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<p>Green credit policies, which direct bank lending toward environmentally sustainable projects, potentially resolve the tension between ecological preservation and economic development. Exploiting the implementation of China’s “Green Credit Guidelines” in 2012 as a quasi-natural experiment, this study examines A-share listed green companies from 2004 to 2024 employing a Difference-in-Differences estimation strategy with time-varying treatment effects. The results document that the Guidelines significantly reduce investment-financing maturity mismatches in green companies. Financial constraint alleviation and corporate governance enhancement are identified as the primary transmission channels for this effect. Heterogeneity analysis reveals more pronounced policy effects in companies without state controlling interest, those with lower institutional investor shareholdings, managers lacking a banking background, and those situated in less marketized regions. While the analysis focuses on listed Chinese companies and may be affected by concurrent policy measures, future research could expand the sample and adopt identification strategies to disentangle overlapping policy effects. These findings advance the understanding of national financial policies with sustainability objectives and elucidate how such policy interventions affect the temporal alignment between investment horizons and financing structures for green assets.</p>

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Green credit policy and investment-financing maturity mismatch: evidence from China’s green companies

  • 期刊论文

  • 发表日期：

    2025年8月14日

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  • Haiyue Liu,
  • Yuhan Wang,
  • Jidi Cao

摘要

Green credit policies, which direct bank lending toward environmentally sustainable projects, potentially resolve the tension between ecological preservation and economic development. Exploiting the implementation of China’s “Green Credit Guidelines” in 2012 as a quasi-natural experiment, this study examines A-share listed green companies from 2004 to 2024 employing a Difference-in-Differences estimation strategy with time-varying treatment effects. The results document that the Guidelines significantly reduce investment-financing maturity mismatches in green companies. Financial constraint alleviation and corporate governance enhancement are identified as the primary transmission channels for this effect. Heterogeneity analysis reveals more pronounced policy effects in companies without state controlling interest, those with lower institutional investor shareholdings, managers lacking a banking background, and those situated in less marketized regions. While the analysis focuses on listed Chinese companies and may be affected by concurrent policy measures, future research could expand the sample and adopt identification strategies to disentangle overlapping policy effects. These findings advance the understanding of national financial policies with sustainability objectives and elucidate how such policy interventions affect the temporal alignment between investment horizons and financing structures for green assets.