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<p>Against the global drive to combat climate change and advance sustainable development, green credit has emerged as a pivotal financial instrument, directing capital toward new energy sectors and fueling eco-friendly economic transitions. This study investigates the impact of green credit policy (GCP) on the scale and cost of debt financing among Chinese new energy enterprises, utilizing 2009–2022 data and a difference-in-differences methodology. Distinct from prior green finance research—which rarely targets new energy enterprises despite their critical role in carbon neutrality—we focus explicitly on this understudied group. The findings indicate GCP significantly expands new energy enterprises’ debt financing scale while lowering costs, thereby supporting the new energy sector’s high-quality development. Furthermore, GCP’s effects vary by ownership: state-owned enterprises gain more from expanded financing scale, whereas non-state-owned firms benefit more from reduced financing costs. Regionally, eastern and central areas excel in lowering debt financing costs, whereas the western and northeastern regions stand out in expanding the financing scale. An analysis of the mechanisms reveals that GCP strengthens new energy companies’ financing capabilities by easing financial constraints, boosting investment efficiency, and increasing returns. These findings offer empirical insights into the real impacts of GCP, providing valuable guidance for enhancing green finance strategies.</p>

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Solving the mystery of debt financing for new energy firms: a quasi-natural experiment from a market-based environmental regulation

  • 期刊论文

  • 发表日期：

    2025年11月26日

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  • Mengmei Chen,
  • Xunpeng Shi,
  • Yujie Huang,
  • Baoliu Liu

摘要

Against the global drive to combat climate change and advance sustainable development, green credit has emerged as a pivotal financial instrument, directing capital toward new energy sectors and fueling eco-friendly economic transitions. This study investigates the impact of green credit policy (GCP) on the scale and cost of debt financing among Chinese new energy enterprises, utilizing 2009–2022 data and a difference-in-differences methodology. Distinct from prior green finance research—which rarely targets new energy enterprises despite their critical role in carbon neutrality—we focus explicitly on this understudied group. The findings indicate GCP significantly expands new energy enterprises’ debt financing scale while lowering costs, thereby supporting the new energy sector’s high-quality development. Furthermore, GCP’s effects vary by ownership: state-owned enterprises gain more from expanded financing scale, whereas non-state-owned firms benefit more from reduced financing costs. Regionally, eastern and central areas excel in lowering debt financing costs, whereas the western and northeastern regions stand out in expanding the financing scale. An analysis of the mechanisms reveals that GCP strengthens new energy companies’ financing capabilities by easing financial constraints, boosting investment efficiency, and increasing returns. These findings offer empirical insights into the real impacts of GCP, providing valuable guidance for enhancing green finance strategies.