Analysis of Financing Capability for Green Performance Based on SHAP Model

In green finance, green performance should be an important indicator that affects corporate financing, but, in practice, financial performance has always been the key to corporate financing. This paper compares the impact of green and financial performance on corporate financing constraints based on data from Chinese listed companies from 2013 to 2022. The research results found that overall, even under the green finance system, the impact of green performance on a company's financing ability was still relatively small, and the conclusion remains unchanged after robustness testing and machine learning model validation. The intermediary effect analysis showed that green performance could alleviate the financing constraints of enterprises by reducing the difficulty of obtaining bank financing. Heterogeneity analysis showed that regardless of industry or regional differences, financial performance always played a more important role than green performance. This paper points out that the ability of green finance policies to improve corporate green performance is limited.