Research on the Substitution Effect of Green Credit and Commercial Credit Financing

Zishan Zhang

doi:10.62177/apemr.v3i7.1667

Authors

Zishan Zhang Shandong Normal University

DOI:

https://doi.org/10.62177/apemr.v3i7.1667

Keywords:

Green Credit, Commercial Credit Financing, Substitution Effect, Financing Constraints, Green Finance, Enterprise Financing

Abstract

Against the background of green finance development and enterprise financing diversification, green credit has gradually become an important policy tool and financing channel. Taking Chinese industrial enterprises as the research object, this paper empirically examines the substitution effect between green credit and commercial credit financing. The results show that green credit can effectively ease the financing constraints of enterprises, and there is a significant substitution relationship between green credit and commercial credit financing. The improvement of green credit supply reduces enterprises' dependence on commercial credit. Further analysis indicates that the substitution effect is more prominent in non-state-owned enterprises, enterprises with strong environmental performance and enterprises in regions with high financial development. This study enriches the research on the relationship between green finance and informal financing, and provides empirical evidence for optimizing the financing structure of enterprises and promoting the development of green credit^[1].

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