green Credit Policy[J]. Management Review, 2020, 32(8): 3-12.

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