Under the "Dual-carbon" Goal: Green Credit Policy and High-quality Enterprise Development in China

Given the context of "carbon peaking" and "carbon neutrality" goals, advancing the growth of green finance stands as a crucial agenda to bolster the high-quality advancement of China's economy in the contemporary epoch. Green credit is a remarkable milestone in pursuing the "Dual-carbon" emissions reduction objective and promoting high-quality development. Empirically, scant information exists regarding the correlation between GCP and the high-quality development of heavily polluting enterprises (HPEs). Using panel data from Chinese Lushan A-share listed enterprises spanning 2005 to 2022, this study employs the difference-in-difference model to evaluate the impact of the green credit policy (GCP) on HPEs. Our results show that after the implementation of GCP, the high-quality development of HPEs increased by 9.08% compared to non-HPEs. Despite considering multiple potential confounding factors, the conclusion remains unchanged. The positive effect is particularly pronounced among non-state-owned enterprises characterized by high carbon emissions and in the eastern region. The mechanism analysis indicates that GCP plays a role in influencing the high-quality development of enterprises by promoting low-carbon technological progress. This study establishes a foundation for making informed decisions in optimizing the green financial policy system to effectively enhance the high-quality development of enterprises in China and other developing countries.