In the context of ongoing efforts towards sustainable development, it has become an urgent and significant issue to explore how to better utilize green credit to guide enterprises in green innovation and promote the transition to a green economy. This study considers the original “Green Credit Guidelines” issued by the China Banking Regulatory Commission in 2012 as a quasi-natural experiment. It uses a sample of A-share listed companies in the Shanghai and Shenzhen stock markets from 2005 to 2021. Based on this, a difference-in-differences model is constructed to explore the relationship between green credit policies and corporate risk-taking. Parallel trend tests, propensity score matching, and lagged one-period treatment techniques are then employed to robustly test the empirical results. Furthermore, the study empirically examines the mechanisms through which green credit policies affect corporate risk-taking. Regression analyses are conducted by grouping companies based on ownership nature, scale, and life cycle to validate the differences in the impact of green credit policies on corporate risk-taking among different types of enterprises. Finally, two moderating variables, namely environmental regulations and heterogeneity in executive education, are introduced to empirically test the regulatory effects of green credit policies on corporate risk-taking.
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