Green Credit Policy and the Maturity of Corporate Debt

摘要

This paper is based on strict credit environment under the background of green credit policy in China. It focuses on the change in the maturity of corporate debt of polluted enterprises. The research finds that long-term loan of polluted enterprises is significantly dropped after the policy. Extensive research shows that after green credit policy, long-term loan of state-owned polluted enterprises is higher than private polluted enterprises. The result shows that under hash green credit environment, banks are more cautious about loans to polluted enterprises. In terms of the maturity of corporate debt, polluted enterprises are subject to severe constraints in general. However, state-owned polluted enterprises face fewer restrictions due to credit discrimination. Generally, green credit policy has achieved some success and it provides institution guarantee for sustainable economic development in China.