Can Green Financial Reform Policies Promote Enterprise Development? Empirical Evidence from China
Abstract
:1. Introduction
2. Literature Review
2.1. Literature on Green Finance
2.2. Literature on High-Quality Development of Enterprises
2.3. Hypothesis
3. Research Design
3.1. Data Section
3.1.1. Data Sources
3.1.2. Variable
Total Factor Productivity (TFP)
Dummy Variable
Control Variable
3.2. Methodology
4. Empirical Research
4.1. Descriptive Statistics
4.2. Basic Regression Analysis
5. Further Examination
5.1. Robustness Check
5.1.1. Parallel Trend Test
5.1.2. Placebo Test
5.1.3. Substituting out Explanatory Variables
5.1.4. Implications of Excluding Other Policy Effects
5.2. Mechanism Study
5.2.1. The Mediating Effects of Financing Constraints
5.2.2. Mediating Effects of Government Subsidies
5.2.3. Mediating Effects of CSR
5.3. Test for Heterogeneity
5.3.1. Tests for Heterogeneity across Property RIGHTS Properties
5.3.2. Heterogeneity Test among Firms in Different Industries
6. Conclusions and Policy Recommendations
6.1. Conclusions
6.2. Policy Suggestion
- Although the government has introduced relevant green finance policies to support the development of green finance, financial institutions are not highly motivated even if green finance services have positive spillover effects on the public environment, because of the difficulty in getting effective and reasonable compensation for the costs of related businesses. The performance assessment system of China’s financial industry usually focuses on economic palliation, and environmental protection indicators are rarely included in the relevant assessment scope. Therefore, banks and other financial institutions seldom consider whether the service objects have ecological benefits while pursuing interests, ignoring the implementation effect of green finance policies, resulting in how enterprises in real need do not obtain relevant funds. The government only introduced policies and regulations to restrict the behaviors of financial institutions but lacked substantial incentive measures, which resulted in the implementation results of green finance policies being greatly reduced. In view of the above, this paper argues that reasonably sound binding incentives should be established. The government links the service effectiveness of green financial policy to the performance assessment of various financial institutions; financial institutions should link the service effectiveness of chromo financial policy to each employee’s performance assessment to exploit the green financial services market from internal incentives for employees. The government strengthens related monitoring, and it is important to guarantee that preferential loans regarding green finance projects actually reach the hands of the firms in need, rather than being encroached on by notorious projects, in order to perfect the green financial system, create more financing tools, expand the size of the green financial indirect financing market, truly alleviate the problems of financing difficulties of related enterprises, and ensure advancing their development toward high quality.
- Some provinces and cities put forward incentive measures such as discount interest, fund reward, and re-loan support when constructing local green finance systems, but lack the corresponding implementation rules and award and subsidy standards, which makes the implementation of fiscal and tax preferential policies lack a basis. Although some local governments have issued detailed awards and subsidies, they lack supporting standards for identifying green enterprises and green projects, which leads to obstacles in the implementation of awards and subsidies and, to some extent, hinders the realization of local green finance development goals. In addition, some provinces and cities do not fully consider the basic local conditions when formulating fiscal and tax incentives. For example, the financial strength of western inland regions is different from that of coastal regions, and the support for green finance, such as guarantee and credit increase, financial awards and subsidies, and risk compensation, is insufficient. As a result, the incentive plan cannot be fully implemented, and the relevant government subsidies that should be paid to enterprises find it difficult to reach them. Therefore, the government should strengthen relevant supervision, implement the implementation of policies, optimize the organization and leadership mode, improve planning and design, strengthen the division of labor and coordination between departments, refine assessment and evaluation, avoid the above situation, improve relevant subsidy policies, and grant subsidies to enterprises in line with subsidy policies in a timely manner.
- The company will often ignore social responsibility at the same time, only pursue benefits, and lack the attitude of being responsible for the consumer and being responsible for the social environment; the company only values its own economic interests and neglects other aspects, which leads to the difficulty of establishing a good image for the enterprise. It becomes difficult for the enterprise to form a good social reputation, which will affect advancing its development toward high quality. Therefore, the corporate development process should continuously raise the awareness of social responsibility, establish a “citizen” awareness, and meet its corresponding responsibilities while enjoying the convenience of national economic development, to establish a corporate system with social responsibility and establish clear responsibility management. Fundamentally, enterprises must not only focus on their immediate interests, but also place goals on a more distant dimension. The government should strengthen the publicity of corporate social responsibility, strengthen the guidance of corporate CSR, establish an effective reward and punishment system, get rid of unreasonable systems, and guide enterprises to fulfill their social responsibilities. It should also strengthen relevant supervision, focus on non-compliance enterprises, and urge them to rectify. We will strengthen cooperation between enterprises and the government, encourage enterprises to assume social responsibilities, and promote their high-quality development.
