文献类型：期刊文献

英文题名：Tapping the potential of green finance: Can energy efficiency credit drive traditional industries to green? Evidence from China

作者：Chi, Guodong[1];Liu, Yuanyuan[1];Fang, Hong[2];Xiu, Yuanyuan[3]

第一作者：Chi, Guodong

通讯作者：Fang, H[1];Xiu, YY[2]

机构：[1]China Univ Min & Technol, Sch Econ & Management, Xuzhou 221116, Peoples R China;[2]Beihang Univ, Sch Econ & Management, Beijing 100191, Peoples R China;[3]Beijing Union Univ, Business Coll, Beijing 100025, Peoples R China

第一机构：China Univ Min & Technol, Sch Econ & Management, Xuzhou 221116, Peoples R China

通讯机构：[1]corresponding author), Beihang Univ, Sch Econ & Management, Beijing 100191, Peoples R China;[2]corresponding author), Beijing Union Univ, Business Coll, Beijing 100025, Peoples R China.|[1141721]北京联合大学商务学院;[11417]北京联合大学;

年份：2025

卷号：87

起止页码：1834-1853

外文期刊名：ECONOMIC ANALYSIS AND POLICY

收录：;WOS:【SSCI(收录号:WOS:001543268500001)】；

基金：This research was supported by the Fundamental Research Funds for the Central Universities under Grant NO. 2025SK02.

语种：英文

外文关键词：Energy efficiency credit policy; Green innovation; Key energy-consuming enterprises; Credit resource allocation; Green behavior strategies

摘要：In the context of accelerated global green transformation, green finance is emerging as a vital instrument for promoting sustainable development. However, traditional green financial instruments characterized by credit constraints often prevent energy-intensive industries from obtaining sufficient green financial support, making it challenging for them to undertake green transformation. How best to facilitate the green transformation of traditional high-energyconsuming industries remains a pressing challenge. To overcome the limitations of traditional green finance tools, China implemented the Energy Efficiency Credit Policy (EECP) in 2015. Distinguished from traditional green financial instruments dominated by credit constraints, EECP is designed to facilitate the green transition of high-energy-consuming industries by providing credit funding support. Taking EECP as a quasi-natural experiment, we systematically investigate how green financial instruments stimulate green innovation vitality in key energy-consuming industries by exploiting a difference-in-differences (DID) model. This effect is particularly evident in enterprises facing higher financing constraints, greater industry financing dependence, superior information disclosure quality, and more efficient information transmission. Further mechanism tests reveal that expanding long-term financing scales, reducing credit financing costs, and enhancing commercial credit financing are crucial channels through which the policy exerts its effects. Moreover, EECP can guide firms in optimizing internal resources allocation and encourage them to prioritize preventive green investments. Ultimately, EECP can improve the total factor productivity of target enterprises, facilitating their transformation and upgrading. Collectively, our findings underscore the indispensable role of green finance in advancing the green and low-carbon transition of traditional sectors.