The Impact of Green Credit Policies on Green Enterprises : From the Perspective of Stock Price Synchronicity
DOI:
https://doi.org/10.54097/hmd60346Keywords:
green credit, Green enterprises, Stock price synchronicity.Abstract
This article uses data from Chinese A-share listed companies from 2000 to 2022 to study the impact of green credit policies on the stock price synchronicity of green enterprises. The research results indicate that after the implementation of green credit policies, the stock price synchronicity of green enterprises significantly decreases, and information transparency plays a mediating role, and this impact is more significant for small enterprises. This article supplements relevant research on green credit policies, providing guidance for further reducing the stock price synchronicity of green enterprises, improving capital market pricing efficiency, and promoting the implementation of green credit policies.
Downloads
References
Hui Xianbo. Green Credit Policy, Financial Resource Allocation, and Enterprise Green Total Factor Productivity: Evidence Based on Heavy Polluting Enterprises in China [J]. Southwest Finance, 2022 (10): 65-77.
Tan Xiaobo, Fu Miao. Reflections on Promoting Green Credit Policies under the Background of Industrial Structure Adjustment [J]. Economic Research Guide. 2010 (29): 94-97.
Xi G ,Sijia Q ,Shihan D.Effect of green credit policy on shadow banking activities: entrusted loan evidence from Chinese listed firms[J]. Journal of Environmental Planning and Management.2024.67(2): 309-333.
Ma Tengyue. Green credit "loans" drive economic transformation [J]. Chinese financiers. 2010 (07): 33-35.
Haichao F,Yuchao P,Huanhuan W, et al. Greening through finance?[J]. Journal of Development Economics.2021.
Wang F,Yang S,Reisner A, et al. Does Green Credit Policy Work in China? The Correlation between Green Credit and Corporate Environmental Information Disclosure Quality[J]. Sustainability,2019,11(3).
Gul F. A., J. B. Kim, and A. A. Qiu. Ownership Concentration, Foreign Shareholding, Audit Quality, and Stock Price Synchronicity: Evidence from China[J].Journal of Financial Economics.2010, 95(3):425-442.
Rui L,Yiwen C.The influence of a green credit policy on the transformation and upgrading of heavily polluting enterprises: A diversification perspective[J].Economic Analysis and Policy.2022.
Jing C,Xinghe L,Fenghao O, et al.Green lending and stock price crash risk: Evidence from the green credit reform in China[J].Journal of International Money and Finance.2023.130.
Wei Z,Yun L,Fengyun Z, et al.Green Credit Policy and Corporate Stock Price Crash Risk: Evidence From China[J]. Frontiers in Psychology.2022.13.
Shanglei C,Ke Z,Wei W, et al.The impact of green credit policy on enterprises' financing behavior: Evidence from Chinese heavily-polluting listed companies[J].Journal of Cleaner Production.2022,363.
Han Liyan, Cai Lixin, Yin Libo. Green Incentives in China's Securities Market: A Four Factor Model [J]. Financial Research, 2017 (01): 145-161
Wang Yaping, Liu Huilong, Wu Liansheng. Information Transparency, Institutional Investors and Stock Price Synchronicity [J]. Financial Research, 2009 (12): 162-174.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
