Green Credit, Financial Constraint, and Capital Investment: Evidence from China’s Energy-intensive Enterprises
作者： Yanli Wang , Xiaodong Lei , Ruyin Long , Jingjing Zhao
DOI: 10.1007/S00267-020-01346-W
关键词: Capital investment 、 Resource utilization 、 Difference in differences 、 China 、 Investment (macroeconomics) 、 Constraint (mathematics) 、 Energy (esotericism) 、 Finance 、 Mediation (statistics) 、 Business
摘要: The green credit policy is an important green financial tool that can achieve the win–win scenario with economic development and environmental protection through the reasonable allocation of credit resources. Using the green credit guidelines (GCGs) in China as a quasi-natural experiment, this study explored the impacts of the green credit policy on the capital investment of energy-intensive enterprises in a difference-in-differences framework and established the mediation effect model to analyze the mechanisms. The empirical results …
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