Analysis On The Influence Of Green Credit Policy On Green Innovation Of Export Enterprises

Since the reform and opening up,China’s economy has developed rapidly.At the same time,the contradiction between rapid economic growth and resource consumption,ecology and environmental protection is also increasing.The 13th Five-Year Plan for the first time included green development in the country’s five-year plan,clearly stating that "green development should be carried out and efforts should be made to build an ecological civilized society.The draft 14th Five-Year Plan once again stresses the strategic role of green development in the context of China’s modernization,namely "promoting green development and promoting harmonious coexistence between man and nature".Financial economy is an industry integrating various economic resources,which is conducive to promoting environmental protection and changing the direction of development.In the field of finance,green credit policy is an important measure for the state to support the construction of ecological civilization with financial innovation.Therefore,this paper mainly takes China’s export enterprises as the research object,and it is of great practical significance to explore the impact of green credit policy on green innovation of export enterprises.Green innovation is an important driving force for achieving high-quality economic development.Green innovation plays an important role in pollution control,economy and nature regulation.Green innovation can not only determine the pollution emission level of export enterprises in the process of production and operation,but also play a key role in the value creation of export enterprises.Export enterprises,as an important subject affecting China’s global value chain,play an important role in improving China’s position in the global economy and trade,changing the position of the value chain and realizing high-quality development.At present,China is in the critical period of improving quality and efficiency.It is particularly important to discuss how to effectively promote green innovation of export enterprises.In order to systematically explore the impact mechanism of green credit policies on green innovation of export enterprises,the paper,taking the Green Credit Guidelines as an example and selecting the data of listed enterprises and customs databases in China from 2007 to 2016,studies the effect of the Green Credit Guidelines on the green innovation level by using a dual difference method,a moderating effect model and a series of robust test,which is targeting heavily polluting companies.It is found that the Green Credit Guidelines will improve obviously the green innovation level of export enterprises and not restrain green technologies.At the same time,it is found that the promotion effect of the Guidelines for Green Credit,is obviously reflected in state-owned enterprises and enterprises in financially underdeveloped regions by the heterogeneity analysis of export enterprises.Finally,through the impact analysis of the Guidelines for Green Credit on government behaviors,it is found that fiscal decentralization will have a positively regulatory effect.The research results of this paper provide theoretical guidance to a certain extent,which is for export enterprises on how to deal with environmental regulation,and simultaneously provide reference for developing countries,to implement green credit policy under the background of "carbon peak" and "carbon neutralization".