Does green credit promote the performance of new energy companies and how? The role of R&D investment and financial development

Green credit, as the first green financial tool implemented in China, is playing an increasingly important role in new energy technological development. However, does green credit promote the performance of new energy companies (PNEC) and how? What roles do research and experimental development (R&D) investment and financial development play? These issues need to be revealed. Existing studies on China's green credit are mainly based on national/provincial data or a policy dummy variable, and those on firm performance are mainly based on a single indicator. Accordingly, this paper studies the impact of green credit with the data at the corporate level, and constructs a comprehensive index based on multiple indicators to present PNEC. The results of a moderated mediator model suggest the direct and indirect positive (R&D intensity as a mediator) effects of green credit on PNEC, and the negative and positive moderating roles of financial development in the first and second half paths of the mediating mechanism respectively. Moreover, there are regional disparities in the effects of green credit and the roles of R&D investment and financial development. Finally, this study puts forward some policy implications on how to effectively exert the stimulating effect of green credit.