Green Credit Policy and Maturity Mismatch Risk in Polluting and Non-Polluting Companies
| Autor: | Liu Yang, Rita Yi Man Li, Yaowei Cao, Youtang Zhang, M. James C. Crabbe |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
green credit policy
020209 energy Geography Planning and Development TJ807-830 02 engineering and technology polluting company 010501 environmental sciences Management Monitoring Policy and Law TD194-195 01 natural sciences Renewable energy sources Green economy Bank credit 0202 electrical engineering electronic engineering information engineering GE1-350 China 0105 earth and related environmental sciences Sustainable development Finance sustainable development Environmental effects of industries and plants Renewable Energy Sustainability and the Environment business.industry maturity mismatch risk Financial development Investment (macroeconomics) Maturity (finance) Environmental sciences Capital (economics) Business |
| Zdroj: | Sustainability, Vol 13, Iss 3615, p 3615 (2021) Sustainability Volume 13 Issue 7 |
| ISSN: | 2071-1050 |
| DOI: | 10.3390/su13073615 |
| Popis: | A major issue is whether the implementation of China’s green credit policy will affect the coordinated development of corporate sustainable operations and environmental protection. This paper used a propensity score matching—difference-in-differences (PSM-DID) model to analyse the impact of China’s green credit policy implemented in 2012 on the maturity mismatch risk between investment and financing in polluting and non-polluting companies. We found that: (1) green credit policies can help reduce the risk of maturity mismatch between investment and financing for polluting companies (2) the reduction of short-term bank credit is the main way to curb the risk of maturity mismatch risk between investment and financing (3) the green credit policy has no obvious mitigation effect on the risk of maturity mismatch between investment and financing among polluting companies with environmental protection investment (4) the mitigation effect of the green credit policy on the maturity mismatch risk is more significant in state-owned polluting companies and polluting companies in areas with a lower level of financial development. The empirical results show that China’s green credit policy helps stimulate the environmental protection behaviour of companies, as well as helping alleviate the capital chain risk caused by the maturity mismatch between investment and financing. In addition, despite the effect of heterogeneity, it can solve the contradiction between environmental protection and economic development. |
| Databáze: | OpenAIRE |
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