Green Credit Policy and Firms' Green Total Factor Productivity: The Mediating Role of Financial Constraints
Abstract
In recent years, environmental pollution has emerged as a critical global challenge, prompting increasing attention toward the Green Credit Policy as a tool for environmental regulation. These policies aim to align financial systems with sustainability objectives, yet their impact on corporate development remains controversial. This study adopts the Propensity Score Matching-Difference-in-Differences (PSM-DID) method to analyze the effects of the Green Credit Policy on the green total factor productivity (GTFP) of Chinese listed companies over the period 2007–2022. The results reveal that while the Green Credit Policy is designed to enhance environmental performance, they have exacerbated financing constraints for enterprises, leading to a significant decline in GTFP. This negative impact is particularly pronounced in large enterprises and firms in eastern China, regions often subject to stricter environmental regulations. In contrast, the ownership type - whether state-owned or non-state-owned - does not significantly influence the outcomes, suggesting the pervasiveness of financing constraints across firms. The findings underscore the critical need for policymakers to design targeted green credit strategies that account for regional and enterprise-specific characteristics. For example, tailoring green finance mechanisms to address the challenges larger enterprises or firms face in economically developed regions could mitigate unintended consequences. Moreover, the study highlights the importance of integrating financial support mechanisms, such as tax incentives, subsidies, or green innovation funds, into the future Green Credit Policy. Such measures can promote investment in green technologies by alleviating financial pressures and fostering environmental and economic goals. Ultimately, this study advocates for a balanced, context-sensitive approach to green finance, ensuring sustainable development without compromising firms' productivity.
References
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[55] Yin, X., Wang, D., Lu, J., & Liu, L. (2023). Does green credit policy promote corporate green innovation? Evidence from China. Economic Change and Restructuring, 56(5): 3187-3215.
[56] Yu, C. H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy policy, 153, 112255.
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[2] Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of financial economics, 77(1), 57-116.
[3] An, S., Li, B., Song, D., & Chen, X. (2021). Green credit financing versus trade credit financing in a supply chain with carbon emission limits. European Journal of Operational Research, 292(1): 125-142.
[4] Asano, T., & Matsushima, N. (2014). Environmental regulation and technology transfers. Canadian Journal of Economics/Revue canadienne d'économique, 47(3): 889-904.
[5] Bu, M., Qiao, Z., & Liu, B. (2020). Voluntary environmental regulation and firm innovation in China. Economic Modelling, 89: 10-18.
[6] Chakraborty, P., & Chatterjee, C. (2017). Does environmental regulation indirectly induce upstream innovation? New evidence from India. Research Policy, 46(5): 939-955.
[7] China Banking Regulatory Commission. (2012). Notice on printing and issuing green credit guidelines.
[8] Cole, M. A., Elliott, R. J., & Okubo, T. (2010). Trade, environmental regulations and industrial mobility: An industry-level study of Japan. Ecological economics, 69(10): 1995-2002.
[9] Costa-Campi, M. T., García-Quevedo, J., & Martínez-Ros, E. (2017). What are the determinants of investment in environmental R&D? Energy Policy, 104: 455-465.
[10] Duygan-Bump, B., Levkov, A., & Montoriol-Garriga, J. (2015). Financing constraints and unemployment: Evidence from the Great Recession. Journal of Monetary Economics, 75: 89-105.
[11] Fang, X., Liu, M., & Li, G. (2024). Can the green credit policy promote green innovation in enterprises? Empirical evidence from China. Technological and Economic Development of Economy, 30(4): 899-932.
[12] Färe, R., Grosskopf, S., & Pasurka, C. A. (2007). Environmental production functions and environmental directional distance functions. Energy, 32(7): 1055-1066. DOI: https://doi.org/10.1016/j.energy.2006.09.005
[13] Feng, C., Huang, J. B., & Wang, M. (2018). Analysis of green total-factor productivity in China's regional metal industry: A meta-frontier approach. Resources Policy, 58: 219-229.
[14] Feng, Z., & Chen, W. (2018). Environmental regulation, green innovation, and industrial green development: An empirical analysis based on the Spatial Durbin model. Sustainability, 10(1), 223.
[15] Gao, X., & Guo, Y. (2022). The Green Credit Policy Impact on the Financial Performance of Commercial Banks: A Quasi‐Natural Experiment from China. Mathematical Problems in Engineering, 2022(1): 9087498.
[16] Gao, Y., Zhang, M., & Zheng, J. (2021). Accounting and determinants analysis of China's provincial total factor productivity considering carbon emissions. China Economic Review, 65, 101576.
[17] Guo, L., Tan, W., & Xu, Y. (2022). Impact of green credit on green economy efficiency in China. Environmental Science and Pollution Research, 29(23): 35124-35137.
[18] Guo, R., & Yuan, Y. (2020). Different types of environmental regulations and heterogeneous influence on energy efficiency in the industrial sector: Evidence from Chinese provincial data. Energy policy, 145, 111747.
