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| The Impact of Green Credit Policy on Enterprise Environmental Performance#br# — Evidence from Listed Enterprises in Heavy Polluting Industries |
| Xiao Jianzhong, Dong Yuxuan |
| School of Economics and Management, China University of Geosciences, Wuhan 430074, China |
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Abstract Under the background of ecological civilization construction, the implementation of green credit policy guides enterprises to shift to green production. For listed enterprises in heavily polluting industries, such a policy constrains their environmental performance through financing punishment and encourages them to improve it through innovation compensation, information disclosure and regional regulation. On the whole, the negative impact of the policy on the economic benefits of enterprises is less than the positive incentive,showing that the green credit policy significantly improves the environmental performance of enterprises. In addition, the research shows that there is heterogeneity in the implementation of the policy, which has a great incentive effect on stateowned enterprises and small and mediumsized enterprises, but the effects change with region.
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