Utilizing data from non-financial listed companies in Shanghai and Shenzhen A-share markets spanning from 2008 to 2021, and with a particular emphasis on the issuance of the Green Credit Guidelines in 2012, this study delves into the actual ramifications of the green credit policy on enterprises' environmental protection investments through the application of the difference-in-differences method. The research reveals that the green credit policy notably enhances enterprises' environmental investment activities. However, to a certain extent, political connections undermine the efficacy of this policy's implementation.Furthermore, our findings indicate that the positive influence of the green credit policy on environmental investments is more pronounced in state-owned enterprises. Simultaneously, in private enterprises, political connections exert a more substantial dampening effect on the implementation of green credit. Notably, in regions that are more market-oriented, political connections significantly weaken the impact of the green credit policy, thereby discouraging green investments.

中文翻译：

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绿色信贷政策驱动的企业环境投资行为研究


本文利用 2008 年至 2021 年上海和深圳 A 股市场非金融上市公司的数据，特别强调 2012 年《绿色信贷指南》的发布，通过应用“双重差分”方法，深入探讨了绿色信贷政策对企业环保投资的实际影响。研究显示，绿色信贷政策显著促进了企业的环境投资活动。然而，政治关系在一定程度上削弱了这项政策的实施效果。此外，我们的研究结果表明，绿色信贷政策对环境投资的积极影响在国有企业中更为明显。同时，在私营企业中，政治关系对绿色信贷的实施产生了更实质性的抑制作用。值得注意的是，在市场导向更强的地区，政治联系显著削弱了绿色信贷政策的影响，从而抑制了绿色投资。