Money Talks: The Environmental Impact of China's Green Credit Policy

doi:10.1002/pam.22137

CORC > 上海财经大学 > 上海财经大学

	Money Talks: The Environmental Impact of China's Green Credit Policy
	Sun, Junxiu 1; Wang, Feng 1; Yin, Haitao 2; Zhang, Bing 3
刊名	JOURNAL OF POLICY ANALYSIS AND MANAGEMENT
	2019-06
卷号	38 期号:3 页码:653-+
ISSN号	0276-8739
DOI	10.1002/pam.22137
英文摘要	This study examines the impact of China's green credit policy on the environment. In particular, we consider an initiative that requires all banks to base their loan decisions on corporate environmental performance. This is an important issue since it is globally gaining popularity to leverage bank loans as an avenue to enforce corporate environmental responsibility. Moreover, there are only a handful of empirical investigations in relation to the impacts of credit constraint on corporate environmental behaviors and strategies. This research also provides useful insights on how to enhance environmental regulation enforcement, using the Environmental Protection Bureau in partnership with local banks to exert a creditable threat of financial constraint on unfavorable environmental outcomes. Using the synthetic control method and difference-in-differences analysis, we find that this policy has significantly motivated firms, particularly those firms with a higher dependence on external financing, to reduce water pollution. We further discover that the policy compels firms to favor pollution prevention at the source instead of end-of-pipe treatments, since the policy imposes a long-term credit constraint on pollution.
WOS研究方向	Business & Economics ; Public Administration
语种	英语
出版者	WILEY
WOS记录号	WOS:000470934700007
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/225]
专题	上海财经大学
通讯作者	Sun, Junxiu
作者单位	1.Shanghai Univ Finance & Econ, Sch Publ Econ & Adm, Phoenix Bldg,111 Wuchuan Rd, Shanghai 200433, Peoples R China; 2.Shanghai Jiao Tong Univ, Antai Coll Econ & Management, 1954 Huashan Rd, Shanghai 200030, Peoples R China; 3.Nanjing Univ, Sch Environm, 163 Xianlin Ave, Nanjing 210023, Jiangsu, Peoples R China
推荐引用方式 GB/T 7714	Sun, Junxiu,Wang, Feng,Yin, Haitao,et al. Money Talks: The Environmental Impact of China's Green Credit Policy[J]. JOURNAL OF POLICY ANALYSIS AND MANAGEMENT,2019,38(3):653-+.
APA	Sun, Junxiu,Wang, Feng,Yin, Haitao,&Zhang, Bing.(2019).Money Talks: The Environmental Impact of China's Green Credit Policy.JOURNAL OF POLICY ANALYSIS AND MANAGEMENT,38(3),653-+.
MLA	Sun, Junxiu,et al."Money Talks: The Environmental Impact of China's Green Credit Policy".JOURNAL OF POLICY ANALYSIS AND MANAGEMENT 38.3(2019):653-+.