- After the reform of state-owned enterprises, China has changed the subordinate relationship from the subordinate relationship to a property ownership relationship, and the single administrative relationship to a dual relationship coexisting with law and administration. Because of the long-term formation of inextricable links, the government and enterprises are still hard to distinguish. So the government gives special attention to state-owned enterprises, whether through taxes or subsidies. State-owned enterprises are backed by the government, which amounts to a credit endorsement, and can borrow from banks and other financial institutions with relative ease. Although it has to assume more social responsibilities, it will gain a good corporate image by relying on government credibility. However, non-SOEs survive in the cracks, and the existing resources are crowded out by state-owned enterprises in the case of limited funds, which leads to hindered development. Therefore, when the green finance policy is promulgated, specific policy support should be put forward for non-state-owned enterprises, which should give consideration to short-term rescue and structural adjustment, cultivate the potential of non-state-owned enterprises, and actively play the role of non-state-owned enterprises. For example, tax reduction and rebate policies for non-state-owned enterprises will be implemented simultaneously, the scope of reduction and exemption will be increased, the scope of application will be expanded, and explicit policies will be formulated to strengthen fiscal subsidies. We will take targeted measures to increase effective financial support for the real economy and promote the growth of Pratt and Whitney small and micro-loans; we will optimize loan procedures for non-state-owned enterprises that are severely affected by the epidemic, and avoid industry-related loan restrictions, loan withdrawals, and loan suspension. We will expand the coverage of government-funded financing guarantees to non-state-owned enterprises and solve financing difficulties for the real economy, especially for non-state-owned enterprises. We will maintain a fair and orderly market environment, reduce the production and operation costs of enterprises, lower the fees charged by enterprises on platforms, and ease the burden on non-state-owned enterprises. We will increase support for public employment services and improve the quality and ability of employment. We will take concrete actions to advance non-state-owned enterprises’ development toward high quality.
- The green financial policy has various benefits to the environment, but the main income of high-pollution enterprises is derived from the pollution-producing projects; although high-pollution enterprises want to transform, they face a series of problems such as high fixation cost, difficulty in transformation, and lack of corresponding talents, which lead to high-pollution enterprises finding it difficult to transform, so high-pollution enterprises have a flat response to green financial policies. In this case, it is necessary for the government to make tailor-made plans for high-polluting enterprises, gradually guide the transformation of high-polluting enterprises, regulate the emission behaviors of high-polluting enterprises, carry out standardized remediation activities for high-polluting enterprises, and promote the technological transformation of high-polluting enterprises. The business side cannot rely solely on government help, and must develop a well-established environmentally friendly management system applicable to real-world production, detect transformation opportunities as early as possible, take the opportunity to transform in time, and pursue high-quality development.
