Is China's green credit policy effective? -Based on the perspective of enterprise environmental performance and economic performance

How to achieve the coordinated development of the environment and economy has become an important goal for policymakers worldwide. The article is based on the practice of China's green credit policy (GCP), using data from A-share listed companies in China to analyze the effectiveness of GCP from the perspectives of enterprise environmental performance (ENP) and economic performance (ECP). The study found that: (1) Compared with non-heavily polluting enterprises, GCP can significantly improve the ENP of heavily polluting enterprises and inhibit their ECP. (2) Heterogeneity analysis found that GCP can significantly improve the ENP of non-state-owned enterprises, while suppressing the ECP of state-owned enterprises and large-scale enterprises. (3) Macro, meso, and micro level factors can interfere or synergize with the implementation effect of GCP. At the macro level, government subsidies negatively moderate the relationship between GCP and enterprise ENP, while positively moderate the relationship between GCP and enterprise ECP. At the meso level, industry competition positively moderates the relationship between GCP and enterprise ENP, while negatively moderates the relationship between GCP and enterprise ECP. At the micro level, media attention positively moderates the relationship between GCP and enterprise ECP. (4) GCP can indirectly affect the ENP and ECP of enterprises by increasing R&D investment. Based on the above analysis, this paper puts forward relevant suggestions from the government, banks, and enterprises.