[19] Kong, X., Pan, Y., Sun, H., & Taghizadeh-Hesary, F. (2020). Can environmental corporate social responsibility reduce firms' idiosyncratic risk? Evidence from China. Frontiers in Environmental Science, 8, 608115.
[20] Korhonen, J., Pätäri, S., Toppinen, A., & Tuppura, A. (2015). The role of environmental regulation in the future competitiveness of the pulp and paper industry: the case of the sulfur emissions directive in Northern Europe. Journal of Cleaner Production, 108: 864-872.
[21] Lanoie, P., Laurent‐Lucchetti, J., Johnstone, N., & Ambec, S. (2011). Environmental policy, innovation and performance: new insights on the Porter hypothesis. Journal of Economics & Management Strategy, 20(3): 803-842.
[22] Lee, C. C., & Lee, C. C. (2022). How does green finance affect green total factor productivity? Evidence from China. Energy economics, 107, 105863.
[23] Li, B., Zhang, J., Shen, Y., & Du, Q. (2023). Can green credit policy promote green total factor productivity? Evidence from China. Environmental Science and Pollution Research, 30(3): 6891-6905.
[24] Li, J., Zhang, C., Zhang, J., Mi, Z., Liu, Z., Gong, L., & Lu, G. (2023). Incentive or constraint? Comprehensive impacts of green credit policy on industrial energy intensity. Environmental Science and Pollution Research, 30(46): 103101-103118.
[25] Li, K., & Lin, B. (2016). Impact of energy conservation policies on the green productivity in China's manufacturing sector: Evidence from a three-stage DEA model. Applied energy, 168: 351-363.
[26] Li, K., Chen, Y., & Chen, J. (2023). How to improve industrial green total factor productivity under dual carbon goals? Evidence from China. Sustainability, 15(11): 8972.
[27] Liu, G., Wang, B., Cheng, Z., & Zhang, N. (2020). The drivers of China's regional green productivity, 1999–2013. Resources, Conservation and Recycling, 153, 104561.
[28] Liu, H., Yang, R., Wu, D., & Zhou, Z. (2021). Green productivity growth and competition analysis of road transportation at the provincial level employing Global Malmquist-Luenberger Index approach. Journal of cleaner production, 279, 123677.
[29] Liu, M., Tan, R., & Zhang, B. (2021). The costs of "blue sky": Environmental regulation, technology upgrading, and labor demand in China. Journal of Development Economics, 150, 102610.
[30] Lv, C., Bian, B., Lee, C. C., & He, Z. (2021). Regional gap and the trend of green finance development in China. Energy Economics, 102, 105476.
[31] Mao, K., & Failler, P. (2022). Local government debt and green total factor productivity—empirical evidence from Chinese cities. International Journal of Environmental Research and Public Health, 19(19): 12425.
[32] Porter, M. E., & Linde, C. V. D. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of economic perspectives, 9(4): 97-118.
[33] Rassier, D. G., & Earnhart, D. (2015). Effects of environmental regulation on actual and expected profitability. Ecological Economics, 112: 129-140.
[34] Rubashkina, Y., Galeotti, M., & Verdolini, E. (2015). Environmental regulation and competitiveness: Empirical evidence on the Porter Hypothesis from European manufacturing sectors. Energy policy, 83: 288-300.
[35] Scholtens, B., & Dam, L. (2007). Banking on the equator. Are banks that adopted the equator principles different from non-adopters? World Development, 35(8): 1307-1328.
[36] Soundarrajan, P., & Vivek, N. (2016). Green finance for sustainable green economic growth in India. Agricultural Economics/Zemědělská Ekonomika, 62(1).
[37] Tone, K. (2001). A slacks-based measure of efficiency in data envelopment analysis. European journal of operational research, 130(3): 498-509.
[38] Wagner, M. (2007). On the relationship between environmental management, environmental innovation and patenting: Evidence from German manufacturing firms. Research policy, 36(10): 1587-1602.
[39] Walker, N. L., Williams, A. P., & Styles, D. (2020). Key performance indicators to explain energy & economic efficiency across water utilities, and identifying suitable proxies. Journal of Environmental Management, 269, 110810.
[40] Wang, E. Z., & Lee, C. C. (2022). The impact of clean energy consumption on economic growth in China: is environmental regulation a curse or a blessing? International Review of Economics & Finance, 77: 39-58.
[41] Wang, X. H., Liu, J. H., & Zhao, Y. X. (2021). Effectiveness measurement of green finance reform and innovation pilot zone. J. Quant. Tech. Econ, 38: 107-127.
[42] Wang, X., & Wang, Y. (2021). Research on green innovation promoted by green credit policies. Journal of Management World, 37(06): 173-188.
[43] Wang, Y., Lei, X., Long, R., & Zhao, J. (2020). Green credit, financial constraint, and capital investment: evidence from China's energy-intensive enterprises. Environmental Management, 66: 1059-1071.
