Green Credit Policies,Financing Structures,and Corporate ESG Responsibility Fulfillment
This paper investigates the impact and mechanisms of green credit policies on corporate ESG responsibility,viewed from the synergy between public and corporate governance.The study reveals that green credit policies significantly enhance cor-porate ESG responsibility,with robustness demonstrated by parallel trend tests such as PSM-DID,triple difference,and sensitivi-ty analysis.Subsequent research indicates that companies increase non-credit financing to bypass the constraints of green credit policies,with equity financing notably undermining ESG responsibility.Heterogeneity analysis shows that the impact is more pro-nounced on state-owned enterprises,those with significant internal financing gaps,and those facing stringent financing con-straints.
Green credit policyESG responsibility fulfillmentFinancing structure
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