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Green credit policy, financing constraints, and total factor productivity of enterprises

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  • Ma, Tianfang
  • Li, Jinke

Abstract

We evaluate the impact of green credit policy on total factor productivity (TFP) in Chinese A-share companies using a difference-in-differences method. Green credit significantly boosts TFP by alleviating financing constraints, with a synergistic effect alongside tax preferences enhancing this impact. State-owned enterprises, those with strong digital-real economy integration, and efficient financial contract enforcement benefit most. These findings provide an empirical basis for differentiated green finance policies, optimizing policy combinations, and improving system support, offering key insights for green economic transformation and high-quality development.

Suggested Citation

  • Ma, Tianfang & Li, Jinke, 2025. "Green credit policy, financing constraints, and total factor productivity of enterprises," Finance Research Letters, Elsevier, vol. 85(PC).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pc:s1544612325013182
    DOI: 10.1016/j.frl.2025.108060
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