Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises
Using the quasi-experimental method, this research investigates the impact of green credit policy on the upgrade of energy-intensive enterprises from the perspective of credit allocation efficiency. Through the panel data of listed companies in China, this study finds that the green credit policy un...
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| Veröffentlicht in: | Energy economics 2021-02, Vol.94, p.105099, Article 105099 |
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| container_title | Energy economics |
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| creator | Wen, Huwei Lee, Chien-Chiang Zhou, Fengxiu |
| description | Using the quasi-experimental method, this research investigates the impact of green credit policy on the upgrade of energy-intensive enterprises from the perspective of credit allocation efficiency. Through the panel data of listed companies in China, this study finds that the green credit policy under the Green Credit Guidelines in 2012 (GCG2012) has a significantly negative effect on the research and development (R&D) intensity and the total factor productivity (TFP) of treated firms. Empirical evidence also shows that the GCG2012 significantly reduces bank credit but increases trade credit. Consequently, the substitution hypothesis is established. Furthermore, GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries. As an improved green credit policy to encourage enterprises to invest in energy efficiency, the Energy Efficiency Credit Guidelines in 2015 (EECG2015) increases both the bank credit and the fixed asset investment, whereas no increase in R&D intensity or TFP is found. These findings are enlightening for designing better green credit policies.
•Investigate the impact of green credit policy on the upgrade of energy-intensive enterprises in China.•Use the quasi-experimental method by incorporating an event of green credit policy.•GCG2012 has a significantly negative effect on R&D intensity and TFP of energy-intensive enterprises.•GCG2012 significantly reduces bank credit but increases trade credit.•GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries. |
| doi_str_mv | 10.1016/j.eneco.2021.105099 |
| format | Article |
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•Investigate the impact of green credit policy on the upgrade of energy-intensive enterprises in China.•Use the quasi-experimental method by incorporating an event of green credit policy.•GCG2012 has a significantly negative effect on R&D intensity and TFP of energy-intensive enterprises.•GCG2012 significantly reduces bank credit but increases trade credit.•GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries.</description><identifier>ISSN: 0140-9883</identifier><identifier>EISSN: 1873-6181</identifier><identifier>DOI: 10.1016/j.eneco.2021.105099</identifier><language>eng</language><publisher>Kidlington: Elsevier B.V</publisher><subject>Allocation ; Banking ; China ; Companies ; Credit ; Credit policy ; Efficiency ; Energy economics ; Energy efficiency ; Energy-intensive industries ; Environmental policy ; Experimental methods ; Green credit policy ; Guidelines ; Panel data ; Productivity ; Quasi-experimental methods ; R&D ; Research & development ; Upgrade of enterprises</subject><ispartof>Energy economics, 2021-02, Vol.94, p.105099, Article 105099</ispartof><rights>2021 Elsevier B.V.</rights><rights>Copyright Elsevier Science Ltd. Feb 2021</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c512t-d9fa61bc7a97b36fa3d85e26a1b5182b7705b790630e27f348631d9e68068a2b3</citedby><cites>FETCH-LOGICAL-c512t-d9fa61bc7a97b36fa3d85e26a1b5182b7705b790630e27f348631d9e68068a2b3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/S0140988321000049$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,776,780,3537,27843,27901,27902,65534</link.rule.ids></links><search><creatorcontrib>Wen, Huwei</creatorcontrib><creatorcontrib>Lee, Chien-Chiang</creatorcontrib><creatorcontrib>Zhou, Fengxiu</creatorcontrib><title>Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises</title><title>Energy economics</title><description>Using the quasi-experimental method, this research investigates the impact of green credit policy on the upgrade of energy-intensive enterprises from the perspective of credit allocation efficiency. Through the panel data of listed companies in China, this study finds that the green credit policy under the Green Credit Guidelines in 2012 (GCG2012) has a significantly negative effect on the research and development (R&D) intensity and the total factor productivity (TFP) of treated firms. Empirical evidence also shows that the GCG2012 significantly reduces bank credit but increases trade credit. Consequently, the substitution hypothesis is established. Furthermore, GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries. As an improved green credit policy to encourage enterprises to invest in energy efficiency, the Energy Efficiency Credit Guidelines in 2015 (EECG2015) increases both the bank credit and the fixed asset investment, whereas no increase in R&D intensity or TFP is found. These findings are enlightening for designing better green credit policies.
