A Study on the Effect of Green Credit Policy on Firms' Export Scale
MA Yanyan1, YU Maomao2, YUE Zhonggang1
1. Scool of Economics, Nanjing University of Post and Technology, Nanjing 210003, China; 2. School of International Economics and Business, University of International Business and Economics, Beijing 100029, China
Abstract Under the background of “Double Carbon”, how to restrain the export of products with high pollution, high energy consumption and resources through financial means and improve the green reputation of China's export enterprises is the focus of the high-quality development of export trade. Taking the policy document On Implementing Environmental Protection Policies and Regulations to Prevent Credit risk in 2007 as an exogenous shock, this paper uses the double difference (DID) model to analyze the impact of green credit policy on the export of polluting enterprises in China. The results show that the green credit policy suppresses the expansion of export scale of heavily polluting enterprises, and the green credit policy reduces the marginal output of enterprise elements and suppresses the expansion of enterprise export scale by “compliance cost” mechanism. The results of the triple difference model with financing constraints show that the green credit policy has a greater inhibitory effect on the export scale of enterprises with high financing constraints. The results of heterogeneity analysis show that green credit policy has a more significant inhibitory effect on the export scale of enterprises in areas with low degree of financial marketization, labor-intensive enterprises, eastern enterprises and non-state-owned enterprises. The study provides empirical evidence for the green financial policy to promote the high-quality economic development of our country.
2022, Vol. 39 
