{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,31]],"date-time":"2026-03-31T10:19:10Z","timestamp":1774952350958,"version":"3.50.1"},"reference-count":38,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2021,3,2]],"date-time":"2021-03-02T00:00:00Z","timestamp":1614643200000},"content-version":"vor","delay-in-days":60,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Complexity"],"published-print":{"date-parts":[[2021,1]]},"abstract":"<jats:p>This article uses the \u201cGreen Credit Guidelines\u201d issued in 2012 as a quasi\u2010natural experiment, using the statistics of A\u2010share listed companies from 2008 to 2017, using the PSM\u2010DID model to examine the effect and mechanism of green credit policies on the investment efficiency of heavily polluting companies, and taking into consideration the heterogeneous influence of the financial ecological environment on the relationship between the two. The research indicates that, after the Green Credit Guidelines were promulgated, the investment efficiency of heavy\u2010polluting companies has been slightly improved compared with non\u2010heavy\u2010polluting companies and that the impact is more obvious in regions with better financial ecological environment. The research conclusions confirm the beneficial effects of the Green Credit Guidelines policy on the prudent investment of companies that cause serious pollution to the environment and improve investment efficiency, a provision of empirical evidence for financial leverage to drive the green economy transformation.<\/jats:p>","DOI":"10.1155\/2021\/5539195","type":"journal-article","created":{"date-parts":[[2021,3,2]],"date-time":"2021-03-02T17:20:08Z","timestamp":1614705608000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":18,"title":["Green Credit, Financial Ecological Environment, and Investment Efficiency"],"prefix":"10.1155","volume":"2021","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-6680-7964","authenticated-orcid":false,"given":"Meng","family":"Qi","sequence":"first","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2021,3,2]]},"reference":[{"key":"e_1_2_8_1_2","doi-asserted-by":"publisher","DOI":"10.1177\/1070496510371192"},{"key":"e_1_2_8_2_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jclepro.2017.02.145"},{"key":"e_1_2_8_3_2","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(77)90015-0"},{"key":"e_1_2_8_4_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1985.tb02395.x"},{"key":"e_1_2_8_5_2","doi-asserted-by":"publisher","DOI":"10.3390\/ijfs5040027"},{"key":"e_1_2_8_6_2","doi-asserted-by":"publisher","DOI":"10.1017\/S0022109010000256"},{"key":"e_1_2_8_7_2","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-013-1942-5"},{"key":"e_1_2_8_8_2","doi-asserted-by":"publisher","DOI":"10.1002\/pam.22137"},{"key":"e_1_2_8_9_2","first-page":"688","article-title":"Financial development and economic growth: views and agenda","volume":"6","author":"Levine R.","year":"1997","journal-title":"Journal of Economic Literature"},{"key":"e_1_2_8_10_2","doi-asserted-by":"publisher","DOI":"10.1097\/00007890-199810270-00041"},{"key":"e_1_2_8_11_2","doi-asserted-by":"publisher","DOI":"10.1080\/03906701.2014.894347"},{"key":"e_1_2_8_12_2","first-page":"100","article-title":"Financial ecological environment, ownership and debt-financing structure","volume":"03","author":"Jing C. X","year":"2011","journal-title":"Journal of Shandong University(Philosophy and Social Sciences"},{"key":"e_1_2_8_13_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jclepro.2015.10.111"},{"key":"e_1_2_8_14_2","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhj003"},{"key":"e_1_2_8_15_2","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2681(90)90003-V"},{"key":"e_1_2_8_16_2","doi-asserted-by":"publisher","DOI":"10.1002\/bse.1810"},{"key":"e_1_2_8_17_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2006.00894"},{"key":"e_1_2_8_18_2","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2006.81.5.963"},{"key":"e_1_2_8_19_2","doi-asserted-by":"publisher","DOI":"10.1017\/S0770451800004334"},{"key":"e_1_2_8_20_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2009.07.021"},{"key":"e_1_2_8_21_2","volume-title":"Evaluation of Urban Financial Ecological Environment in China","author":"Yang L.","year":"2005"},{"key":"e_1_2_8_22_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2007.00426"},{"key":"e_1_2_8_23_2","doi-asserted-by":"publisher","DOI":"10.2307\/2534426"},{"key":"e_1_2_8_24_2","doi-asserted-by":"publisher","DOI":"10.3390\/su11030583"},{"key":"e_1_2_8_25_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-679X.2007.00239.x"},{"key":"e_1_2_8_26_2","first-page":"70","article-title":"Selection of optimal environmental regulation intensity for Chinese manufacturing industry-based on the green TFP perspective","volume":"05","author":"Li L.","year":"2012","journal-title":"China Industrial Economics"},{"key":"e_1_2_8_27_2","first-page":"123","article-title":"Does green credit policy affect corporate financing and investment? evidence from publicly listed firms in pollution-intensive industries","volume":"12","author":"Su D.","year":"2018","journal-title":"Financial Research"},{"key":"e_1_2_8_28_2","doi-asserted-by":"publisher","DOI":"10.1007\/s11142-006-9012-1"},{"key":"e_1_2_8_29_2","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.1146536"},{"key":"e_1_2_8_30_2","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.1635425"},{"key":"e_1_2_8_31_2","first-page":"118","article-title":"Financial ecological environment, property right and governance effect of debt","volume":"44","author":"Xie D.","year":"2009","journal-title":"Economic Research"},{"key":"e_1_2_8_32_2","first-page":"73","article-title":"Financial ecological environment and corporate financial constraints-evidence from Chinese listed firms","volume":"05","author":"Wei Z.","year":"2014","journal-title":"Accounting Research"},{"key":"e_1_2_8_33_2","doi-asserted-by":"publisher","DOI":"10.2307\/2971733"},{"key":"e_1_2_8_34_2","first-page":"114","article-title":"Political connections and economic growth: evidence from the DMSP\/OLS satellite data","volume":"51","author":"Fan Z.","year":"2016","journal-title":"Economic Research"},{"key":"e_1_2_8_35_2","doi-asserted-by":"publisher","DOI":"10.2307\/2683903"},{"key":"e_1_2_8_36_2","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2009.84.4.1085"},{"key":"e_1_2_8_37_2","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.51.6.1173"},{"key":"e_1_2_8_38_2","doi-asserted-by":"publisher","DOI":"10.2307\/3060185"}],"container-title":["Complexity"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/downloads.hindawi.com\/journals\/complexity\/2021\/5539195.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/downloads.hindawi.com\/journals\/complexity\/2021\/5539195.xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1155\/2021\/5539195","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,8,9]],"date-time":"2024-08-09T22:33:12Z","timestamp":1723242792000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1155\/2021\/5539195"}},"subtitle":[],"editor":[{"given":"Lei","family":"Xie","sequence":"additional","affiliation":[]}],"short-title":[],"issued":{"date-parts":[[2021,1]]},"references-count":38,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2021,1]]}},"alternative-id":["10.1155\/2021\/5539195"],"URL":"https:\/\/doi.org\/10.1155\/2021\/5539195","archive":["Portico"],"relation":{},"ISSN":["1076-2787","1099-0526"],"issn-type":[{"value":"1076-2787","type":"print"},{"value":"1099-0526","type":"electronic"}],"subject":[],"published":{"date-parts":[[2021,1]]},"assertion":[{"value":"2021-01-12","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2021-02-20","order":2,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2021-03-02","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}],"article-number":"5539195"}}