The impact of green credit and environmental disclosure on green total factor productivity in agriculture: an empirical study based on spatial econometric models

As a vital component of China’s ecological civilization institutional framework, the environmental credit system employs diverse policy instruments. Drawing upon provincial-level panel data from 2003 to 2022 and employing spatial econometric models, this study empirically examines the impact of green credit and environmental information disclosure on agricultural green total factor productivity, alongside their spatial effects. Findings reveal that environmental disclosure exerts a significant positive effect on agricultural green TFP, whereas standalone green credit policies yield negligible results. The combination of both policies demonstrates a synergistic enhancement effect, substantially boosting agricultural green TFP. The study further reveals pronounced regional heterogeneity: in coastal regions, both policy types and their combination exert positive effects, whereas in non-coastal areas and major grain-producing regions, green credit and its combination with disclosure produce inhibitory effects. Mechanism analysis indicates that agricultural machinery investment and agricultural electricity consumption constitute the primary transmission pathways through which the combination of green credit and environmental disclosure impacts agricultural green total factor productivity.