Analysis of the Impact Mechanism of Green Credit Policy on the Transformation of the Steel Industry ——A Case Study of Baosteel

Chen Yiman

XInstitute of economics, Jinan University

Abstract：

Under the guidance of the "dual carbon" goals, green credit policy has become an important tool for guiding the green transformation of the steel industry. Taking Baosteel as a case study, this paper adopts a longitudinal tracking method to examine the influence mechanism of green credit policy on the transformation of the steel industry across different stages from 2007 to 2024. The study finds that green credit policy drives corporate green transformation through three pathways: financing constraints, signaling incentives, and compliance pressure. These pathways evolve from a single dominant pathway to multi-pathway synergy, shifting the corporate response from passive compliance to active leadership. This paper provides process-based evidence for understanding the micro-transmission mechanisms of green credit policy.

Key Words：

green credit policy; steel industry; corporate transformation; Financing constraints