From voluntary to mandatory implementation: The impact of green credit policy on de-zombification in China

IF 13.6 2区经济学 Q1 ECONOMICS Energy Economics Pub Date : 2024-11-14 DOI:10.1016/j.eneco.2024.108045

Ruipeng Tan , Wenjun Zhu , Mengmeng Xu , Zixuan Zhang

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Abstract

This study investigates the influence of the green credit policy on firm de-zombification in China using the listed firm samples. This paper presents a comparative analysis of the efficacy of two distinct policy implementation methods within the green credit policy framework. The results reveal that the implementation of the Green Credit Guidelines does not yield a statistically significant improvement in the de-zombification of green credit-restricted firms if they are implemented voluntarily. Only by including green credit performance in the assessment of bank officials, the de-zombification of such firms can be markedly promoted. Overall, the green credit policy acts as a catalyst for de-zombification by exerting dual effects: aggravating financial constraints and stimulating green innovation. The positive effect of green credit policy on de-zombification mainly comes from SOEs, firms with weak external supervision and firms located in areas with a lower degree of marketization. The results of the empirical study offer crucial insights for policymaking in China. It is imperative for the Chinese government to continue adhering to and further enhancing the green credit policy, with a particular focus on mandatory measures.

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从自愿到强制实施：绿色信贷政策对中国 "去僵尸化 "的影响

本研究以中国上市公司为样本，探讨了绿色信贷政策对企业去僵尸化的影响。本文比较分析了绿色信贷政策框架下两种不同政策实施方法的效果。结果表明，如果自愿实施《绿色信贷指引》，则对绿色信贷限制企业去僵尸化的改善并无统计学意义。只有将绿色信贷绩效纳入银行官员的评估，才能明显促进这类企业的去僵尸化。总体而言，绿色信贷政策通过发挥双重效应：加剧金融约束和刺激绿色创新，成为去僵尸化的催化剂。绿色信贷政策对去僵尸化的积极作用主要来自国有企业、外部监管薄弱的企业和市场化程度较低地区的企业。实证研究的结果为中国的政策制定提供了重要启示。中国政府有必要继续坚持并进一步加强绿色信贷政策，尤其要重视强制性措施。

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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.