Research On The Effect Of Green Finance Policy On Enterprise Green Innovation

Since the reform and opening up,the problem of ecological environment damage has become increasingly serious while China’s rapid economic development,and the contradiction of how to coordinate economic,social and resource and environmental development has also attracted great attention,and it is urgent to change the existing development model.In September 2020,China officially proposed the 3060 dual carbon goal,and promoting the construction of a low-carbon and environmentally friendly green economic system is the primary way to achieve the dual carbon goal,and the top priority of green development.Green finance policy is an important policy driving force to promote the output of enterprise green innovation,and it is necessary to study its impact on enterprise green innovation and its mechanism,so this paper takes different forms of green finance tool policies as the starting point to examine their impact on enterprise green technology innovation.Firstly,the research background and significance,research content and structure,research methodology,possible innovations and shortcomings of this paper are introduced;Secondly,the existing literature is summarized from the three aspects of the impact of green finance,the research on the influencing factors of enterprise green innovation,and the research on green finance and green technology innovation;Then,based on the theoretical analysis,the research hypotheses of this paper are proposed with regard to the impact,mechanism and heterogeneity of green credit policy and green fund policy on enterprise green technology innovation;Further,the annual unbalanced panel data of 21240 enterprises of all A-share listed companies in China from 2007 to 2020 are selected and empirical tests are conducted using a two-way fixed-effects DID double difference model to explore three main contents:(1)A study on the impact of green credit policy and green fund policy on the output of enterprises’ green technology innovation;(2)Exploring the mechanisms of the effects of green credit policy and green fund policy on enterprises’ green technology innovation output based on agency cost and business credit perspectives,respectively;(3)Exploring the heterogeneity analysis of green credit policy and green fund policy on enterprises’ green technology innovation output based on enterprise size,patent type and financing cost,respectively.Finally,the important findings of this paper are summarized based on the empirical results,and targeted policy recommendations are proposed in the light of the current situation.The empirical results of this paper show that:(1)after dividing firms into creditrestricted and non-credit-restricted firms,we find that the implementation of green credit policy can promote the green innovation output of credit-restricted firms;after dividing firms into green and non-green firms,we find that the intervention of green fund policy can increase the green innovation output of green firms;(2)Both green credit policy and green fund policy can increase the green innovation output of enterprises by reducing agency costs and increasing commercial credit,and both play a partial intermediary effect;(3)Green credit policy promotes green innovation output more significantly for large-scale,green utility model patents and creditconstrained enterprises with lower financing costs;while green fund policy promotes green innovation output more significantly for large-scale and low financing cost green enterprises,in addition,green fund policy promotes green invention patents and green utility model patents of green enterprises better.In addition,the green fund policy has a better effect on green invention patents and green utility model patents of green enterprises.The possible innovations of this paper are:(1)Starting from the micro level,this paper studies the impact of different forms of green financial instrument policies on enterprises’ green technological innovation,and systematically analyzes its intrinsic mechanism of action from two perspectives of agency cost and commercial credit,and explores the heterogeneity analysis of enterprise size,patent type and financing cost,which expands and extends the related studies and enriches the research on both;(2)Enriched the research object,this paper includes green fund,a specific green financial instrument,into the research scope to explore the research of green fund policy on green technological innovation,which expands the research boundary of micro policy evaluation;(3)Based on the perspective of different financing systems under green finance policies,the effects of green credit policies under indirect financing systems and green fund policies under direct financing systems on enterprises’ green technology innovation are discussed,so as to provide certain enlightenment for promoting the green transformation and upgrading of enterprises.