文献类型：期刊文献

英文题名：Green credit policy and labor investment efficiency: evidence from China

作者：Liu, Ying[1];Wang, Junqiu[1];Xu, Canyu[1]

机构：[1]East China Univ Sci & Technol, 130 Meilong Rd, Shanghai 200237, Peoples R China

年份：2023

卷号：30

期号：51

起止页码：110461

外文期刊名：ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH

收录：;EI(收录号：20234515023499);WOS:【SCI-EXPANDED(收录号:WOS:001096214900007)】；

基金：This work was supported by the National Natural Science Foundation of China (Grant numbers [No. 72302088]), the Postdoctoral Science Foundation of China (Grant numbers [No. 2021M701194]), the Shanghai Soft Science Projects (Grant numbers [No. 23692121000]), and the Fundamental Research Funds for the Central Universities of China (Grant numbers [No. JKN02232204, JKN02222203]).

语种：英文

外文关键词：Green finance; Green credit policy; Labor investment efficiency; Human capital; Agency conflict; Quasi-natural experiment

摘要：Green finance plays a crucial role in driving green development. By leveraging the implementation of the "Green Credit Guidelines" as a quasi-natural experiment in 2012, our study provides compelling evidence that this green credit policy enhances the efficient investment in labor. Our mechanism analysis indicates that the positive impact primarily stems from the upgrading of human capital and the mitigation of agency conflicts. Moreover, we find that the effect of the green credit policy on the efficient investment in labor by green credit-restricted firms is more pronounced when these firms face robust environmental law enforcement and operate with low labor intensity. Additionally, the enhanced investment in labor demonstrates a significant positive influence on future enterprise value. Overall, our findings underscore the significant improvement in corporate labor investment efficiency resulting from the successful implementation of the Green Credit Guidelines.