Abstract The pollution emission of manufacturing firms is threatening the sustainability of economy and society across the globe. AI techniques have widely applied in firm's environmental governance and have improved the environmental pollution situation. However, such application requires support and inclination of bank credit capital allocation. Based on the evolutionary game theory, the interaction and influencing factors among interest rate setting of banks and environmental governance of firms are analyzed. Taking 89 heavy-polluting listed companies of China for example, the empirical analysis is carried out to investigate the findings of game theory analysis based on data from 2012 to 2018. Research results mainly show that: environmental governance by AI of firms has a negative effect on the interest rate setting of banks. Meanwhile, the interest rate setting of banks is also constrained by the environmental information disclosure and environmental regulation. Both improving the service-oriented and constrain-oriented environmental regulations can effectively stimulate environmental governance of firms. More importantly, service-oriented environmental regulations significantly promote the interest rate setting of banks, and the environmental governance plays a suppressing role between the service-oriented environmental regulation and the interest rate setting of banks. Our results also find that improving constrain-oriented regulations is conducive to decreasing interest rate setting. The environmental governance plays an intermediary role between the constrain-oriented regulations and the interest rate setting.

中文翻译：

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企业和银行行为策略的演化博弈分析：环境治理对利率设定的影响

摘要 制造业企业的污染排放正威胁着全球经济和社会的可持续性。人工智能技术广泛应用于企业环境治理，改善了环境污染状况。然而，这种应用需要银行信贷资本配置的支持和倾向。基于演化博弈论，分析了银行利率设定与企业环境治理之间的相互作用及影响因素。以我国89家重污染上市公司为例，基于2012-2018年的数据，对博弈论分析的结果进行实证分析。研究结果主要表明：人工智能对企业的环境治理有负面影响关于银行利率的设定。同时，银行的利率设定也受到环境信息披露和环境监管的制约。完善以服务为导向和以约束为导向的环境规制都可以有效激发企业的环境治理。更重要的是，服务型环境规制对银行利率设定有显着促进作用，而环境治理在服务型环境规制与银行利率设定之间起到抑制作用。我们的结果还发现，改善约束导向的监管有利于降低利率设定。环境治理在以约束为导向的监管和利率设定之间起着中介作用。