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

摘要： 绿色金融政策的推出旨在将环保考量融入投融资活动，实现资金的绿色配置。将2016年G20杭州峰会视为我国全面实施绿色金融政策的起点，以关乎绿色金融市场透明度的信息披露为视角，选取A股制造业上市公司为样本，实证分析其公开披露的信息。样本企业在政策全面实施后披露的信息，无论是财务信息还是非财务信息的质量均有所下降。通过内在机制检验后发现信息披露质量降低的原因在于，企业为获取信贷资源会选择迎合政策偏好，以应对绿色金融政策下严苛的融资约束。提出监管方需要灵活施策，进一步完善相关绩效指标和测量工具；企业需要找寻绿色转型的内在动力，尝试跨行业合作和多技术路径组合；金融及中介机构需要持续创新绿色金融产品与服务，建立科学、规范和可操作的管理体系。只有各方合力，才能真正激励企业走上绿色转型发展之路。

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