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable | Symbol | Definition |
---|---|---|
Tobin q value | Tobin-Q | Compare the value of the enterprise in the market with the value of its replacement |
Financial leverage | DFL | EBIT/(EBIT – interest − preferred dividends/(1−income tax rate)) |
Proportion of shares held by controlling shareholders | FIR | Proportion of the largest shareholder’s shareholding |
Proportion of total shares held by the top ten shareholders | SHA1-10 | Sum of the shareholdings of the top 10 shareholders |
Developing capacity | GRO | (Operating revenue amount in the current quarter of this year − amount in the previous quarter of operating revenue)/amount in the previous quarter of operating revenue |
Operating cash flow | CFO | Net cash flow from operating transactions and activities (unit: $billion) |
Asset liability ratio | DAR | Total liabilities/total assets during the year |
Variables | n | Mean | Sd | Min | Max |
---|---|---|---|---|---|
TFP | 33,539 | 9.040 | 1.119 | 5.615 | 13.643 |
DID | 33,539 | 0.152 | 0.359 | 0 | 1 |
Tobin-Q | 26,477 | 2.135 | 4.439 | 0.641 | 715.945 |
DFL | 26,477 | 1.530 | 15.286 | −106.261 | 2402.774 |
FIR | 26,477 | 34.439 | 15.329 | 0.29 | 100 |
SHA1-10 | 26,477 | 58.849 | 16.306 | 1.32 | 100 |
GRO | 26,477 | −6.246 | 127.639 | −191,776.9 | 8072.186 |
CFO | 26,477 | 8.715 | 77.028 | −434.5693 | 3666.55 |
DAR | 26,477 | 0.427 | 0.213 | 0.007 | 4.026 |
(1) | (2) | |
---|---|---|
Variables | TFP | TFP |
DID | 0.034 ** (2.28) | 0.028 * (2.54) |
Tobin-Q | −0.015 *** (−7.13) | |
DFL | −0.006 *** (−6.27) | |
FIR | −0.003 *** (−7.11) | |
SHA1-10 | 0.005 *** (12.84) | |
GRO | 1.17 × 10−6 (0.04) | |
CFO | 0.001 *** (10.01) | |
DAR | 1.223 *** (48.84) | |
Constant | 9.039 *** (3052.66) | 8.501 *** (359.66) |
Four fixed effects | Controlled | Controlled |
Observations | 33539 | 26477 |
R-squared | 0.867 | 0.908 |
(1) | (2) | |
---|---|---|
Variables | TFP(OP) | TFP(OP) |
DID | 0.027 * (2.43) | 0.023 * (2.32) |
Tobin-Q | −0.006 *** (−3.14) | |
DFL | −0.005 *** (−6.4) | |
FIR | −0.002 *** (−5.82) | |
SHA1-10 | 0.003 *** (9.15) | |
GRO | 2.36 × 10−5 (0.78) | |
CFO | 0.001 *** (6.68) | |
DAR | 0.835 *** (38.04) | |
Constant | 6.538 *** (2345.07) | 6.229 *** (291.04) |
Four fixed effects | Controlled | Controlled |
Observations | 39,877 | 26,477 |
R-squared | 0.796 | 0.873 |
(1) | (2) | |
---|---|---|
Variables | TFP | TFP |
DID | 0.053 ** (2.79) | 0.045 * (2.55) |
Tobin-Q | −0.025 *** (−8.57) | |
DFL | −0.022 *** (−9.85) | |
FIR | −0.003 *** (−6.00) | |
SHA1-10 | 0.006 *** (14.04) | |
GRO | −2.19 × 10−6 (−0.07) | |
CFO | 0.001 ** (2.64) | |
DAR | 1.099 *** (35.19) | |
Constant | 8.934 *** (3127.23) | 8.412 *** (280.07) |
Four fixed effects | Controlled | Controlled |
Observations | 20,527 | 16,031 |
R-squared | 0.890 | 0.923 |
(1) | (2) | (3) | |
---|---|---|---|
Variables | TFP | SA | TFP |
SA | −0.197 *** (−4.70) | ||
DID | 0.028 * (2.54) | −0.003 * (−2.00) | 0.027 * (2.48) |
Tobin-Q | −0.015 *** (−7.13) | 0.004 *** (11.52) | −0.014 *** (−6.77) |
DFL | −0.006 *** (−6.27) | 0.001 *** (3.00) | −0.006 *** (−6.18) |
FIR | −0.003 *** (−7.11) | −0.001 *** (−5.55) | −0.003 *** (−7.28) |
SHA1-10 | 0.005 *** (12.84) | 0.002 *** (29.92) | 0.005 *** (13.52) |
GRO | 1.17 × 10−6 (0.04) | −6.52 × 10−6 (−1.29) | 1.13 × 10−7 (−0.00) |
CFO | 0.001 *** (10.01) | 0.001 *** (45.97) | 0.001 *** (10.95) |
DAR | 1.223 *** (48.84) | −0.017 *** (−4.28) | 1.220 *** (48.71) |
Constant | 8.500 *** (359.66) | −3.858 *** (−1036.58) | 7.740 *** (47.36) |
Four fixed effects | Controlled | Controlled | Controlled |
