Abstract: Under the guidance of the “double carbon” goal，exploring the impact of green credit policies on the total factor productivity of enterprises will provide useful reference for promoting higher quality economic development Based on the data of Ashare listed industrial companies from 2003 to 2020，this paper uses the differenceindifference model to investigate the impact of green credit policy on the production efficiency and production mode of industrial companies with high pollution and high energy consumption It is found that，the green credit policy restrains the disposable capital factors and resource allocation efficiency of  “doublehigh” companies by imposing credit financing constraints on them，resulting in a decrease in their total factor productivity in the short term But in the long term，it can significantly improve the level of green technology innovation and promote the green transformation of their production mode Heterogeneity analysis shows that the policy has an asymmetric impact on the “double high” companies with different ownerships and different scales This conclusion provides policy implications for China to further use financial means to promote the realization of “double carbon” goals and achieve highquality economic development

Key words: green credit, total factor productivity, green technology innovation, green transformation of production mode

摘要： 在“双碳”目标引领下，探究绿色信贷政策对企业全要素生产率的影响将为推进经济更高质量发展提供有益参考。本文利用2003—2020年我国A股上市工业企业数据，采用双重差分模型，考察绿色信贷政策对高污染高耗能工业企业生产率及生产方式的影响。研究发现，绿色信贷政策通过向高污染高耗能工业企业施加信贷融资约束，抑制企业的可支配资本要素和资源配置效率，短期内造成其全要素生产率降低，但长期而言能显著提升企业的绿色技术创新水平，推动其生产方式绿色转型。异质性分析表明，该政策对所有制不同、规模不同的高污染高耗能工业企业具有非对称性影响。本文结论为我国进一步采用金融手段助推“双碳”目标达成和实现经济高质量发展提供政策启示。

关键词: 绿色信贷, 全要素生产率, 绿色技术创新, 生产方式绿色转型