Green Credit, Financial Ecological Environment, and Investment Efficiency

Table 8

Mechanism of green credit affecting investment efficiency.

	(1)	(2)	(3)
	Liquidity demand	Long-term funding needs	Investment efficiency
Pollution	0.2564	−0.0713	0.0070
	(0.1472)	(0.1977)	(0.0017)
After	−0.1225	−1.1532	−0.0063
	(0.1280)	(0.2045)	(0.0017)
Pollution × After	−0.1257	−0.0634	−0.0017
	(0.0700)	(0.1050)	(0.0010)
Dld			0.0003
			(0.0001)
_cons	−7.6161	−12.8218	0.0730
	(1.1241)	(1.6411)	(0.0132)
R^2 adjusted	0.0227	0.0162	0.0441
F	11.1497	8.7302	30.5698
N	18287	18287	18287

Standard deviations are in parentheses; , , and indicate significant differences at p < 0.01, p < 0.05, and p < 0.001, respectively.