The Impact Of Green Credit Policy On Research And Development Investment Of Heavily Polluting Enterprises

Chinese government departments have recently developed a number of environmental control rules in an effort to achieve sustainable development.Traditional industrial firms,which are heavily reliant on resources and pose substantial environmental pollution issues throughout industrial production,make up the majority of China’s heavy polluting enterprises.Certain historic industrial businesses still play a significant role in our country’s economy today,supporting job creation and economic growth.Hence,finding a route that can both protect the environment and support the steady growth of heavily polluting businesses is therefore essential.In order to realize transformation and upgrading of heavily polluting industries through technical innovation,significant research and development investment is necessary.The previous CBRC’s Green Credit Guidelines were released in 2012 and rigorously regulated the credit approval of businesses that produce significant amounts of pollution by using the banking industry’s credit leverage.But in reality,business investments in R&D are necessary to enable the implementation of technical innovation,Strong reliance on external funding for corporate R&D investment,so whether this reversal mechanism plays a role needs further analysis,and it is of practical significance to explore the prblem.In this paper,based on the quasi-natural experiment of "Green Credit Guidelines",we use A-share heavily-polluting enterprises in China from2010 to 2020 as the experimental group and non-heavy polluting enterprises as the control group,test the impact of green credit policy on R&D investment of heavily-polluting enterprises using the DID model,and analyze the mediating role of commercial credit financing in the impact of green credit policy on R&D investment of heavily-polluting enterprises.Furthermore,this paper analyzes the impact of green credit policies on the R&D input of heavily-polluting enterprises from three perspectives: heterogeneous environmental information disclosure,property rights nature and regional differences.The empirical results show that the green credit policy has a significant inhibiting effect on the R&D input of heavily-polluting enterprises;Green credit policy forces heavily-polluting enterprises to increase commercial credit,and financial risk is obvious,which is green credit policy will weaken the R&D investment of heavily-polluting enterprises through commercial credit financing.From the perspective of heterogeneity,it is found that the inhibition effect of green credit policy on the R&D input of heavy polluting enterprises is more obvious in the central and western regions with imperfect environmental information disclosure,state-owned enterprises and relatively backward economic development.In order to achieve the green transformation of heavy polluting enterprises,it is recommended that policy incentives be used to guide enterprise management to abandon short-sighted thinking and recognize the long-term rewards of transformation through innovation;strengthen the management of liquidity liabilities of polluting enterprises,rational use of commercial credit financing;enhance cooperation between government supervision departments,enterprises and banks,and achieve the goals of environmental protection and the stable development of heavy polluting enterprises by improving laws and regulations,strengthening supervision and management,improving the transparency and quality of corporate environmental information disclosure,and standardizing the allocation of green credit funds by financial institutions.