Green loans and the transformation of heavy polluters: evidence from China

被引：0
作者：
Lei Xu
Chen Ma
Bin Li
Fei Guo
机构：
[1] University of South Australia,UniSA Business
[2] Shanghai Jiao Tong University,Antai College of Economics and Management
[3] Shandong University,School of Management
来源：
Journal of Economics and Finance | 2023年 / 47卷
关键词：
Green loans; Heavy polluters; Transformation; Green m&a; Green finance; G21; G34; Q56;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
China has historically imposed its green loan policy since 2012. We examine the impact of green loan policy on the transformation of heavy polluters and find that green loans are favorable towards their green mergers and acquisitions (M&As). Our results also suggest that green loans provide better incentives to heavy polluters in regions of lower pollution, with lower asset specificity, or with fewer financing constraints. Our additional test suggests that the green loan policy may be meaningful for privately owned heavy polluters. Good bank-firm relationships or less GDP pressure on local government may further strengthen such incentives. This study may contribute to the discussion on green loans and the transformation of heavy polluters with policy implications for emerging markets.
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页码：884 / 911
页数：27
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