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Green credit policy and total factor productivity: Evidence from Chinese listed companies

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  • Guo, Shu
  • Zhang, ZhongXiang

Abstract

The green credit policy plays a vital role in promoting enterprise upgrading. This study utilizes a comprehensive panel dataset spanning thirteen years (2007–2019) from listed Chinese companies, using the difference-in-differences (DID) method to examine the effects of the Green Credit Guidelines in 2012 (GCG2012) on firm-level total factor productivity (TFP). The findings demonstrate that the GCG2012 policy can effectively promote firm-level TFP in green credit-restricted industries. This finding remains robust even after employing the PSM-DID model, alternating the treatment group and dependent variable, changing the sample period, and controlling for the influence of other environmental policies and financial crises. Notably, this effect is particularly salient among private enterprises, companies with weaker debt-paying ability, those operating in highly competitive industries, and those located in regions with higher financial liberalization. The mechanism tests suggest that enhancing the amplification of green innovation and the curtailment of agency costs (including both green and traditional agency costs) serve as likely conduits for the observed boost in firm-level TFP. This study further uncovers that the effectiveness of the GCG2012 policy permeates not only heavily polluting industries but also those with lesser environmental impact. Furthermore, we establish that the GCG2012 policy contributes substantively to the enhancement of companies' economic performance. In sum, this study sheds light on the micro-mechanisms underlying the long-term impact of the GCG2012 policy on firm-level TFP. It offers empirically grounded insights and policy recommendations to enhance the green credit policy, thereby facilitating sustainable development.

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  • Guo, Shu & Zhang, ZhongXiang, 2023. "Green credit policy and total factor productivity: Evidence from Chinese listed companies," Energy Economics, Elsevier, vol. 128(C).
    • Handle: RePEc:eee:eneeco:v:128:y:2023:i:c:s0140988323006138
    DOI: 10.1016/j.eneco.2023.107115
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    More about this item

    Keywords

    Green credit policy; Green finance; Total factor productivity; Economic performance; China;
    All these keywords.

    JEL classification:

    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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