| The “14th Five-Year Plan” proposes to develop green finance,support green technology innovation,form a green production and lifestyle,fundamentally improve the ecological environment and ultimately achieve the goal of building a beautiful new China.According to the statistical report released by the Central Bank,China’s green credit continued to grow at a high rate in 2021,and the balance of domestic and foreign currency green credit of financial institutions reached 15.9 trillion,playing a role in the green transformation of manufacturing enterprises.Manufacturing enterprises not only occupy a pivotal position in China’s economic development,but also are the main force in conducting green technological innovation.It is generally believed that green credit will influence manufacturing enterprises’ green technology innovation by increasing their R&D investment and reducing agency costs.In addition,green credit is also influenced by financing constraints and thus moderates green technology innovation in manufacturing firms.Based on this,this paper uses R&D investment and agency cost as mediating variables and financing constraints as moderating variables to explore the impact of green credit on green technology innovation in manufacturing firms.Firstly,this paper compares and reviews the literature on green credit and green technology innovation at home and abroad to provide reference for the following study;by combing Schumpeterian innovation theory,financial sustainability theory and other related theories,it provides theoretical support for the next study.Secondly,this paper examines China’s current state of green credit and green technology innovation,and paves the way for providing policy recommendations.Then,this paper selects the green credit balances of twenty-four major banks in China from 2012 to 2020 and the annual data of 948 listed manufacturing companies in Chinese A-shares,and obtains 8532 observations,and uses Stata15 to conduct an empirical analysis of the model with green credit as the explanatory variable,green technological innovation as the explanatory variable,R&D investment and agency cost as the mediating variables,and financing constraints as the The model constructed with green credit as explanatory variables,green technology innovation as explanatory variables,R&D input and agency costs as mediating variables,and financing constraints as moderating variables is tested empirically.The findings of this paper are:(1)Green credit has a significant promotion effect on green technology innovation of manufacturing enterprises.(2)Green credit will promote green technology innovation of manufacturing enterprises by increasing R&D investment of manufacturing enterprises.(3)Green credit will promote green technology innovation of manufacturing enterprises by reducing agency costs of manufacturing enterprises.(4)The higher the level of financing constraint of manufacturing enterprises,the more significant the negative moderating effect on green credit and green technology innovation of enterprises.(5)Based on the heterogeneity analysis,green credit will have different effects on different patent innovations of manufacturing enterprises and different types of green technology innovation of manufacturing enterprises.Finally,based on the above conclusions,this paper proposes countermeasures from the perspectives of government,banks and enterprises to improve the green credit incentive supervision mechanism and the management of green credit standard implementation,strengthen green credit support for manufacturing enterprises and actively carry out green invention and patent innovation activities and actively disclose environmental protection information,so as to provide certain reference value. |
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