Scholarlink

<p>Against the backdrop of increasing global emphasis on sustainable development, ESG performance has emerged as a critical metric for assessing sustainable business conduct. Utilizing China’s introduction of the Green Credit Guidelines in 2012 as a quasi-natural experiment, this study investigates the impact of green credit policy(GCP) on corporate ESG performance. Using panel data from Chinese A-share listed companies spanning 2009 to 2020 and applying a staggered difference-in-differences design, we derive three key findings. First, the implementation of GCP significantly improves corporate ESG performance. Second, mechanism analysis indicates that the policy operates through tightening financing constraints for polluting firms, promoting green technology innovation, and mitigating agency costs. Third, heterogeneity tests reveal that the positive effect is more substantial among non-state-owned enterprises, high carbon-intensity industries, and firms in regions with stricter environmental enforcement. These findings provide micro-level evidence on the role of financial policy in fostering corporate sustainability, contribute to the literature on sustainable finance, and offer valuable insights for policymakers designing green credit mechanisms and for corporations pursuing ESG-oriented transitions.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

How does the green credit policy affect corporate ESG performance? empirical evidence from China

  • 期刊论文

  • 发表日期：

    2025年10月16日

查看全文
  • Yu’an Fang,
  • Shen Zhong,
  • Daizhi Jin

摘要

Against the backdrop of increasing global emphasis on sustainable development, ESG performance has emerged as a critical metric for assessing sustainable business conduct. Utilizing China’s introduction of the Green Credit Guidelines in 2012 as a quasi-natural experiment, this study investigates the impact of green credit policy(GCP) on corporate ESG performance. Using panel data from Chinese A-share listed companies spanning 2009 to 2020 and applying a staggered difference-in-differences design, we derive three key findings. First, the implementation of GCP significantly improves corporate ESG performance. Second, mechanism analysis indicates that the policy operates through tightening financing constraints for polluting firms, promoting green technology innovation, and mitigating agency costs. Third, heterogeneity tests reveal that the positive effect is more substantial among non-state-owned enterprises, high carbon-intensity industries, and firms in regions with stricter environmental enforcement. These findings provide micro-level evidence on the role of financial policy in fostering corporate sustainability, contribute to the literature on sustainable finance, and offer valuable insights for policymakers designing green credit mechanisms and for corporations pursuing ESG-oriented transitions.