环境管制如何影响绿色信贷发展？.

Green credit policies are effective tools to promote green and low-carbon transitions, but green credit limits the commercial bank credit lines of high-polluting industries, which are an important part of the local industrial economy. Therefore, green credit poli⁃ cies will cause local governments to resort to industrial trade-offs between economic development and environmental policy require⁃ ments in the implementation of environmental regulations, which could influence the development of green credit. Under the back⁃ ground of the implementation of green credit policies, this article firstly used the evolutionary game model to analyze the impact of local government environmental regulation intensity on the development of green credit by analyzing the game between local governments and highly polluting enterprises. Secondly, based on the panel data of 30 provinces in China from 2007 to 2019, this article empirically examined the impact of environmental regulation intensity on the development of green credit. Finally, the influencing mechanisms and regional heterogeneity were discussed. The results showed that: ① There was a significant inverted U-shaped relationship between local government environmental regulation and green credit development. Among them, public supervision had a certain moderating effect. ② Corporate environmental information disclosure, financing constraints, government subsidies, and tax levels were the main influencing mechanisms. ③ Further heterogeneity test results showed that environmental regulation could not effectively improve the development of green credit when the region was dominated by energy-intensive industries, and the impact of environmental regulation on the development of green credit was more significant in the eastern region than in the central and western regions. The results also showed that in order to further promote the development of green credit, the intensity of local government environmental regulation should be appropriately strengthened and the leading role of government-oriented policies in green finance should be further enhanced. It is suggest⁃ ed that we should improve public environmental awareness and promote the positive moderating effect of public supervision on environ⁃ mental regulation in the process of green credit; enhance corporate social responsibility awareness; strengthen corporate environmental information disclosure; increase the degree of financing constraints of financial institutions on high-polluting enterprises; and accelerate the green transformation and upgrading of high-polluting enterprises. [ABSTRACT FROM AUTHOR]