Research on the Impact of Green Credit Networks on Green Economy Efficiency Under Credit Environment Constraints: A Case Study on China

Green credit serves as a pivotal policy instrument for China in pursuing high-quality economic development. Drawing on both theoretical reasoning and empirical evidence, this study employs a more refined spatial econometric approach to examine the interactions among green credit, the credit environment, and green economic efficiency. The results indicate that green credit exerts a notably negative restraining effect on green economic efficiency; however, this adverse impact is partially alleviated by the credit environment, with the primary transmission channels being the extent of government intervention and the stringency of environmental regulations. Within the context of the credit environment, the influence of green credit on green economic efficiency in the eastern region and among the top quartile of provinces by per capita GDP mirrors the national pattern. Furthermore, the government—market nexus, the level of marketization, and the legal framework emerge as key moderating factors in the relationship between green credit and green economic efficiency.