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Green Credit Effects of Local Debt Management System Reform:Evidence Based on Regression Discontinuity Design

Yuxin Zhang

Yuxin Zhang

School of Accounting, Capital University of Economics and BusinessBeijing, China
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Zhang, Yuxin
, 
Guiping Li

Guiping Li

School of Accounting, Hebei Finance UniversityBaoding, China
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Li, Guiping
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Mingyue Xiong

Mingyue Xiong

Changde City Branch, The Postal Savings Bank of ChinaChangde, China
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Xiong, Mingyue
 y 
Mingshu Li

Mingshu Li

School of Accounting, Hebei Finance UniversityBaoding, China
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Li, Mingshu
  
27 feb 2025
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Publicado en línea: 27 feb 2025
Recibido: 03 oct 2024
Aceptado: 29 ene 2025
DOI: https://doi.org/10.2478/amns-2025-0143
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© 2025 Yuxin Zhang et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Figure 1.

Scatter plot and the fit of Fig
Scatter plot and the fit of Fig

Least Squares regression results

Variables OLS OLS
grl grl
TD 1.051***(6.03) 0.934***(5.29)
CP -0.171**(-2.47)
GD 0.016(0.83)
MN 0.001(0.01)
GR 0.008(1.05)
FL 0.004(0.61)
CI -0.028***(-3.84)
SZ 1.627***(7.49)
Der -0.171**(-2.51)
Npl -0.425***(-5.18)
Constant 1.187***(12.54) -41.277***(-7.08)
Observations 316 316
R-squared 0.021 0.486
Observations 316 316

Results of mediator regression

Variable (1) (2)
DR CR
lwald 7.084***(3.75) -0.116***(-2.64)
lwald150 6.829***(3.58) -0.110**(-2.51)
lwald200 6.706***(3.50) -0.108**(-2.44)
Observations 314 314
Control variables Yes Yes

Placebo test results

Variable The reform 2 years ahead of schedule The reform 1 year ahead The reform lags behind 1 year Reform lags behind 2 years
grl grl grl grl
lwald -0.110 0.266 -0.442 -0.794
(-0.19) (0.40) (-0.50) (-0.47)
lwald150 -0.065 0.233 -0.375 -0.557
(-0.15) (0.44) (-0.48) (-0.39)
lwald200 -0.034 0.248 -0.207 -0.516
(-0.07) (0.47) (-0.29) (-0.46)
Observations 316 316 316 316
Control variables Yes Yes Yes Yes

Definition and description of variables

types of variables variable Symbol definition
variable explained Green credit grl Green credit of commercial bank
Explaining variable The local debt management System reform began DT Local governments really implement the reformation
mediating variables Bank credit allocation DR Average amount of total loans / Average amount of total deposits
Bank credit risk CR Risk-weighted assets / Total loans amount
control variables Revenue growth rate GR Revenue increase / Total revenue of last year
Liquidity ratio FR Current assets amount / Current liabilities amount
Cost-income ratio CI Operating expenses amount / Operating income amount
Total assets SZ The logarithm of total assets
Non-performing loan ratio Npl Non-performing loans/gross loans
Debt-to-equity ratio Der Total liabilities / Owners’ equity
Inflation levels FL consumer price index
Economic development level GD Annual growth rate of GDP
Amount of broad money MN The growth rate of broad money

RDD regression results

Variables (1) (2)
grl grl
lwald 1.051*** 0.987**
(2.99) (2.25)
lwald150 1.051*** 0.970**
(2.99) (2.20)
lwald200 1.051*** 0.961**
(2.99) (2.18)
Observations 316 316
Control variables No Yes

Replace the kernel function regression results

Variables moment function moment function
grl grl
lwald 1.051***(2.99) 0.934**(2.12)
lwald150 1.051***(2.99) 0.934**(2.12)
lwald200 1.051***(2.99) 0.934**(2.12)
Control variables No Yes
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