| Green and sustainable development has already become a key strategy to guide China’s modern economic construction.The report of the Party’s 20 th National Congress stressed improving fiscal,taxation,financial,investment and pricing policies and standard systems to support green development,and developing green and low-carbon industries.As an important part of green finance system,green credit policy guides funds to energy conservation and environmental protection by setting up environmental access threshold and encouragement and limitation mechanism,while restricting credit financing in high-pollution fields,which has a significant impact on promoting enterprises to carry out green innovation.Environmental protection enterprises are the main force of green innovation research and development.Under the background of favorable policies,studying their green innovation performance is an important reference to test whether the green credit policy is well and truly implemented.Therefore,this paper will discuss the influence of green credit policy on green innovation of environmental protection enterprises and the corresponding mechanism of action,and further study the discrepancy of its influence on different nature of environmental protection enterprises.It has certain reference value in promoting the construction of green credit policy,correctly guiding enterprises to carry out green innovation activities,and realizing the coordinated development of economy and environment.First of all,this paper summarizes and reviews the domestic and foreign literatures on green credit policies and enterprise green innovation,providing reference for the following research.Then,it provides theoretical support for subsequent analysis by sorting out the theory of public goods,sustainable development theory,Porter hypothesis,financing constraint theory and agency cost theory.Then,based on the green credit policy promulgated by the former CBRC in 2012,the quasi-natural experiment was conducted,and the relevant data of Shanghai and Shenzhen A-share environmental protection enterprises and highpolluting enterprises from 2007 to 2020 were selected to empirically analyze the impact of green credit policy on green innovation of environmental protection enterprises by establishing A difference in difference(DID)model.It also verifies the role channels of financing constraints and agency costs between green credit policy and green innovation of environmental protection enterprises,so as to test the implementation of this policy in micro enterprises.Finally,the green innovation is subdivided into different green patent types for regression test.In order to test the difference of influence of green credit policy on green innovation,group regression is carried out for environmental protection enterprises under different ownership nature,risk bearing level and regional economic development level.Based on the theoretical research and empirical test results,this paper draws the following conclusions: First,green credit policy can significantly promote green innovation of environmental protection enterprises;Secondly,through mechanism analysis,it is found that green credit policy can promote green innovation of environmental protection enterprises by easing financing constraints and reducing agency costs.Thirdly,heterogeneity analysis shows that after the execution of green credit policy,the green innovation quality of environmental protection enterprises has a more significant positive incentive effect,and the policy has a more prominent positive promotion effect on the green innovation of state-owned environmental protection enterprises,environmental protection enterprises with lower risk level and environmental protection enterprises in areas with higher economic development level.Finally,based on the above research results,this paper puts forward corresponding policy suggestions from the three levels of government,banks and environmental protection enterprises. |
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