The Impact Mechanism of Green Credit Policy on the Sustainability Performance of Heavily Polluting Enterprises-Based on the Perspectives of Technological Innovation Level and Credit Resource Allocation.

Green credit policy (GCP), as one of the key financial instruments to achieve 'carbon peaking' and 'carbon neutrality' targets, provides capital support for the green development of enterprises. This paper explores the impact mechanism of GCP on the sustainability performance of heavily polluting enterprises (HPEs) from the perspectives of technological innovation level (TIL) and credit resource allocation (CRA), using panel data for Chinese A-share listed manufacturing companies from 2010 to 2015 to construct a propensity score matching and differences-in-differences (PSM-DID) model. We find that GCP has a causal effect on corporate sustainability performance (CSP).