Green Credit Policy and the Debt Scale of Heavily Polluting Enterprises Evaluation of the Mediating Effect Based on Corporate ESG Performance

With the gradual development of low-carbon and environmental actions, the implementation of policies such as green credit has been effective. Based on the dataset of A-share listed companies spanning from 2009 to 2023, this paper focuses on the relationship between green credit policies and the debt scale of heavily polluting enterprises, and explores the role of ESG performance in this relationship through the evaluation of intermediary effects. To facilitate identification, we used the parallel trend test, dividing the data before and after the policy publication into two groups. This is more conducive to observing the effects and effects of policies. The findings indicate a clear suppression of the debt scale among heavily polluting enterprises following the enactment of relevant policies in 2012, highlighting the discernible impact of these policies. Finally, the enlightenment and suggestions are put forward based on the conclusion.