| Under the current background of green development,the production mode of high investment,high energy consumption and high emission of enterprises no longer meet the requirements of social development.Therefore,enterprises must constantly innovate,improve the efficiency of resource utilization and reduce pollution emissions in order to solve the problem of resource shortage and environmental pollution caused by excessive economic growth.Green technological innovation combines innovation drive and green development concept,which is the key to break the relationship between economic development and environmental protection,and is the necessary motive force to speed up the construction of ecological civilization and realize green development.At present,the effective combination of green credit and environmental regulation policy is an important means to promote green technology innovation and achieve green development.Firstly,this paper reviews the theories and empirical studies on the impact of green credit and environmental regulation on green technology innovation at home and abroad,and analyzes in detail the mechanism of green credit affecting green technology innovation mainly through financing scale,resource allocation and information constraints.Formal environmental regulation mainly affects green technology innovation through innovation compensation effect and following cost effect,as well as informal environmental regulation through the backward and demand effects.Secondly,this paper selects green total factor productivity as the measure index of green technology innovation,uses GML index to calculate it;selects the proportion of interest expenditure in six high energy consuming industries as the measure index of green credit;the formal environmental regulation selects the index from three aspects: exhaust gas,waste water and waste solid.According to the selected index,the development of green technology innovation,green credit and environmental regulation in China is analyzed.Finally,select the interprovincial panel data from 2008 to 2017 to use the fixed effect model to analyze the direct and interactive effects of green credit,formal environmental regulation and informal environmental regulation on green technology innovation,and establish the threshold effect model with formal environmental regulation and informal environmental regulation as threshold variables to further analyze the interaction between green credit and environmental regulation.The results show that :(1)Green credit has a significant positive effect on green technology innovation.(2)There is a U "relationship between formal environmental regulation and green technological innovation,and an inverted U" relationship between informal environmental regulation and green technological innovation.(3)The interaction between green credit and formal environmental regulation has a significant positive effect on green technology innovation,while the negative effect of green credit and informal environmental regulation is not significant.(4)Formal environmental regulation has a single threshold effect on green technological innovation,and the greater the intensity of formal environmental regulation,the more obvious the role of green credit in promoting green technological innovation;informal environmental regulation has no significant threshold effect on green technological innovation.(5)Green credit and environmental regulation mainly affect the green technological innovation output of enterprises through green technological progress.(6)The structure of foreign direct investment and energy consumption has a negative impact on green technological innovation,and the expenditure of science and technology finance has a significant impact on green technological innovation. |
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