Systematic effect of the green credit policy on the formation of new quality productive forces in resource-based enterprises

• Published in: Zi yuan ke xue Vol. 46; no. 10; pp. 1930 - 1943
• Main Authors: Cunfang, LI, Jiarong, ZHUANG, Wenhu, WANG, Jie, ZHAO, Xing, ZHOU
• Format: Journal Article
• Language: Chinese; English
• Published: Science Press, PR China 01-10-2024
• Subjects: green credit policy|new quality productive forces|financing constraints|technological change|green transformation awareness|difference-in-differences (did) method|resource-based enterprise|china
• ISSN: 1007-7588
• DOI: 10.18402/resci.2024.10.03

[Objective] The green credit policy aims to promote sustainable and high-quality development of enterprises. But there is still a gap in academic attention to the effects of new quality productive forces for resource-based enterprises in policy implementation, especially the systematic effects of financing constraints, technological changes, and green transformation awareness on resource-based enterprises, which need to be further explored. [Methods] Based on the quasi natural experiment implemented by the original China Banking Regulatory Commission’s Green Credit Guidelines (2012), relevant data of Chinese A-share listed companies from 2008 to 2022 were selected, and the difference-in-differences (DID) method was used to empirically test the systematic effect of the green credit policy on the formation of new quality productive forces in resource-based enterprises. [Results] This study found that the green credit policy effectively synergized the functions of environmental regulation and financial resource allocation, and significantly assisted resource-based enterprises in forming new quality productive forces by alleviating financing constraints, driving technological change, and enhancing awareness of green transformation. Heterogeneity tests indicated that the promotion effect of the green credit policy on the new quality productive forces of resource-based enterprises was stronger in areas with lower marketization than in areas with higher marketization, and stronger in non-state-owned enterprises than in state-owned enterprises. The effect was also stronger in enterprises in the decline period, weaker in enterprises in the growth period, and the weakest in enterprises in the maturity period. [Conclusion] The green credit policy can significantly promote the development of new quality productive forces in resource-based enterprises. Therefore, it is necessary to fully leverage the guiding function of the policy, actively promote its improvement and innovation, and vigorously optimize the basic conditions of the policy to accelerate the formation of new quality productive forces in resource-based enterprises.