On the morning of December 27, 2023, the 38th lecture of the "Legal Business Academic Forum" of the Business School was successfully held in Conference Room 719, 7th floor, Teaching Books Complex Building, Xueyuan Road Campus. Professor Wang Ren, PhD supervisor of School of Finance, Capital University of Economics and Business, was invited by our school to make a special report entitled "Price Matching of green credit and Resource Allocation of Green Industry: Macro effects and micro Mechanisms". Professor Shang Wenjiang, Dean of the Business School, delivered the opening speech, and Professor Hu Jiye, Associate professor Cheng Bibo and Associate Professor Hong Zhiwu participated in the comments as speakers. Nearly 30 full-time teachers from all departments, as well as master and doctoral students participated in the lecture. The lecture was chaired by Professor Liu Zhixiong, Vice Dean of the Business School.
（Lecture scene）
At the beginning of the lecture, the moderator, Vice Dean Liu Zhixiong, extended a warm welcome to Professor Wang Ren. He said green development is one of the most important issues in today's society, and it has become even more important after China and the United States reached an agreement on climate change. This lecture can not only help teachers and students understand the major national policies, but also fit in with many research topics of the school.
（Professor Liu Zhixiong）
During the speech, Dean Shang Wenjiang welcomed and thanked Professor Wang Ren for his arrival. He said that the theme of this forum is in line with the spirit of the financial Work Conference, and green finance is a topic of The Times and an international topic, worthy of in-depth exploration by teachers and students. In addition, Professor Wang Ren not only has a solid academic professional background, but also has a wealth of practical experience, both theory and practice, I hope you seize this opportunity to learn from the lecture.
（Dean Shang Wenjiang ）
In the lecture sharing session, Professor Wang Ren first introduced the research background and reviewed the relevant literature. From the theoretical basis and practical difficulties, it is pointed out that there are some problems, such as insufficient research on "resource allocation" of green industry, ignored structural impact of credit price instruments, inconsistent data labeling, incomplete and biased samples, incomplete measurement of core indicators, and less research on transmission mechanism. After reviewing the relevant literature on green industry development, green credit theory, and green credit empirical exploration, Professor Wang Ren proposed two research objectives: This paper examines the overall impact of price matching characteristics of green credit on resource allocation efficiency of green industry from the perspective of structure, and discusses the transmission mechanism between price structure of green credit and resource allocation of green industry based on China's unique "local political achievements".
（Professor Wang Ren）
On this basis, Professor Wang Ren carried out theoretical derivation and index construction, divided enterprises into low efficiency enterprises and high efficiency enterprises, analyzed the role of structural credit supply, summarized the micro transmission mechanism and proposed theoretical hypotheses: The price matching of green credit will promote the improvement of resource allocation efficiency of green industry by "promoting inefficient enterprises to improve efficiency" and "strengthening market competition mechanism". In sample selection, "three-stage sample screening" is used to avoid the problem of purity. In terms of index construction, the dispersion degree of the total factor productivity of green enterprises is used to describe the resource allocation efficiency of green industry, and the total factor productivity index is measured by Olley-Pakes method.
In terms of empirical analysis and mechanism test, Professor Wang Ren analyzed three different forms of regression models and confirmed that the improvement of credit price matching degree will promote the improvement of resource allocation efficiency of green industry. Through the micro-mechanism test, it is found that the main mechanism of credit price matching is to force inefficient enterprises to improve their efficiency. When Probit model is used to test the entry and exit mechanism of micro-enterprises in green industry, it is found that the exit mechanism has not played an effective role in green industry. Through the adjustment effect test, it is confirmed that the supporting of "aggregate type" and "structural" credit policies is an important guarantee for the high-quality development of green industry. After summarizing the research conclusions, Professor Wang Ren put forward the policy suggestions of "building a multi-dimensional and interconnected high-quality development system of green industry", "building a high-quality green credit service system with a matching structure", "improving the market-oriented competition mechanism of green industry for survival of the fittest", and "exploring a diversified and interactive high-quality development model of green industry".
（Professor Hu Jiye ）
During the discussion session, Professor Hu Jiye once again thanked Professor Wang Ren for bringing a feast of ideas to teachers and students, and for filling the chapter of "green finance" for the Business School. He pointed out that this lecture has brought a lot of inspiration to the students in terms of methodology, and the advantages and disadvantages of the differential method mentioned in the lecture are worthy of in-depth exploration by teachers and students. This lecture expanded the students' thinking, and the deep digging of relevant background in the research is worth learning. Professor Hu connected with "fiscal federalism", pointing out that the "local performance championship" mentioned in the lecture represents the local competition since China's reform and opening up, the logic behind the two is consistent, should pay attention to its "one body and two sides" characteristics.
（Associate Professor Cheng Bibo）
Then, Associate Professor Cheng Bibo alked about his own ideas on the subsidy nature of green finance itself, the credit situation of enterprises in a free market economy and green subsidy policies.
Associate Professor Hong Zhiwu and Professor Wang Ren discussed the problem of loan facilitation of state-owned enterprises and private enterprises, the problem of reverse causality verification method and the conceptual problem of coupling degree.
（Associate Professor Hong Zhiwu）
Teacher Li Can put forward the problem of how to understand independent variable and dependent variable from the realistic meaning of credit price matching degree.
（Teacher Li Can）
Free question session, the students competed to speak, the atmosphere was active.
（The students ）
At the end of the lecture, the host Professor Liu Zhixiong made a summary, introduced the discipline structure of the Business school, and said that he looked forward to Professor Wang's future multidisciplinary exchanges. Dean Shang Wenjiang presented an invitation letter to Professor Wang Ren.
（Dean Shang Wenjiang presented an invitation letter to Professor Wang）
After the meeting, everyone took a group photo. All the teachers and students participating in the seminar gained a lot and the lecture was a complete success.
（Participants took a group photo）
