Does green credit policy promote the formation of new quality productivity in resource-based enterprises? Evidence from China

The green credit policy is designed to foster sustainable and high-quality development within enterprises. However, it currently lacks focus on the development of new productive forces in resource-based enterprises, particularly concerning the systemic effects of financing constraints, technological changes, and awareness of green transformation. These areas warrant further investigation. This study leverages a quasi-natural experiment based on the original Green Credit Guidelines by the China Banking Regulatory Commission, initiated in 2012. Using data from resource-based enterprises listed in China’s A-share market from 2008 to 2022, a difference-in-difference approach assesses the impact of green credit policies on the emergence of new quality production capacities within these firms. The research indicates that green credit policies can effectively integrate environmental regulation with financial resource allocation, substantially enhancing total factor productivity and fostering new quality productivity within resource-based enterprises. Mechanism analysis reveals that these policies mitigate financing constraints, stimulate technological advancements, and strengthen green transformation awareness, thereby boosting total productivity and quality of production. Heterogeneity analysis points out that the influence of green credit policies is more pronounced in less marketed regions compared to highly marketed ones, and it is more significant in state-owned enterprises than in non-state-owned enterprises. Additionally, throughout various enterprise lifecycles—decline, maturity, and growth—the need to bolster primary responsibilities and differentiate requirements for policy implementation becomes evident.