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Research on the Impact of Green Credit Policy on Corporate Financing

グリーンクレジット政策が企業の資金調達に与える影響に関する研究 (AI 翻訳)

Yifei Xu

Journal of Economics and Public Finance📚 査読済 / ジャーナル2026-05-14#トランジション・ファイナンスOrigin: CN
DOI: 10.22158/jepf.v12n2p60
原典: https://doi.org/10.22158/jepf.v12n2p60
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🤖 gxceed AI 要約

日本語

本論文はグリーンクレジット政策が企業のグリーン資金調達行動に与える影響を分析。規制制約・市場インセンティブ・シグナル伝達の三つのメカニズムを特定し、国有企業や大企業には促進効果がある一方、中小企業や伝統産業の移行企業には効果が限定的であることを示した。政策の精度・有効性・包摂性を高めるための協調的対策を提案。

English

This paper analyzes how green credit policies influence corporate green financing behaviors through a three-pronged mechanism of regulatory constraints, market incentives, and signal transmission. It finds that while policies empower state-owned and large enterprises with green tech, they fail to incentivize private SMEs and traditional industry firms due to standard, risk pricing, and information infrastructure bottlenecks. Coordinated policy optimization including unified standards, carbon pricing, and targeted transition finance is recommended.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本でもグリーンローンやトランジション・ファイナンスが拡大する中、政策の効果の不均一性や情報開示基盤の重要性を指摘する本論文の知見は、日本のグリーンクレジット政策（例：DBJグリーンローン）の改善や、SSBJに基づく開示と連動した融資設計に示唆を与える。

In the global GX context

This Chinese study on green credit policy adds to the global discourse on transition finance and sustainable lending. Its identification of heterogeneous effects and structural bottlenecks—standards, risk pricing, information infrastructure—offers lessons for emerging economies designing green credit frameworks, and complements discussions under the ISSB and TCFD frameworks on the role of disclosure in enabling green finance.

👥 読者別の含意

🔬研究者:Provides a systematic analytical framework for green credit transmission mechanisms and heterogeneity, useful for future empirical research.

🏢実務担当者:Highlights practical obstacles to green credit adoption for SMEs and transition firms, informing product design (e.g., blended finance, guarantees).

🏛政策担当者:Recommends coordinated policy actions involving unified standards, carbon pricing, and targeted transition instruments, directly applicable to green credit regulation.

📄 Abstract（原文）

Against the macro backdrop of global sustainable development and climate change response, green credit serves as a crucial policy tool to guide financial resources toward environmental improvement and climate action, making its policy effects and implementation mechanisms a core research topic. This paper systematically and profoundly analyzes how green credit policies influence corporate green financing behaviors, with a focus on exploring their multi-dimensional transmission mechanisms, differentiated implementation effects, and structural dilemmas in practical application. The research finds that green credit policies function mainly through an integrated three-pronged mechanism of "regulatory constraints, market incentives, and signal transmission", guiding financial institutions to adjust the allocation of credit resources and thereby affecting enterprises' financing accessibility, financing costs and financing structure. The policies generate a notable "financing empowerment" effect on state-owned enterprises, large-scale enterprises and enterprises leading in green technology, yet they suffer from insufficient incentives and identification difficulties for a large number of private small and medium-sized enterprises and enterprises undergoing transformation in traditional industries, resulting in significant heterogeneity in policy outcomes. Deep-seated problems stem from bottlenecks in multiple aspects including standard systems, risk pricing, information infrastructure and capacity building. Accordingly, this paper proposes that future policy optimization should adopt coordinated efforts in establishing a unified and dynamic standard system, strengthening market-oriented incentives centered on carbon pricing, consolidating the foundation of environmental information disclosure, developing targeted transition financial instruments, and promoting technological empowerment. These measures aim to enhance the accuracy, effectiveness and inclusiveness of policies, so as to more effectively mobilize financial resources to serve the strategic goal of comprehensive green and low-carbon transformation of the real economy.

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