Does the green credit policy affect the scale of corporate debt financing? Evidence from listed companies in heavy pollution industries in China

2021 ◽  
Author(s):  
Benhong Peng ◽  
Weimin Yan ◽  
Ehsan Elahi ◽  
Anxia Wan
Keyword(s):  
Listed Companies ◽  
Debt Financing ◽  
Corporate Debt ◽  
Credit Policy ◽  
Heavy Pollution

scholarly journals Green credit, environmental protection investment and debt financing for heavily polluting enterprises

PLoS ONE ◽  
2021 ◽  
Vol 16 (12) ◽  
pp. e0261311
Author(s):  
Li Ji ◽  
Pan Jia ◽  
Jingshi Yan
Keyword(s):  
Fiscal Policy ◽  
Environmental Protection ◽  
Financial Development ◽  
Local Governments ◽  
Debt Financing ◽  
Economic Consequences ◽  
Institutional Factors ◽  
Credit Policy ◽  
Heavy Pollution

The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises’ environmental protection investment helps their debt financing under the institutional background of China’s continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China’s Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China’s green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises’ environmental protection investment and the implementation of green credit policy by local governments in China.

scholarly journals Will environmental information disclosure affect bank credit decisions and corporate debt financing costs? Evidence from China's heavily polluting industries

2021 ◽  
Author(s):  
Mo Du ◽  
Shanglei Chai ◽  
Wei Wei ◽  
Shuqi Wang ◽  
Zhilong Li
Keyword(s):  
Information Disclosure ◽  
Listed Companies ◽  
External Pressure ◽  
Environmental Information ◽  
Debt Financing ◽  
Bank Credit ◽  
Corporate Debt ◽  
Internal Motivation ◽  
Financing Costs ◽  
Environmental Information Disclosure

Abstract In the context of green finance, whether listed companies in heavily polluting industries can convert the external pressure of environmental information disclosure into internal motivation is critical to achieving environmental governance goals. This paper selects 946 listed companies of 16 heavily polluting industries in the Shanghai and Shenzhen stock markets as samples to explore whether environmental information disclosure can help companies increase bank credit support and reduce debt financing costs to transform their external pressures into internal motivation. The empirical results show that there is a significant positive correlation between environmental information disclosure and bank credit decisions. From the perspective of financing scale, heavily polluting companies have the inherent motivation to disclose environmental information actively and proactively to obtain more credit support. There is no significant relationship between the corporate debt financing cost and environmental information disclosure. This paper puts forward some critical policy suggestions for government decision makers, heavily polluting enterprises and financial institutions.

scholarly journals Evaluation of Environmental Information Disclosure of Listed Companies in China’s Heavy Pollution Industries: A Text Mining-Based Methodology

2021 ◽  
Vol 13 (10) ◽  
pp. 5415
Author(s):  
Rongjiang Cai ◽  
Tao Lv ◽  
Xu Deng
Keyword(s):  
Text Mining ◽  
Information Disclosure ◽  
Listed Companies ◽  
Environmental Information ◽  
Evaluation Framework ◽  
Scoring Method ◽  
Study Results ◽  
Environmental Information Disclosure ◽  
Heavy Pollution

Environmental information disclosure (EID) of listed companies is a significant and essential reference for assessing their environmental protection commitment. However, the content and form of EID are complex, and previous assessment studies involved manual scoring mainly by the experts in this field. It is subjective and has low timeliness. Therefore, this paper proposes an automatic evaluation framework of EID quality based on text mining (TM), including the EID index system’s construction, automatic scoring of environmental information disclosure quality, and EID index calculation. Furthermore, based on the EID of 801 listed companies in China’s heavy pollution industry from 2013 to 2017, case studies are conducted. The case study results show that the overall quality of the EID of listed companies in China’s heavily polluting industries is low, and there is a gap differentiation between the 16 industries. Compared with the subjective manual scoring method, TM evaluation can evaluate the quality of EID more effectively and accurately. It has great potential and can become an essential tool for the sustainable development of society and listed companies.

Corporate Debt Overhang and Credit Policy

2020 ◽  
Vol 2020 (2) ◽  
pp. 447-502
Author(s):  
Markus Brunnermeier ◽  
Arvind Krishnamurthy
Keyword(s):  
Corporate Debt ◽  
Credit Policy ◽  
Debt Overhang

scholarly journals External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China

2019 ◽  
Vol 11 (10) ◽  
pp. 2901 ◽  
Author(s):  
Pinglin He ◽  
Huayu Shen ◽  
Ying Zhang ◽  
Jing Ren
Keyword(s):  
Corporate Governance ◽  
Information Disclosure ◽  
Positive Impact ◽  
Listed Companies ◽  
External Pressure ◽  
General Manager ◽  
Analysis Process ◽  
The Board Of Directors ◽  
Heavy Pollution ◽  
The Impact

This paper uses manually collected data of carbon information disclosure for listed companies, from 2009 to 2015 in China, to measure corporate carbon information disclosure, and it explores the impact of external pressure and internal governance on carbon information disclosure through text analysis and a hierarchy analysis process. The results show that, firstly, the greater the external pressure is, the higher the level of carbon information disclosure will be; that is, when listed companies are state-owned enterprises or in heavy pollution industries, the level of carbon information disclosure is higher. Secondly, the higher the level of corporate governance is, the higher the level of carbon information disclosure will be; that is, when the board of directors is larger, the proportion of independent directors is higher, and the chairman and general manager positions are differentiated, the level of carbon information disclosure is higher. Furthermore, when listed companies are state-owned and in heavy pollution industries, the level of carbon information disclosure is higher; when the chairman and general manager are in the same position (lower governance level), the positive impact of government pressure on carbon disclosure is less significant, the positive impact of external pressure on carbon disclosure is less significant, and the positive interactive impact of government pressure and external pressure on carbon disclosure is less significant. The conclusions of this paper are still robust after Heckman two-stage regression, propensity score matching (PSM) analysis, sub-sample regression, and double clustering analysis.

Sign in / Sign up

Export Citation Format

Share Document