The Impact Of Green Credit Policy On Green Technology Innovation Of Heavy Pollution Enterprises

Heavy polluting enterprises are an important force in driving China’s economic development,but their extensive development concept has caused serious environmental pollution to China.In order to deal with environmental problems,the former CBRC issued the “Green Credit Guidelines”,requiring financial institutions to take the environmental and social risks of enterprises as an important basis for lending audit,and to determine different lending standards according to the environmental pollution situation of enterprises,so as to limit the flow of funds to pollution areas,effectively curb the unreasonable development of heavily polluting enterprises,and protect our environment.The green credit policy forces heavily polluting enterprises to carry out green transformation by restricting capital flow and other means.This transformation cannot be separated from the support of green technology innovation.Whether the green credit policy can drive the heavily polluting enterprises to green technology innovation and what is the mechanism of action are worth further study.Based on environmental risk management theory,signal theory and information asymmetry theory,this paper theoretically analyzes the effect of green credit policy.In terms of impact mechanism,the green credit policy has a positive impact on the green technology innovation of heavily polluting enterprises by reducing the long-term debt maturity structure and increasing commercial credit financing.In terms of heterogeneity,the difference between the level of economic development and the level of marketization leads to the heterogeneity of the policy effect in the area where the enterprise belongs,and the difference in the nature of operation leads to the heterogeneity of the policy effect in the nature of enterprise property rights.This paper uses the differences-in-differences model and mediation effect model,selects the relevant data of listed companies in Chinese A stock market from 2008 to2021,takes the heavily polluting enterprises as the research object,and focuses on the mechanism of the “Green Credit Guidelines”on green technology innovation,in order to clarify the role of the green credit policy.The research conclusion shows that:(1)The green credit policy has played a role in promoting the green technology innovation of enterprises.This conclusion is still valid after the placebo test,propensity score matching and the tail reduction of the explained variable.(2)The term structure of longterm debt and commercial credit play an intermediary role in the process of green credit policies promoting green technology innovation of heavily polluting enterprises.The policy promotes enterprises to carry out green technology innovation by reducing the term structure of long-term debt;Promote green technology innovation of enterprises by increasing commercial credit financing.(3)Due to the difference in economic development and marketization level,the effect of green credit policy on enterprises in non-coastal areas is significant,and the effect on enterprises in coastal areas is not significant;Due to the differences in the nature of property rights,the green credit policy plays a stronger role in promoting state-owned enterprises.Therefore,it is an objective choice to further improve China’s green credit policy system,dredge and improve the transmission path of green credit policy,strengthen green credit management and strengthen green innovation awareness to drive heavy pollution enterprises to carry out green transformation.