[44] Wang, Y., Lei, X., Long, R., & Zhao, J. (2020). Green credit, financial constraint, and capital investment: evidence from China's energy-intensive enterprises. Environmental Management, 66: 1059-1071.
[45] Wu, H., Hao, Y., & Ren, S. (2020). How do environmental regulation and environmental decentralization affect green total factor energy efficiency: Evidence from China. Energy Economics, 91, 104880.
[46] Wu, H., Ren, S., Yan, G., & Hao, Y. (2020). Does China's outward direct investment improve green total factor productivity in the "Belt and Road" countries? Evidence from dynamic threshold panel model analysis. Journal of Environmental Management, 275, 111295.
[47] Wu, J., Xia, Q., & Li, Z. (2022). Green innovation and enterprise green total factor productivity at a micro level: A perspective of technical distance. Journal of Cleaner Production, 344, 131070.
[48] Wu, L., & Zhang, Z. (2020). Impact and threshold effect of Internet technology upgrade on forestry green total factor productivity: Evidence from China. Journal of Cleaner Production, 271, 122657.
[49] Xia, F., & Xu, J. (2020). Green total factor productivity: A re-examination of quality of growth for provinces in China. China Economic Review, 62, 101454.
[50] Xiao, Z., Yu, L., Liu, Y., Bu, X., & Yin, Z. (2022). Does green credit policy move the industrial firms toward a greener future? Evidence from a quasi-natural experiment in China. Frontiers in Environmental Science, 9, 810305.
[51] Yan, Z., Zou, B., Du, K., & Li, K. (2020). Do renewable energy technology innovations promote China's green productivity growth? Fresh evidence from partially linear functional-coefficient models. Energy Economics, 90, 104842.
[52] Yan, Z., Zou, B., Du, K., & Li, K. (2020). Do renewable energy technology innovations promote China's green productivity growth? Fresh evidence from partially linear functional-coefficient models. Energy Economics, 90, 104842.
[53] Yang, Y., & Zhang, Y. (2022). The impact of the green credit policy on the short-term and long-term debt financing of heavily polluting enterprises: based on PSM-DID method. International Journal of Environmental Research and Public Health, 19(18): 11287.
[54] Yao, S., Pan, Y., Sensoy, A., Uddin, G. S., & Cheng, F. (2021). Green credit policy and firm performance: What we learn from China. Energy Economics, 101, 105415.
[55] Yin, X., Wang, D., Lu, J., & Liu, L. (2023). Does green credit policy promote corporate green innovation? Evidence from China. Economic Change and Restructuring, 56(5): 3187-3215.
[56] Yu, C. H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy policy, 153, 112255.
[57] Yu, Z., Lin, Q., & Huang, C. (2022). Re-measurement of agriculture green total factor productivity in china from a carbon sink perspective. Agriculture, 12(12), 2025. DOI: https://doi.org/10.3390/agriculture12122025
[58] Yuan, H., Feng, Y., Lee, C. C., & Cen, Y. (2020). How does manufacturing agglomeration affect green economic efficiency? Energy Economics, 92, 104944.
[59] Zhang, B., & Wang, Y. (2021). The effect of green finance on energy sustainable development: a case study in China. Emerging Markets Finance and Trade, 57(12): 3435-3454.
[60] Zhang, D., Mohsin, M., Rasheed, A. K., Chang, Y., & Taghizadeh-Hesary, F. (2021). Public spending and green economic growth in BRI region: mediating role of green finance. Energy Policy, 153, 112256.
[61] Zhang, S., Wu, Z., Wang, Y., & Hao, Y. (2021). Fostering green development with green finance: An empirical study on the environmental effect of green credit policy in China. Journal of environmental management, 296, 113159.
[62] Zhang, W., & Zhao, D. (2024). China Pilot Zone for Green Financial Reform and Innovation. In Green Finance in China: Policies, Experiences and Challenges (pp. 71-93). Singapore: Springer Nature Singapore.
[63] Zhang, Z. (2000). Decoupling China's carbon emissions increase from economic growth: An economic analysis and policy implications. World development, 28(4): 739-752.
[64] Zhang, Z. (2017). Are China's climate commitments in a post‐Paris agreement sufficiently ambitious? Wiley Interdisciplinary Reviews: Climate Change, 8(2), e443.
[65] Zhang, Z. (2021). Climate policy towards carbon neutrality in China. No Brainers and Low Hanging Fruits in National Climate Policy, CEPR E-Book, Centre for Economic Policy Research, London.
Published
2024-12-30
How to Cite
JING, Fan et al.
Green Credit Policy and Firms' Green Total Factor Productivity: The Mediating Role of Financial Constraints.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 15, n. 4, p. 871 - 884, dec. 2024.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8680>. Date accessed: 06 jan. 2025.
doi: https://doi.org/10.14505/tpref.v15.4(32).07.
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