Abstract Based on the panel data of A-share listed companies from 2008 to 2018, this paper comprehensively uses Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), Entropy Balancing (EB) and Difference-in-differences (DID) to evaluate the impact of the “Green Credit Guidelines” promulgated by the former China Banking Regulatory Commission on debt financing of listed companies. The results show that after the implementation of the “Green Credit Guidelines 2012” , the financing of non-liquid liabilities of heavily polluting enterprises have decreased significantly, while liquid liabilities and commercial credit have significantly increased as alternative financing methods. Through further study, the authors find that state-owned enterprises are more affected by the policy than that of non-state-owned enterprises. The policy effect of the eastern region is stronger than that of the central and western regions. The policy effect in developed areas is stronger than that of developing areas. And the policy effect in polluted areas is stronger than that of green areas. Generally speaking, the overall effect of green credit policy is not ideal in China. Due to the existence of alternative financing, green credit policy fails to control the flow of credit funds effectively and promote the development of green economy.
2021, Vol. 38 
