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Abstract：
Following decades of extensive economic development, promoting the transition to greening and decarbonization in economic development have become inevitable choices for controlling environmental pollution and achieving high-quality development in China. Green Credit Guidelines (NIGCG) is a major policy innovation to promote green credit and further improve sustainable economic development. The influence of these guidelines on environmentally friendly enterprises\' sustainable development capacity, proxied by environmental, social, and corporate governance (ESG), has not yet been discussed. Therefore, this study takes the NIGCG issued in 2012 as a quasi-natural experiment, and adopts a propensity score matching-difference-in-differences (PSM-DID) model to test whether the NIGCG has affected ESG in environmentally friendly enterprises from 2009 to 2022. Our results indicate that the NIGCG significantly boosts environmentally friendly enterprises\' ESG, and this finding remains robust to a series of tests. In addition, a mediating effect analysis reveals that the NIGCG affects enterprises\' ESG through research and development (R&D) investment, verifying the Porter hypothesis in China. Finally, we determine that the role of NIGCG in promoting ESG is significantly reflected in the non-politically connected enterprises and enterprises in the eastern region. The empirical results suggest that the authorities should stimulate enterprises\' R&D investments through supporting policies, such as tax reimbursement and government subsidies, and formulate differentiated policies according to the characteristics of enterprises and their regions, so as to improve the effect of NIGCG.
摘要：
经过几十年的广泛经济发展，推动经济发展向绿色化、脱碳转型，已成为我国治理环境污染、实现高质量发展的必然选择。绿色信贷指南（NIGCG）是促进绿色信贷和进一步促进经济可持续发展的重大政策创新。这些准则对环境友好型企业可持续发展能力的影响，受环境的影响，社会,和公司治理(ESG)，尚未讨论。因此,本研究将2012年发布的NIGCG作为准自然实验，并采用倾向得分匹配-差异差异（PSM-DID）模型，检验2009-2022年NIGCG是否影响了环保企业的ESG。我们的结果表明，NIGCG显著促进了环保企业的ESG，这一发现对于一系列测试来说仍然是可靠的。此外,中介效应分析表明，NIGCG通过研发(R&D)投资影响企业ESG，在中国验证波特假说。最后,我们确定，NIGCG对ESG的推动作用显著体现在东部地区非政治关联企业和企业。实证结果表明，当局应通过扶持政策刺激企业的研发投资，如退税和政府补贴，并根据企业及其地区的特点制定有区别的政策，从而提高NIGCG的效果。
