绿色信贷贴息政策如何影响企业绿色转型OA

Promoting green and low-carbon development has become a consensus among policymakers and academics.As key carriers and primary entities for innovation,enterprises urgently need to accelerate their green transformation and updating.Based on panel data of China's A-share listed companies from 2009 to 2023,this study used the green credit interest subsidy policy as a quasi-natural exper-iment and employed a multi-period difference-in-differences(DID)model to empirically analyze its impact and underlying mechanisms on corporate green transformation.The findings showed that:① The green credit interest subsidy policy significantly promoted corpo-rate green transformation,with more pronounced effects observed in enterprises with higher marketization levels and those whose execu-tives possessed environmental backgrounds.This conclusion remained robust after a series of robustness checks,including placebo tests.② The indirect effects of the policy on corporate green transformation were primarily channeled through the dual mediating mech-anisms of internal governance and external environment.From the perspective of internal governance,the policy promoted the green re-structuring of corporate resources and a sustainable shift in decision-making by strengthening corporate social responsibility fulfillment and optimizing labor force structures.Regarding the external environment,the policy stimulated green awareness from the public and capital markets while improving credit accessibility and the financing environment,thereby further reducing uncertainty and financing constraints for green investments.③ Further discussion revealed that,compared to standalone fiscal policies,the green credit interest subsidy policy could redistribute risks between banks and enterprises,identify corporate"greenwashing"behavior,and significantly al-leviate credit discrimination and enhance the efficiency of financial resource allocation.Based on these findings,this study provides the following policy recommendations:optimizing the synergy between fiscal and financial policies,strengthening internal governance and social responsibility awareness,stimulating external supervision and market vitality,and guiding capital flows toward green and effi-cient sectors.This study highlights the emerging characteristics of the increasing"greenness"of credit in China,providing empirical ev-idence and policy insights for designing more effective green credit policies to promote corporate green transformation and meet the de-mands of a green economy.