Research On The Impact Of Green Credit Policy On The Innovation Performance Of Heavy-polluting Enterprises

As a developing country in transition,China’s extensive economic development has caused serious environmental pollution and resource depletion for a long time.The contradiction between economic development and ecological environment protection has become increasingly prominent,and the green transformation of industrial enterprises is imminent.Guiding its thermal power,steel,chemical and other industries with high pollution and energy consumption through environmental protection policies to efficiently develop is a key measure in the period of high-quality transformation.Compared with separate environmental protection administrative regulations,using financial means to restrict the funding channels of polluting companies can have a substantive impact on the production and operation of the company and grasp its vitals.Green credit is a financial emission reduction regulatory policy that combines finance and environmental protection.It aims to control the industrial structure through the allocation of financial resources.It is necessary to evaluate the effect of the green credit policy on the micro subjects.The Porter hypothesis reveals that appropriate environmental regulations will stimulate companies to increase innovation efficiency,which in turn can compensate companies for their compliance costs and benefit them.This paper uses Porter’s hypothesis as the main theoretical support to evaluate the impact of green credit policies on the innovation performance of heavily polluting companies in the context of China.First,this paper selects the panel data of A-share listed companies from 2006 to 2018,and observes the promulgation of the2012 Green Credit Guidelines as a representative event of the implementation of green credit policies.Secondly,heavy-polluting enterprises are classified according to the pollution intensity standards of various industries,innovation input is measured by the proportion of R&D investment,innovation output is measured by patent application volume,and the innovation efficiency of enterprises is measured by the relative change of innovation input and innovation output.Third,through the benchmark regression and robustness test of the double-difference model,the innovation efficiency of heavily polluting enterprises after the implementation of the Green Credit Guidelines is evaluated,and the variable of financing constraints is introduced into the research model for analysis.Finally,the asymmetric effect of the green credit policy is tested through multi-dimensional sample division.The research results show that,compared with non-heavy polluting enterprises,the implementation of the "Green Credit Guidelines" has a significant effect on the innovation output of heavily polluting enterprises,but has no significant impact on innovation input,indicating that the innovation efficiency of heavily polluting enterprises has improved The increase in innovation output is manifested in the number of invention patent applications and non-invention patent applications.The quality and quantity of innovation output of heavily polluting enterprises have been improved;and the improvement of innovation efficiency mainly occurs in the high financing constraints.Samples of polluting companies.Furthermore,we assessed the asymmetry of the effects of green credit policies in different samples,and found that the implementation of the "Green Credit Guidelines" had a more significant effect on improving the innovation efficiency of state-owned,financially underdeveloped regions and heavily polluting enterprises with fierce industry competition.