Impact of the green credit policy on external financing,economic growth and energy consumption of the manufacturing industry  

作　　者：Sheng Wu Liangpeng Wu Xianglian Zhao 

机构地区：[1]College of Economic and Management,Nanjing University of Aeronautics and Astronautics,Nanjing,211106,China [2]College of Management Engineering,Nanjing University of Information Science&Technology,Nanjing,210044,China

出　　处：《Chinese Journal of Population,Resources and Environment》2022年第1期59-68,共10页中国人口·资源与环境（英文版）

摘　　要：China attempts to achieve energy conservation,emission reduction and environmental protection through the implementation of the green credit policy,but its implementation impact is still controversial.An important content of the green credit policy is to require banking and financial institutions to tighten the credit exposure of industries of‘high pollution and high energy consumption’and industries with overcapacity,so as to use economic leverage to curb their blind expansion and reduce energy consumption by controlling external financing.This paper examined the impact and the lingering effects of the green credit policy on external financing,economic growth and energy consumption in the manufacturing industry,which was most influenced by the green credit policy,from 2003 to 2016 by using the DID method.Furthermore,this paper estimated the dynamic endogenous relationships among external financing,economic growth and energy consumption with two-step system GMM model to investigate the influential path of the green credit policy.The results showed that:the green credit policy had a significant negative impact on the external financing of manufacturing industry,but its negative impact on the economic growth and energy consumption of manufacturing industry was not statistically significant,and the effect of the green credit policy had a dynamic feature of weakening with time.Additionally,in the manufacturing industry,there was a bilateral causal relationship between the energy consumption and economic growth of the control group industry and the processing group industry.There was a bilateral causal relationship between the economic growth and external financing of the control group industries in the manufacturing industry.There was a unilateral causal relationship between the economic growth and external financing of the processing group industries in the manufacturing industry,while the external causality existed between the control group industries and the processing group industries in the manufacturing ind

关 键 词：Green credit Energy consumption DIFFERENCE-IN-DIFFERENCES Manufacturing industry 

分 类 号：F42[经济管理—产业经济]