국가전략정보포털

Title page

Contents

Abstract 2

Non-Technical Summary 3

1. Introduction 5

2. Public Guaranteed Loans and the Financing Landscape: A Comprehensive Literature Review 10

3. Data, Sample and Descriptive Statistics 11

3.1. Data 11

3.2. Sample and Descriptive Statistics 13

4. Empirical Results 15

4.1. Inside the "green-transition risk" 15

4.2. PGLs as a means to green the environment 19

4.3. Did PGLs translate into extra credit to greener firms? 24

5. Robustness 28

5.1. Prior credit relationships 28

5.2. Alternative measures of greenhouse gas emission 28

5.3. Public guarantee loans and greenness during the pandemic 29

6. Conclusion 30

References 32

Appendix A. Institutional framework 49

Acknowledgements 62

Table 1. Key Variables Definition 42

Table 2. Summary Statistics for the Full Sample (2019Q1-2020Q4) 43

Table 3. The Riskiness of Lending to Green Companies 44

Table 4. Green State Guarantee Lending 45

Table 5. Green State Guarantee Lending: Firm Heterogeneity 46

Table 6. Green State Guarantee Lending: Lending growth 47

Table 7. Green State Guarantee Lending: Bank-Firm New Relationships 48

Figure 1. Figure 1 presents a comprehensive analysis of the dynamics surrounding the key variable of interest: Public Guarantee Loans (PGLs) and Lending Growth.... 39

Figure 2. Figure 2 shows the timeline of the key variables that capture the fluctuations resulting from monetary and fiscal policy measures implemented to sustain... 40

Table A1. State Guarantee Framework 53

Table A2. Green State Guarantee Lending 55

Table A3. Green State Guarantee Lending: Firm Heterogeneity 56

Table A4. Green State Guarantee Lending: Lending growth 57

Table A5. Green State Guarantee Lending: Bank-Firm New Relationship 58

Table A6. Robustness test: Controlling for share lending 59

Table A7. ISS greenhouse gas emission proxy 60

Table A8. Robustness: Green State Guarantee Lending - COVID19 outbreak 61