•Investigate the impact of green credit policy on the upgrade of energy-intensive enterprises in China.•Use the quasi-experimental method by incorporating an event of green credit policy.•GCG2012 has a significantly negative effect on R&D intensity and TFP of energy-intensive enterprises.•GCG2012 significantly reduces bank credit but increases trade credit.•GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries.</description><subject>Allocation</subject><subject>Banking</subject><subject>China</subject><subject>Companies</subject><subject>Credit</subject><subject>Credit policy</subject><subject>Efficiency</subject><subject>Energy economics</subject><subject>Energy efficiency</subject><subject>Energy-intensive industries</subject><subject>Environmental policy</subject><subject>Experimental methods</subject><subject>Green credit policy</subject><subject>Guidelines</subject><subject>Panel data</subject><subject>Productivity</subject><subject>Quasi-experimental methods</subject><subject>R&D</subject><subject>Research & development</subject><subject>Upgrade of enterprises</subject><issn>0140-9883</issn><issn>1873-6181</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2021</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><recordid>eNp9kEtLAzEUhYMoWB-_wM2AW6fm0Txm4UKKVqHgRpcSMpmbkmGcjMm00H9v2tGtq8s9nHMfH0I3BM8JJuK-nUMPNswppiQrHFfVCZoRJVkpiCKnaIbJApeVUuwcXaTUYoy54GqGPlcRoC9shMaPxRA6b_d3f63pumDN6ENfgHPeeujtvjB9U2yHTTQNFMEVeXPc7Evfj9Anv4MsjBCH6BOkK3TmTJfg-rdeoo_np_flS7l-W70uH9el5YSOZVM5I0htpalkzYQzrFEcqDCk5kTRWkrMa1lhwTBQ6dhCCUaaCoTCQhlas0t0O80dYvjeQhp1G7axzys15ZSqhZCCZhebXDaGlCI4na_8MnGvCdYHjrrVR476wFFPHHPqYUpBfmDnIep0BJEJRbCjboL_N_8D51985A</recordid><startdate>20210201</startdate><enddate>20210201</enddate><creator>Wen, Huwei</creator><creator>Lee, Chien-Chiang</creator><creator>Zhou, Fengxiu</creator><general>Elsevier B.V</general><general>Elsevier Science Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7ST</scope><scope>7TA</scope><scope>7TQ</scope><scope>8BJ</scope><scope>8FD</scope><scope>C1K</scope><scope>DHY</scope><scope>DON</scope><scope>FQK</scope><scope>JBE</scope><scope>JG9</scope><scope>SOI</scope></search><sort><creationdate>20210201</creationdate><title>Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises</title><author>Wen, Huwei ; Lee, Chien-Chiang ; Zhou, Fengxiu</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c512t-d9fa61bc7a97b36fa3d85e26a1b5182b7705b790630e27f348631d9e68068a2b3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2021</creationdate><topic>Allocation</topic><topic>Banking</topic><topic>China</topic><topic>Companies</topic><topic>Credit</topic><topic>Credit policy</topic><topic>Efficiency</topic><topic>Energy economics</topic><topic>Energy efficiency</topic><topic>Energy-intensive industries</topic><topic>Environmental policy</topic><topic>Experimental methods</topic><topic>Green credit policy</topic><topic>Guidelines</topic><topic>Panel data</topic><topic>Productivity</topic><topic>Quasi-experimental methods</topic><topic>R&D</topic><topic>Research & development</topic><topic>Upgrade of enterprises</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Wen, Huwei</creatorcontrib><creatorcontrib>Lee, Chien-Chiang</creatorcontrib><creatorcontrib>Zhou, Fengxiu</creatorcontrib><collection>CrossRef</collection><collection>Environment Abstracts</collection><collection>Materials Business File</collection><collection>PAIS Index</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Technology Research Database</collection><collection>Environmental Sciences and Pollution Management</collection><collection>PAIS International</collection><collection>PAIS International (Ovid)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Materials Research Database</collection><collection>Environment Abstracts</collection><jtitle>Energy economics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Wen, Huwei</au><au>Lee, Chien-Chiang</au><au>Zhou, Fengxiu</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises</atitle><jtitle>Energy economics</jtitle><date>2021-02-01</date><risdate>2021</risdate><volume>94</volume><spage>105099</spage><pages>105099-</pages><artnum>105099</artnum><issn>0140-9883</issn><eissn>1873-6181</eissn><abstract>Using the quasi-experimental method, this research investigates the impact of green credit policy on the upgrade of energy-intensive enterprises from the perspective of credit allocation efficiency. Through the panel data of listed companies in China, this study finds that the green credit policy under the Green Credit Guidelines in 2012 (GCG2012) has a significantly negative effect on the research and development (R&D) intensity and the total factor productivity (TFP) of treated firms. Empirical evidence also shows that the GCG2012 significantly reduces bank credit but increases trade credit. Consequently, the substitution hypothesis is established. Furthermore, GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries. As an improved green credit policy to encourage enterprises to invest in energy efficiency, the Energy Efficiency Credit Guidelines in 2015 (EECG2015) increases both the bank credit and the fixed asset investment, whereas no increase in R&D intensity or TFP is found. These findings are enlightening for designing better green credit policies.
•Investigate the impact of green credit policy on the upgrade of energy-intensive enterprises in China.•Use the quasi-experimental method by incorporating an event of green credit policy.•GCG2012 has a significantly negative effect on R&D intensity and TFP of energy-intensive enterprises.•GCG2012 significantly reduces bank credit but increases trade credit.•GCG2012 has reduced the allocation efficiency of bank credit within energy-intensive industries.</abstract><cop>Kidlington</cop><pub>Elsevier B.V</pub><doi>10.1016/j.eneco.2021.105099</doi></addata></record> |
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| source | PAIS Index; Elsevier ScienceDirect Journals |
| subjects | Allocation Banking China Companies Credit Credit policy Efficiency Energy economics Energy efficiency Energy-intensive industries Environmental policy Experimental methods Green credit policy Guidelines Panel data Productivity Quasi-experimental methods R&D Research & development Upgrade of enterprises |
| title | Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises |
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