Environmental credit regulatory policies and bank loans of heavily polluting firms

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2024-11-13 DOI:10.1016/j.eneco.2024.108049

Xin Ding , Yixuan Kang , Paresh Kumar Narayan , Yusheng Fan

引用次数: 0

Abstract

We use the environmental credit rating policy as a quasi-natural experiment to analyze how these policies affect bank loans to heavily polluting firms in China. Utilizing a panel dataset of A-share listed firms and difference-in-differences models, we find that policies (a) reduce the scale and proportion of long-term loans, (b) increase loan costs and financial distress risks, and (c) enhance social responsibility for heavily polluting firms. State-owned firms face stronger regulation, while those in regions with advanced digital financial markets and lower carbon emissions encounter smaller credit constraints.

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环境信贷监管政策与重污染企业的银行贷款

我们将环境信用评级政策作为一个准自然实验，分析这些政策如何影响银行对中国重污染企业的贷款。利用 A 股上市公司的面板数据集和差分模型，我们发现政策（a）降低了长期贷款的规模和比例，（b）增加了贷款成本和财务困境风险，（c）增强了重污染企业的社会责任。国有企业面临更严格的监管，而在数字金融市场发达、碳排放量较低的地区，国有企业遇到的信贷限制较小。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.