The Impact of Eco-economic Policies on Financing Costs of Smes: The Regulatory Effects of Green Credit Mechanisms
DOI:
https://doi.org/10.62051/ijgem.v4n1.46Keywords:
Ecological economic policy, Financing cost, Regulation effect of green credit mechanismAbstract
Driven by the global ecological environment deterioration and sustainability agenda, ecological economic strategy has increasingly highlighted its key role in green transformation. As a crucial component of the economic system, small and medium-sized enterprises are inevitably subjected to increasing environmental protection challenges and capital access problems while promoting economic growth. This paper aims to explore the impact of ecological economic policies on the financing costs of smes, and further analyze the regulatory role of green credit mechanism. Based on the research of international and domestic related literature in recent years, this study refined the diversity of ecological economic policies and the double potential effects of these policies on the acquisition cost of development capital of small and micro enterprises, with both possible positive and potential negative sides. Under this theoretical framework, we set the corresponding research hypothesis. In order to deeply analyze this issue, this paper adopts a quantitative analysis strategy, relying on the specific case data of small and medium-sized enterprises in China, and uses a multivariate regression model to verify the interaction between ecological economic policies and corporate financing costs. At the same time, we introduce the green credit system as a moderator, so as to reveal its mediating influence mechanism in the above relationship.
References
[1] Xu, **nkuo, and **gsi Li. "Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China." Journal of Cleaner Production 264 (2020): 121574. DOI: https://doi.org/10.1016/j.jclepro.2020.121574
[2] Zhang, Ming, et al. "Exploring the impact of green credit policies on corporate financing costs based on the data of Chinese A-share listed companies from 2008 to 2019." Journal of Cleaner Production 375 (2022): 134012. DOI: https://doi.org/10.1016/j.jclepro.2022.134012
[3] An, Simin, et al. "Green credit financing versus trade credit financing in a supply chain with carbon emission limits." European Journal of Operational Research 292.1 (2021): 125-142. DOI: https://doi.org/10.1016/j.ejor.2020.10.025
[4] Chai, Shanglei, et al. "The impact of green credit policy on enterprises' financing behavior: evidence from Chinese heavily-polluting listed companies." Journal of Cleaner Production 363 (2022): 132458. DOI: https://doi.org/10.1016/j.jclepro.2022.132458
[5] Wu, Sheng, Liangpeng Wu, and **anglian Zhao. "Impact of the green credit policy on external financing, economic growth and energy consumption of the manufacturing industry." Chinese Journal of Population, Resources and Environment 20.1 (2022): 59-68. DOI: https://doi.org/10.1016/j.cjpre.2022.03.007
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.