Research On The Influence Of The Green Credit Policy On The Green Technology Innovation Of Heavy Polluting Enterprises

In recent years,China’s economy is rapid,steady growth,and social production is constantly improving.With the social development problems come one after another,the demand for the construction of environmentally friendly society is increasing.As early as September 2020,Chinese President Xi Jinping solemnly promised at the UN Congress that China would achieve a carbon peak by 2030 and carbon neutrality by 2060.In 2021,The State Council issued the Guiding Opinions on Accelerating the Establishment and Improvement of the Green,Low-carbon and Circular Development Economic System,which once again stressed that "to establish and improve a sound green,low-carbon and circular development economic system and promote the comprehensive green transformation of economic and social development".To achieve green development,the key lies in how to promote Chinese enterprises to actively carry out green technology innovation and realize green transformation.In order to guide enterprises to actively carry out green technology innovation,China has officially introduced the green credit policy.Green credit policy requirements in the enterprise to apply for bank loans,Banks need to carefully consider the environmental risk and project direction,for pollution emissions of enterprises and project to raise the borrowing threshold and lending rates,if the enterprise will credit funds for environmental pollution serious project,the commercial Banks and other financial institutions can recover its borrowing funds.In addition,the green credit policy requires that the environmental pollution behavior of enterprises should be punished more severely,and to prevent some enterprises from "pollution side,treatment" and "pollution first,treatment later".In this case,it is of great theoretical and practical significance to study the influence of green credit policy on enterprise green technology innovation and reveal the mechanism.Since the former China Banking Regulatory Commission issued the Green Credit Guidelines in February 2012,China’s green credit system has been gradually improved.In this paper with the "green credit guidelines" for the impact event natural experiment,select China a-share listed companies in 2008-2021 sample data,with heavy pollution enterprises,the control group,using the double difference model to study the green credit guidelines on the policy impact on heavy pollution enterprise green technology innovation,and joined the social attention of informal supervision mechanism,analysis of the influence of green credit policy on enterprise green technology innovation path,at the same time analyzes the implementation of the green credit policy for different property rights,The impact of heterogeneity in polluting enterprises of different sizes.The empirical results show that the green credit policy significantly promotes the green technology innovation of heavy polluting enterprises,and the social attention positively strengthens the promotion effect of the green credit policy on the green technology innovation.Heterogeneity research found that green credit has heterogeneous influence on green technology innovation of state-owned enterprises and non-state-owned enterprises,and heterogeneous influence on green technology innovation of large-scale enterprises and small-scale enterprises.Further research found that the green credit policy significantly promoted the strategic innovation of enterprises,but did not have a positive promotion effect on their substantive patents.Finally,according to the conclusion of theoretical analysis and empirical test,this paper puts forward some corresponding policy suggestions from the aspects of government level,financial institution level,enterprise level and social level.