Green Credit Policy and Enterprise Financing Lease

Abstract

Abstract: With the help of the quasi-natural experiment of the implementation of the Green Credit Guidelines 2012, this paper adopts a difference-in-difference model to empirically test the impact of green credit policies on the financing lease of heavily polluting enterprises. The results show that the green credit policy will make the heavily polluting enterprises increase the scale of financing lease. Further analysis shows that the green credit policy has significantly reduced the long-term bank loans of the heavily polluting enterprises, so that the heavily polluting enterprises have to choose the method of financing lease to make up for the lack of long-term funds. The findings of the heterogeneity analysis show that, compared with the large-scale and low-financing-constrained heavily polluting enterprises, the impact of green credit policy on the financing lease of the heavily polluting enterprises with small-scale and high financing constraints is more obvious.

Key words: green credit policy, financing lease, enterprise scale, financing constraints

CLC Number:

F275.1

NING Jin-hui. Green Credit Policy and Enterprise Financing Lease[J]. Contemporary Finance & Economics, 2022, 0(6): 139-148.

References

[1] 程博, 熊婷, 殷俊明. 他山之石或可攻玉:税制绿色化对企业创新的溢出效应[J]. 会计研究, 2021, (6): 176-188.
[2] 宁金辉, 苑泽明, 王晓祺. 绿色信贷政策与企业过度投资[J]. 金融论坛, 2021, (6): 7-16.
[3] 赵娜. 绿色信贷是否促进了区域绿色技术创新?——基于地区绿色专利数据[J]. 经济问题,2021,(6):33-39.
[4] 蔡海静, 汪祥耀, 谭超. 绿色信贷政策、企业新增银行借款与环保效应[J]. 会计研究, 2019, (3): 88-95.
[5] 王力,黄育华,王光伟,祝玉坤. 中国融资组发展业务报告(2018—2019)[M]. 北京:社会科学文献出版社,2019.
[6] Krishnan V.S., Moyer R. C. Bankruptcy Costs and the Financial Leasing Decision[J]. Financial Management, 1994, 23(2): 31-42.
[7] Eisfeldt A.L., Rampini A. A. Leasing, Ability to Repossess, and Debt Capacity[J]. Review of Financial Studies, 2009, 22(4): 1621-1657.
[8] Cosci S., Guida R., Meliciani V.Leasing Decisions and Credit Constraints: Empirical Analysis on a Sample of Italian Firms[J]. European Financial Management, 2015, 21(2): 377-398.
[9] Zhang B., Yang Y., Bi J.Tracking the Implementation of Green Credit Policy in China: Top-down Perspective and Bottom-up Reform[J]. Journal of Environmental Management, 2011, 92(4): 1321-1327.
[10] 丁杰. 绿色信贷政策、信贷资源配置与企业策略性反应[J]. 经济评论, 2019, (4): 62-75.
[11] 陈琪. 中国绿色信贷政策落实了吗——基于“两高一剩”企业贷款规模和成本的分析[J]. 当代财经, 2019, (3): 118-129.
[12] 史燕平, 杨汀, 庞家任. 去产能政策与融资租赁[J]. 金融研究, 2021, (4): 73-91.
[13] Miller M.H., Upton C. W. Leasing, Buying, and the Cost of Capital Services[J]. Journal of Finance, 1976, 31(3): 761-786.
[14] Smith C.W., Macdonald W. L. Determinants of Corporate Leasing Policy[J]. Journal of Finance, 1985, 40(3): 895-908.
[15] Sharpe S.A., Nguyen H. H. Capital Market Imperfections and the Incentive to Lease[J]. Journal of Financial Economics, 1995, 39(2): 271-294.
[16] Graham J.R., Lemmon M. L., Schallheim J. S. Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status[J]. Journal of Finance, 1998, 53(1): 131-162.
[17] Landry S., Fortin A., Callimaci A.Family Firms and the Lease Decision[J]. Journal of Family Business Strategy, 2013, 4(3): 176-187.
[18] Zhang S., Liu C.State Ownership and the Structuring of Lease Arrangements[J]. Journal of Corporate Finance, 2020, 62(6): 101597.
[19] Munir Q., Kok S.C., Teplova T., Tamara L. Powerful CEOs, Debt Financing, and Leasing in Chinese SMEs: Evidence from Threshold Model[J]. The North American Journal of Economics and Finance, 2017, 42(12): 487-503.
[20] 史燕平, 陈乾, 黄鑫. 金融背景的CEO与企业租赁融资[J]. 经济与管理评论, 2021, (1): 89-100.
[21] Yan Y.Leasing and Debt Financing: Substitutes or Complements?[J]. Journal of Financial & Quantitative Analysis, 2006, 41(3): 709-731.
[22] 张秀生, 李子明. “绿色信贷”执行效率与地方政府行为[J]. 经济问题, 2009, (3): 87-90.
[23] 潘爱玲, 刘昕, 邱金龙, 申宇. 媒体压力下的绿色并购能否促使重污染企业实现实质性转型[J]. 中国工业经济, 2019, (2): 174-192.
[24] 张爱美, 李夏冰, 金杰, 吴卫红, 杨雪宁. 环境规制、代理成本与公司绩效——来自化工行业上市公司的经验证据[J]. 会计研究, 2021, (8): 83-93.
[25] Bertrand M., Mullainathan S.Enjoying the Quiet Life? Corporate Governance and Managerial Preferences[J]. Journal of Political Economy, 2003, 111(5): 1043-1075.
[26] 吴虹仪, 殷德生. 绿色信贷政策对企业债务融资的“赏”与“罚”——基于准自然实验的效应评估[J]. 当代财经, 2021, (2): 49-62.
[27] 刘运国, 刘梦宁. 雾霾影响了重污染企业的盈余管理吗?——基于政治成本假说的考察[J]. 会计研究, 2015, (3): 26-33.
[28] Imai K., Keele L., Yamamoto T.Identification, Inference and Sensitivity Analysis for Causal Mediation Effects[J]. Statistical Science, 2010, 25(1): 51-71.