Zhang Xiaoyun, Xie Xiaorong, Xiao Jin, Wang Yuanyuan
Department of Economics and Finance, Xi'an International Studies University, Xi'an, Shaanxi, People's Republic of China.
Global South Economic and Trade Cooperation Research Center, Xi'an, Shaanxi, People's Republic of China.
Sci Rep. 2025 Apr 17;15(1):13338. doi: 10.1038/s41598-025-98139-0.
This study empirically examined whether China's green credit policies could significantly reduce enterprises' carbon emission intensity. Constructing a difference-in-differences model, we utilized data from 1742 listed enterprises from 2003 to 2019 and the green credit guidelines issued in 2012 to perform a quasi-natural experiment. We found that (1) green credit can significantly reduce enterprise carbon emission intensity. (2) Green credit can significantly reduce the carbon emission intensity of enterprises at the macro level, through mechanisms such as industrial structure upgrading and energy efficiency improvement, and at the micro level, through mechanisms such as changing corporate business performance and reducing inefficient investment. (3) Enterprises with high social responsibility, low financing constraints, and low financial distress, as well as regions with high environmental regulatory intensity and high financial development, are prone to the inhibitory effect of green credit on corporate carbon emissions. Thus, implementing green credit policies in these areas would be effective. Based on these findings, specific recommendations are provided to promote a reduction in corporate carbon emissions.
本研究实证检验了中国的绿色信贷政策是否能显著降低企业的碳排放强度。通过构建双重差分模型，我们利用了2003年至2019年1742家上市公司的数据以及2012年发布的绿色信贷指引进行了一项准自然实验。我们发现：（1）绿色信贷能够显著降低企业碳排放强度。（2）绿色信贷能够在宏观层面通过产业结构升级和能源效率提升等机制，以及在微观层面通过改变企业经营绩效和减少低效投资等机制，显著降低企业的碳排放强度。（3）社会责任高、融资约束低、财务困境低的企业，以及环境监管强度高、金融发展水平高的地区，更容易受到绿色信贷对企业碳排放的抑制作用。因此，在这些领域实施绿色信贷政策将是有效的。基于这些发现，我们提出了具体建议以促进企业碳排放的减少。
