Green Credit, Financial Ecological Environment, and Investment Efficiency
Table 1
Main definitions of variables.
Variable
Symbol
Definition
Investment efficiency
Absinvest
According to the absolute value of the residual of the regression model, the larger the value gets, the lower the investment efficiency and the higher the nonefficient investment are
Is it heavily polluting enterprise?
Pollution
Dummy variable, Pollution = 1, which indicates heavily polluting enterprise; Pollution = 0, which indicates non-heavily polluting enterprise
Policy implementation time
After
Dummy variable, After = 1, which indicates 2012 and subsequent years; After = 0 which indicates 2011 and previous years
Difference-in-differences variable
Pollution × After
The product of Pollution and After indicates the net effect of policy implementation
Financial ecology environment
Fe
Dummy variable, Findex = 1, which indicates the regional financial ecology environment is relatively good; Findex = 0, which indicates the regional financial ecology environment is relatively bad
Corporate size
Size
The logarithm of enterprise’s total assets
Total asset return rate
Roa
Net profit/total assets
Sales growth rate
Growth
(The current amount of business revenue of the current year − the synchronous amount of business revenue of last year)/the synchronous amount of business revenue of last year
Total assets turnover
Tat
Business revenue/(total asset + final balance of initial balance)/2
Proportion of independent directors
Ids
Number of independent directors/number of directors
