【摘要】 推动绿色低碳发展已成为政策制定者和学界共识，企业作为关键载体和创新主体，亟须加快绿色转型升级。该研究基于2009—2023年中国沪深A股上市公司面板数据，利用绿色信贷贴息政策作为准自然实验，构建多期双重差分模型，实证分析绿色信贷贴息政策对企业绿色转型的影响效果及作用机制。研究发现：(1)绿色信贷贴息政策显著推动了企业绿色转型，且该政策的实施效果在市场化程度较高、高管具备环保背景的企业中更为突出。在经过安慰剂检验等一系列稳健性检验后，这一结论仍然成立。(2)绿色信贷贴息政策对企业绿色转型的间接效应主要体现在内部治理与外部环境的双重中介机制上。在内部治理维度，该政策通过强化企业社会责任履行、优化劳动力结构，促进企业内部资源的绿色重组与决策导向的可持续转变；在外部环境维度，该政策激发了社会公众与资本市场的绿色关注，改善了企业的信贷可得性与融资环境，从而进一步降低了绿色投资的不确定性与融资约束。(3)进一步讨论发现，相较于单一的财政政策，绿色信贷贴息政策可以转移银行与企业风险，甄别企业的“漂绿”行为，并显著缓解信贷歧视，提高金融资源配置效率。基于上述结论，提出以下政策建议：优化财政与金融政策协同，强化企业内部治理与社会责任意识，激发外部监督与市场活力，以及引导资金流向绿色高效领域。该研究彰显了中国绿色信贷“含绿量”攀升的新特点，为设计更有效的绿色信贷政策以促进企业绿色转型、满足绿色经济需求提供了经验证据与政策参考。更多还原

【Abstract】 Promoting green and low-carbon development has become a consensus among policymakers and academics. As key carriers and primary entities for innovation, enterprises urgently need to accelerate their green transformation and updating. Based on panel data of China’s A-share listed companies from 2009 to 2023, this study used the green credit interest subsidy policy as a quasi-natural experiment and employed a multi-period difference-in-differences(DID) model to empirically analyze its impact and underlying mechanisms on corporate green transformation. The findings showed that:(1) The green credit interest subsidy policy significantly promoted corporate green transformation, with more pronounced effects observed in enterprises with higher marketization levels and those whose executives possessed environmental backgrounds. This conclusion remained robust after a series of robustness checks, including placebo tests.(2) The indirect effects of the policy on corporate green transformation were primarily channeled through the dual mediating mechanisms of internal governance and external environment. From the perspective of internal governance, the policy promoted the green restructuring of corporate resources and a sustainable shift in decision-making by strengthening corporate social responsibility fulfillment and optimizing labor force structures. Regarding the external environment, the policy stimulated green awareness from the public and capital markets while improving credit accessibility and the financing environment, thereby further reducing uncertainty and financing constraints for green investments.(3) Further discussion revealed that, compared to standalone fiscal policies, the green credit interest subsidy policy could redistribute risks between banks and enterprises, identify corporate “greenwashing” behavior, and significantly alleviate credit discrimination and enhance the efficiency of financial resource allocation. Based on these findings, this study provides the following policy recommendations: optimizing the synergy between fiscal and financial policies, strengthening internal governance and social responsibility awareness, stimulating external supervision and market vitality, and guiding capital flows toward green and efficient sectors. This study highlights the emerging characteristics of the increasing “greenness” of credit in China, providing empirical evidence and policy insights for designing more effective green credit policies to promote corporate green transformation and meet the demands of a green economy.更多还原