Research on the Impact of Green Credit Policy on Corporate Financing

Abstract

Against the macro backdrop of global sustainable development and climate change response, green credit serves as a crucial policy tool to guide financial resources toward environmental improvement and climate action, making its policy effects and implementation mechanisms a core research topic. This paper systematically and profoundly analyzes how green credit policies influence corporate green financing behaviors, with a focus on exploring their multi-dimensional transmission mechanisms, differentiated implementation effects, and structural dilemmas in practical application. The research finds that green credit policies function mainly through an integrated three-pronged mechanism of "regulatory constraints, market incentives, and signal transmission", guiding financial institutions to adjust the allocation of credit resources and thereby affecting enterprises' financing accessibility, financing costs and financing structure. The policies generate a notable "financing empowerment" effect on state-owned enterprises, large-scale enterprises and enterprises leading in green technology, yet they suffer from insufficient incentives and identification difficulties for a large number of private small and medium-sized enterprises and enterprises undergoing transformation in traditional industries, resulting in significant heterogeneity in policy outcomes. Deep-seated problems stem from bottlenecks in multiple aspects including standard systems, risk pricing, information infrastructure and capacity building. Accordingly, this paper proposes that future policy optimization should adopt coordinated efforts in establishing a unified and dynamic standard system, strengthening market-oriented incentives centered on carbon pricing, consolidating the foundation of environmental information disclosure, developing targeted transition financial instruments, and promoting technological empowerment. These measures aim to enhance the accuracy, effectiveness and inclusiveness of policies, so as to more effectively mobilize financial resources to serve the strategic goal of comprehensive green and low-carbon transformation of the real economy.