关键词: 绿色信贷贴息政策, 适度金融化, 绿色信贷获得水平, “漂绿”风险, 环境责任

Abstract: This paper takes the green credit discount policy as a quasi-natural experiment to investigate the micro mechanism and effect of fiscal and financial policy coordination on the moderate financialization of enterprises. The results show that the implementation of the green credit discount policy can significantly promote the moderate financialization of enterprises, and this promotion effect has an asymmetric impact on different levels of enterprises, industries and regions. The mechanism analysis shows that the improvement of the level of green credit access, the reduction of the risk of “greenwashing” and the strengthening of the fulfillment of environmental responsibilities are important ways for the green credit discount policy to affect the moderate financialization of enterprises. Expansive research shows that the promotion effect of green credit discount policy on the moderate financialization of enterprises reduces the financial mismatch and operational risk of enterprises, and the green credit discount policy can increase the investment of enterprises in green innovation, and then produce the economic consequences of inhibiting excessive financialization of enterprises. This paper not only responds to the question of whether there are green incentives for enterprises to “move from virtual to real”, but also provides evidence and enlightenment for helping enterprises converge to the optimal financialization state from the green dimension.

Key words: Green Loan Interest Subsidies' Policy, Moderate Financialization, Level of Access to Green Credit, “Greenwashing” Risk, Environmental Responsibility