关键词: 绿色金融政策, 信息披露质量, 融资约束, 灵活施策, 激励

Abstract: The introduction to green finance policy aims to integrate environmental considerations into investment and financing activities and realize the green allocation of funds. Then， after the implementation of green finance policy， does it play a role in stimulating the green transformation of enterprises This paper regards the 2016 G20 Hangzhou Summit as the starting point for the comprehensive implementation of green finance policies in China. From the perspective of information disclosure related to the transparency of green finance market， this paper selects Ashare listed manufacturing companies as samples to carry out empirical analysis on their publicly disclosed information. The results show that the quality of both financial and nonfinancial information disclosed by the sample enterprises decreases after the full implementation of the policy. Through the internal mechanism test， it is found that the reason for the lower quality of information disclosure is that enterprises choose to cater to policy preferences in order to obtain credit resources， so as to cope with the strict financing constraints under the green finance policy. According to the analysis results， the paper points out that the regulators need to use flexible policies to further improve the relevant performance indicators and measurement tools; enterprises need to find the internal power of green transformation， try crossindustry cooperation and multitechnology path combination; financial and intermediary institutions need to continue to innovate green financial products and services， and establish a scientific， standardized and operational management system. Only with the joint efforts of all parties can enterprises be truly encouraged to embark on the road of green transformation development.

Key words: green finance policy, information disclosure quality, financing constraints, flexible implementation of policies, incentives