How Does Green Credit Enhance Corporate ESG Performance?Evidence from Chinese A-share Listed Companies
The emergence of the carbon peak and neutrality targets and growing awareness of sustainable development have resulted in the ESG performance of businesses attracting significant attention.This research employs ESG rating data from listed firms in non-financial industries for the period 2009 to 2022 to investigate the influence of green credit on corporate ESG performance and the mechanism for this effect.The findings demonstrate that:(1)green credit policies can effectively enhance corporate ESG performance,and their effectiveness is substantiated through robustness tests.(2)Green credit policies can enhance corporate ESG performance by alleviating external financing constraints,government environmental incentives,and environmental information disclosure.(3)The effects of green credit policies on ESG improvement are more pronounced for non-state-owned enterprises,small and medium-sized enterprises,and companies located in provinces with relatively strict environmental regulations.Recommendations include directing credit resources towards green and clean enterprises,leveraging public and media oversight,providing targeted assistance to different types of enterprises,and enhancing environmental information disclosure and ESG evaluation mechanisms.
green financecorporate ESG performancelow-carbon transitiondifference-in-differences
万方数据
