Abstract: The purpose of the paper is to examine whether green credit policies enhance financial performance through the intermediary role of agency costs and achieve highquality development. According to the Green Credit Guidelines implemented in 2012， the paper selects the data of manufacturing enterprises from 2008 to 2021， studies the relationship between them. The results indicate that GCP can enhance financial performance， agency costs play an intermediary role. Innovation output has a positive moderating effect. The results of heterogeneity analysis indicate that GCP can enhance financial performance of stateowned enterprises and large scale enterprises.

Key words: green credit; agency cost; innovation output; mediating effect

摘要： 根据2012年实施的《绿色信贷指引》为准自然实验，选取2008—2021年沪深A股上市制造业企业数据，采用中介效应模型研究绿色信贷、代理成本和财务绩效的关系。结果表明，绿色信贷政策可以有效提升重污染制造业企业的财务绩效，代理成本在绿色信贷与财务绩效的关系中起部分中介作用，创新产出在绿色信贷政策与财务绩效的关系中具有正向调节作用。异质性分析结果表明，《绿色信贷指引》的颁布对于国有企业、大规模企业财务绩效具有显著正向影响，旨在研究绿色信贷政策是否可以通过代理成本的中介作用提高重污染制造业企业的财务绩效，实现高质量发展。

关键词: 绿色信贷；代理成本；创新产出；中介效应