Based on the 2012 Green Credit Guidelines, this paper examines the impact of green credit policies on the intelligent transformation of heavily polluting enterprises by using the differencein- difference method based on a sample of 382 listed companies in China’s manufacturing industry. The results show that the green credit policy significantly inhibits the intelligent transformation of heavily polluting enterprises, mainly by increasing financing constraints and reducing research input. Further analysis shows that the inhibition effect of the Guidelines on areas with strict environmental supervision is significant, but not on areas with lax environmental supervision, and in terms of enterprise scale, the policy has a greater inhibitory effect on small-scale enterprises.