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ORIGINAL RESEARCH
The Impact of Green Credit Policies
on Investment and Financing Behavior
of Renewable Energy Enterprises
1
College of Economics and Management, Civil Aviation University of China, Tianjin,300300, China
2
Tianjin university of finance and economics, Tianjin, 300300, China
3
Guangzhou College of Commerce, Guangzhou, 510000, China
Submission date: 2024-07-25
Final revision date: 2024-08-22
Acceptance date: 2024-09-03
Online publication date: 2024-11-08
Publication date: 2025-11-04
Corresponding author
Meng Li
College of Economics and Management, Civil Aviation University of China, Tianjin,300300, China
College of Economics and Management, Civil Aviation University of China, Tianjin,300300, China
Pol. J. Environ. Stud. 2025;34(6):6691-6707
KEYWORDS
TOPICS
ABSTRACT
Under the constraint of the “double carbon” goal, enhancing access to green finance,
reducing financing challenges, and tackling insufficient investment in renewable energy enterprises are
of great value for the green economy. Based on the panel data of Chinese A-share listed enterprises
from 2010-2020, this paper uses the Difference-in-Difference method to study the impact of green credit
policy on the investment and financing behavior of renewable energy enterprises, leveraging a policy
experiment in China, called “Guidance on Building a Green Financial System” issued in 2016. The
results show that the financing cost of renewable energy enterprises has significantly decreased, and
the financing cost of small, non-state-owned enterprises has decreased more obviously. The investment
scale of renewable energy enterprises has significantly increased, and the investment scale of small
renewable energy enterprises has increased more obviously, indicating that green credit has a significant
financing promotion effect and investment incentive effect on renewable energy enterprises.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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| eISSN: | 2083-5906 |
| ISSN: | 1230-1485 |
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