The Study On The Impact Of Green Credit Policy On Corporate Green Innovation Performance Based On PSM-DID

After more than 40 years of reform and opening up,China’s economy and society have flourished and it is now the second largest market economy in the world.However,the negligent growth model of the traditional economy,which focuses only on the growth rate without paying attention to the quality of growth,has caused great damage to China’s ecological environment.The improvement and treatment of environmental pollution by enterprises,which are the major polluters,is of great concern to all sectors of society.Problems such as waste of resources,pollution and climate anomalies have seriously hindered the quality development of China’s economy.In order to reconcile the relationship between environmental protection and sustainable economic growth,and to try to use financial instruments to deeply promote the green development of China’s economy,China has formulated and implemented a series of environmental policies and regulations,and green finance has thus become a hot topic of social concern.Green credit policy is an important way to achieve green and sustainable development.As an important part of the green financial system,it encourages and guides enterprises to achieve energy conservation and emission reduction through green allocation of bank credit resources.The implementation of green credit policy effectively limits the credit financing of enterprises with green credit restrictions.In the face of the pressure brought by this environmental regulation,can enterprises with green credit constraints make the expected adjustments?Under the credit constraints brought by the green credit policy,can they take the initiative to modernize and transform through green innovation to achieve green and lowcarbon development in order to achieve the expected effects of the policy implementation?These are the key questions of this paper.This article takes China’s A-share listed enterprises as a sample from 2010 to 2021,and conducts natural experiments based on the original Green Credit policy is effectively implemented,and the green innovation performance of enterprises that restricts green credit.Have an impact.The intermediary role of enterprise media attention and financing constraints was also tested to examine whether the green credit policy has been well implemented at the enterprise level.Further,the group returns to enterprises with different ownership properties and different levels of economic development to test their differences affected by the green credit policy.Research shows that the positive effect of the green credit policy that limits the green innovation performance of enterprises is obvious;media attention and financing constraints play a partial and sufficient intermediary role in the green innovation performance of enterprises,promoting the play of green credit policies;compared with non-State-owned enterprises,the positive impact of green credit policies on the green innovation of state-owned enterprises is obvious.For enterprises in the central and western regions that are strongly affected by the positive impact of the policy and the eastern region,there are certain differences in the impact of the green credit policy on the region.Based on the above research results,a series of suggestions are put forward from the perspective of the government,banking financial institutions and enterprises on the development and improvement of China’s green credit policy.It is hoped that China’s green financial system can be further improved,and the green and sustainable development of the economy can be realized commercial banks and enterprises,and the green transformation of enterprises can be successfully realized.