From the perspective of the policy impact effect, this paper takes green enterprises as the treatment group and polluters as the control group. Firstly, the double difference method (DID) was adopted to study the effect of green credit policy on enterprises from two aspects, namely the amount of loans obtained by enterprises and the financing cost. The study found that in terms of loan volume, the launch of “Green Credit Guidelines” enabled green enterprises to obtain more credit resources than polluters. In terms of financing cost, green credit policy means green enterprises obtain lower financing cost than polluters. The triple difference method is further used to test the impact of green Credit Guidelines on the access to credit resources and financing costs of enterprises. The results show that for enterprises with different property rights, the effect of green credit policy on non-state-owned enterprises is more significant than that of state-owned enterprises. For enterprises in different regions, the policy effect of green credit policy on enterprises in regions with relatively backward economic development levels is more significant than that of enterprises in regions with relatively developed economic development level. From the empirical results, the policy basically realized the original intention of directing credit resources to green enterprises and realized the Pareto improvement of financial resource allocation.

中文翻译：

---

绿色信贷政策的资源分配效应：基于DID模型

从政策影响效果的角度出发，本文以绿色企业为处理组，以污染企业为控制组。首先，采用双差法（DID）从企业获得的贷款额和融资成本两个方面研究绿色信贷政策对企业的影响。该研究发现，就贷款额而言，“绿色信贷准则”的推出使绿色企业获得的信贷资源比污染者更多。在融资成本方面，绿色信贷政策意味着绿色企业获得的融资成本低于污染企业。三重差额法还用于检验绿色信贷指南对企业获得信贷资源和融资成本的影响。结果表明，对于拥有不同产权的企业，绿色信贷政策对非国有企业的影响要大于国有企业。对于不同地区的企业来说，绿色信贷政策对经济发展水平相对落后地区的企业的政策效果要比经济发展水平相对发达地区的企业的政策效果更为显着。从实证结果来看，该政策基本实现了将信贷资源导向绿色企业的初衷，实现了帕累托财政资源配置的改善。经济发展水平相对落后的地区，绿色信贷政策对企业的政策效果要比经济发展水平相对发达的地区的企业更大。从实证结果来看，该政策基本实现了将信贷资源导向绿色企业的初衷，实现了帕累托财政资源配置的改善。经济发展水平相对落后的地区，绿色信贷政策对企业的政策效果要比经济发展水平相对发达的地区的企业更大。从实证结果来看，该政策基本实现了将信贷资源导向绿色企业的初衷，实现了帕累托财政资源配置的改善。