Resource Allocation Effect of Green Credit Policy: Based on DID Model

Abstract

From the perspective of the policy impact effect, this paper takes green enterprises as the treatment group and polluters as the control group. Firstly, the double difference method (DID) was adopted to study the effect of green credit policy on enterprises from two aspects, namely the amount of loans obtained by enterprises and the financing cost. The study found that in terms of loan volume, the launch of “Green Credit Guidelines” enabled green enterprises to obtain more credit resources than polluters. In terms of financing cost, green credit policy means green enterprises obtain lower financing cost than polluters. The triple difference method is further used to test the impact of green Credit Guidelines on the access to credit resources and financing costs of enterprises. The results show that for enterprises with different property rights, the effect of green credit policy on non-state-owned enterprises is more significant than that of state-owned enterprises. For enterprises in different regions, the policy effect of green credit policy on enterprises in regions with relatively backward economic development levels is more significant than that of enterprises in regions with relatively developed economic development level. From the empirical results, the policy basically realized the original intention of directing credit resources to green enterprises and realized the Pareto improvement of financial resource allocation.