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How does green credit interest subsidy enhance corporate financing efficiency through green consumption?

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  • Huang, Limei

Abstract

Using panel data from Chinese listed companies that spans 2014–2023, this study employs a difference-in-differences (DID) approach and mediation models to empirically examine the dynamic relationships between the green credit interest subsidy policy (GreenSubsidy), green consumption level (GCL), and corporate financing efficiency (FinEff). The findings reveal that the GreenSubsidy policy has a significantly positive effect on corporate FinEff, which is more pronounced in regions with lower financial development levels. GCL has a significant mediating role in the relationship between the GreenSubsidy and corporate FinEff. Further analysis shows that the mediating effect of GCL is significant for high-leverage firms but not low-leverage firms. This study provides new empirical evidence for understanding the complete chain of GreenSubsidy policy transmission from government regulation to market mechanisms, providing theoretical insights for constructing regionally differentiated policy systems.

Suggested Citation

  • Huang, Limei, 2026. "How does green credit interest subsidy enhance corporate financing efficiency through green consumption?," Finance Research Letters, Elsevier, vol. 101(C).
    • Handle: RePEc:eee:finlet:v:101:y:2026:i:c:s1544612326005258
    DOI: 10.1016/j.frl.2026.109996
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