Research On The Influence Of Green Credit Policy On Green Technology Innovation Of Heavy Polluting Enterprises

Green credit is an important practice to use credit allocation to promote industrial energy conservation and emission reduction,as well as to promote green and sustainable economic development.Through the establishment of environmental access thresholds and incentive and restraint mechanisms,green credit has changed the traditional pollution control model,guided the flow of funds to the field of sustainable development,curbed the blind expansion of polluting enterprises,and added endogenous impetus to green transformation and upgrading.Under the concept of green development,how to better play the role of green credit in guiding enterprises’ green innovation and realizing the coordinated development of economy and resources and environment is an important issue that needs to be solved urgently.Therefore,exploring whether the green credit policy can give full play to the Porter effect and revealing its mechanism will help to give full play to the environmental protectionoriented role of green credit and promote the green and sustainable development of the economy.Based on this,this thesis takes the "Green Credit Guidelines" policy issued in2012 as a natural experiment,selects 2009-2020 Shanghai and Shenzhen A-share listed companies in heavily polluting industries as research samples,and uses the doubledifference method to examine the impact of green credit policies on heavily polluting companies.The influence effect,mechanism of action of green technology innovation and the role of the government in this process.The research found that:（1）On the whole,the green credit policy has a significant role in promoting green technology innovation,green process innovation and green product innovation in heavily polluting enterprises.（2）Mechanism analysis found that the reduction of credit scale and the improvement of environmental information disclosure level are the promotion mechanisms,and the increase of credit cost inhibited the green innovation willingness of enterprises to a certain extent.From the perspective of mediation effect,the effect of environmental information disclosure is the main channel for improving the level of green technology innovation in heavily polluting enterprises.From the perspective of the types of green technology innovation,the effect of environmental information disclosure can more promote the green product innovation of the heavily polluting enterprises,and the financing constraint effect can more promote the green process innovation of the heavily polluting enterprises.（3）Moderating effect analysis shows that government regulation positively regulates the positive relationship between green credit and green technology innovation.（4）The heterogeneity test shows that the promotion effect of green credit policy on green technology innovation of heavily polluting enterprises is more significant in enterprises with high supplier concentration,low customer concentration and high market competition position.Eventually,on the basis of above analysis conclusions,this thesis presents countermeasures and proposals from the three parties of the government,banks,and enterprises,providing empirical evidence and corresponding inspiration for the improvement and promotion of subsequent green credit policies.