Research on the Impact of China's Green Credit Policy on the ESG Level of Enterprises

This paper explores the impact of green credit policies on the environmental, social, and governance (ESG) performance of A-share listed companies in China through empirical analysis, with a particular focus on their effects on highly polluting industries. Based on data from A-share listed companies in China between 2010 and 2020, a multi-period difference-in-differences model was employed to analyze the differentiated effects of green credit policies across different regions and industries. The study found that green credit significantly improved companies' ESG ratings, especially in highly polluting industries, where its positive incentive effects were more pronounced. Robustness tests further confirmed the reliability of the research conclusions. As an important tool for guiding companies towards environmental transformation, green credit policies should be strengthened to promote corporate environmental technology upgrades. At the same time, the ESG rating system should be improved by establishing unified standards to enhance the objectivity and consistency of rating results.