Treating the green credit policy issued in 2012 as a quasi-natural experiment, this study has
investigated the impact of green credit policy on total factor productivity of the manufacturing
firms in China by using the panel data of the A-share firms listed on the Shanghai and
Shenzhen stock exchanges during 2008 and 2020, with the consideration of the mediating
role of debt financing and the moderating role of environmental regulation simultaneously.
The results show that green credit policy has a negative effect on total factor productivity of …

Abstract Taking the “Green Credit Guidelines” issued in 2012 as a quasi-natural experiment
and employing the A-share listed enterprises scanning from 2008 to 2020 as the research
sample, this study has investigated the impact of green credit policy on total factor
productivity at the corporate level in China, with the consideration of the mediating role of
debt financing and the moderating role of financial mismatch. The findings are as follows:(1)
green credit policy has effectively and directly promoted total factor productivity at the …