Observations | 26,477 | 26,477 | 26,477 |
R-squared | 0.901 | 0.962 | 0.909 |
(1) | (2) | (3) | |
---|---|---|---|
Variables | TFP | Subsidies | TFP |
Subsidies | 0.006 ** (2.90) | ||
DID | 0.043 ** (2.92) | 0.203 ** (2.95) | 0.048 ** (2.85) |
Tobin-Q | −0.022 *** (−8.96) | −0.036 ** (−3.12) | −0.022 *** (−8.88) |
DFL | −0.012 *** (−6.25) | −0.003 (−0.36) | −0.013 *** (−6.24) |
FIR | −0.005 *** (−7.38) | 0.005 (1.61) | −0.005 *** (−7.42) |
SHA1-10 | 0.004 *** (9.55) | −0.001 (−0.42) | 0.004 *** (9.57) |
GRO | 9.51 × 10−6 (0.29) | −6.84 × 10−6 (0.05) | 9.31 × 10−6 (0.29) |
CFO | 0.001 *** (6.37) | −0.011 *** (−22.20) | 0.001 *** (6.82) |
DAR | 1.254 *** (37.40) | 0.334 (2.13) | 1.252 *** (37.35) |
Constant | 8.595 *** (268.51) | 0.346 *** (2.31) | 8.593 *** (268.47) |
Four fixed effects | Controlled | Controlled | Controlled |
Observations | 14,769 | 14,769 | 14,769 |
R-squared | 0.935 | 0.695 | 0.935 |
(1) | (2) | (3) | |
---|---|---|---|
Variables | TFP | CSR | TFP |
CSR | 0.005 *** (19.10) | ||
DID | 0.024 * (2.18) | 1.021 ** (2.82) | 0.020 * (2.19) |
Tobin-Q | −0.013 *** (−5.75) | 0.116 (1.62) | −0.013 *** (−6.07) |
DFL | −0.004 *** (−3.34) | −0.153 *** (−4.30) | −0.003 * (−2.72) |
FIR | −0.005 *** (−8.33) | 0.0001 (−0.00) | −0.005 *** (−8.43) |
SHA1-10 | 0.005 *** (10.21) | −0.001 (−0.80) | 0.005 *** (10.45) |
GRO | −0.0002 (−0.78) | −0.0002 (−0.24) | −0.0002 (−0.75) |
CFO | 0.001 *** (7.31) | −0.018 *** (−5.77) | 0.001 *** (8.28) |
DAR | 1.156 *** (37.82) | 0.242 (0.24) | 1.55 *** (38.22) |
Constant | 8.617 *** (291.97) | 26.145 *** (27.41) | 8.494 *** (284.29) |
Four fixed effects | Controlled | Controlled | Controlled |
Observations | 18,566 | 18,566 | 18,566 |
R-squared | 0.933 | 0.545 | 0.935 |
(1) | (2) | |
---|---|---|
Variables | TFP | |
SOEs | Non-SOEs | |
DID | 0.029 * (3.510) | 0.101 (0.75) |
Tobin-Q | −0.008 * (−1.75) | −0.016 *** (−6.95) |
DFL | −0.006 *** (−4.80) | −0.005 *** (−4.27) |
FIR | −0.00003 (−0.04) | −0.004 *** (−7.17) |
SHA1-10 | 0.006 *** (10.55) | 0.005 *** (9.78) |
GRO | 0.00001 (0.28) | −2.09 × 10−6 (−0.05) |
CFO | 0.001 *** (5.69) | 0.002 *** (11.69) |
DAR | 1.065 *** (25.83) | 1.118 *** (35.30) |
Constant | 8.628 *** (206.11) | 8.410 *** (287.20) |
Four fixed effects | Controlled | Controlled |
Observations | 9984 | 16,383 |
R-squared | 0.925 | 0.899 |
(1) | (2) | |
---|---|---|
Variables | TFP | |
High-Pollution Industry | Non-High-Pollution Industries | |
DID | 0.020 (1.09) | 0.039 ** (3.43) |
Tobin-Q | −0.0002 (−0.05) | −0.009 *** (−3.23) |
DFL | −0.005 *** (−3.86) | −0.005 *** (−4.01) |
FIR | 0.006 *** (4.95) | −0.007 *** (−12.27) |
SHA1-10 | 0.0001 (0.17) | 0.005 *** (11.93) |
GRO | −0.00002 (−0.52) | 0.00003 (0.74) |
CFO | 0.001 *** (7.44) | 0.001 *** (7.31) |
DAR | 0.676 *** (17.14) | 1.413 *** (45.08) |
Constant | 8.740 *** (223.22) | 8.490 *** (287.97) |
Four fixed effects | Controlled | Controlled |
Observations | 8022 | 18,381 |
R-squared | 0.922 | 0.915 |
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Yu, H.; Zhao, Y.; Qiao, G.; Ahmad, M. Can Green Financial Reform Policies Promote Enterprise Development? Empirical Evidence from China. Sustainability 2023, 15, 2692. https://doi.org/10.3390/su15032692
Yu H, Zhao Y, Qiao G, Ahmad M. Can Green Financial Reform Policies Promote Enterprise Development? Empirical Evidence from China. Sustainability. 2023; 15(3):2692. https://doi.org/10.3390/su15032692
Chicago/Turabian StyleYu, Hongjian, Yao Zhao, Guitao Qiao, and Mahmood Ahmad. 2023. "Can Green Financial Reform Policies Promote Enterprise Development? Empirical Evidence from China" Sustainability 15, no. 3: 2692. https://doi.org/10.3390/su15032692