| With the continuous development of China’s economy,it has caused problems such as environmental pollution,energy and resource depletion,and ecological damage.The development of green finance is an important measure to keep up with the spirit of the "Nineteenth National Congress" report and accelerate the construction of ecological civilization.As an important core force to promote China’s economy,credit support is the main driving force for the development of green industry.Improving the innovation ability of green enterprises and promoting the development of total factor productivity(referred to as TFP)of green enterprises cannot be separated from the support of credit.This paper first reviews the domestic and foreign literatures,and comprehensively understands and summarizes the relationship between credit and the total factor productivity of green enterprises.It is found that there is no scholar to study the dynamic relationship between the impact of credit support on the total factor productivity of green enterprises.Therefore,this paper takes the green economy advocated nowadays as the theme,and selects green enterprises as the research object according to relevant theories to explain the dynamic relationship between the impact of credit support on the total factor productivity of green enterprises.This paper first analyzes the status quo of credit support for green enterprises,and analyzes the relevant theoretical mechanisms of credit and enterprise total productivity.Based on the analysis of the status quo and theory,this paper further proposes the research hypothesis.This paper selects the panel data of 460 green enterprises in China’s A-share market from 2010 to 2017,uses the fixed-effect model for empirical analysis,and solves the fixed effect.The endogenous problem is analyzed again by GMM panel analysis.Finally,the empirical results of the GMM model are selected for analysis,and corresponding conclusions and suggestions for improvement are obtained.In addition to studying the impact of credit support on the level of total factor productivity of green enterprises,this paper further adds the change of total factor productivity(ΔTFP)and gap(GTFP)to comprehensively measure the self-driven and diffusion effects of total factor productivity of green enterprises.Dynamic changes have broken through the research content of existing credit and business productivity.Through the research of this paper,the following conclusions are drawn: The empirical results of this paper find that the credit support intensity and the total factor productivity of green enterprises are not a simple linear relationship:(1)the impact of credit support on the level of total factor productivity of green enterprises is significant U-shaped Relationship,and the U-type presented by long-term credit and TFP is steeper and more influential than the U-shaped relationship between short-term credit and TFP;(2)Credit support also shows a significant U relationship to the change of total factor productivity of green enterprises,and The U-type presented by long-term credit and ΔTFP is steeper and more influential than the U-shaped relationship between short-term credit and ΔTFP.(3)Credit support has a significant inverse U relationship with the gap of total factor productivity of green enterprises,and long-term credit and The U-shaped GTFP presents a steeper and more influential relationship than the short U-shaped relationship between short-term credit and GTFP.(4)After the robustness test found that the interaction between the size of the enterprise and the main explanatory variables was added,the U-shaped relationship between the credit support and the total factor productivity of the green enterprise was weakened.(5)Confidence test After joining the enterprise scale and the main explanatory variable interaction item,the U-shaped relationship between the credit support intensity and the self-driven effect of the total factor productivity of green enterprises has weakened.(6)Confidence test After adding the interaction between the enterprise scale and the main explanatory variables,the inverse U-shaped relationship between the credit support intensity and the diffusion effect of the total factor productivity of green enterprises has been weakened.The contribution of this paper is mainly to study the impact of credit support on the dynamic changes of total factor productivity of listed companies in green industries from the perspective of micro-enterprise,which helps enterprise managers to cooperate with relevant policies to promote the development of total factor productivity of green industries.Green companies increase innovation efficiency.For relevant policy decision makers,we will continue to strengthen the understanding of credit support for the relationship between the total factor productivity of green enterprises,and continuously improve the operational strategy to promote the growth of total factor productivity of green enterprises. |
