Research On The Influence Of Green Credit Policy On Green Innovation Of Manufacturing Enterprises

As the pillar of China’s real economy,manufacturing industry has made great contributions to the rapid development of China’s economy.However,its early extensive development model has also caused serious damage to the ecological environment,which not only endangers the health of our residents,but also poses a serious threat to the sustainable development of China’s manufacturing industry.In the face of long-term environmental pollution issues,China has been actively responding and continuously strengthening environmental regulations.However,this has raised concerns about the impact of high-pressure environmental regulations on the development of China’s manufacturing industry.By raising the financing threshold for polluting enterprises,limiting their expansion,and encouraging them to carry out green innovation,green credit policies can reduce pollution emissions from enterprises at the source and achieve green economic development.This model can not only reduce pollution emissions,but also reduce the impact of environmental regulation policies on economic development,taking into account ecological environmental governance and economic growth.Therefore,it is of great significance to study the impact of green credit policies on green innovation in manufacturing enterprises.This will help to further improve the green credit policy and green financial system,more effectively guide the green transformation of manufacturing enterprises,improve China’s ecological environment,and achieve the goals of pollution control and green and sustainable development of the real economy.Therefore,on the basis of fully reading and sorting out relevant research literature,this article conducts research on the impact of green credit system on green innovation of manufacturing enterprises from the following three aspects.Firstly,combining relevant economic theories,analyze the impact and mechanism of green credit on green innovation of manufacturing enterprises and propose relevant assumptions;The second is to collect and collate the data of 443 manufacturing listed companies in A-shares from 2004 to 2019,and use the "Green Credit Guidelines" issued in 2012 as a starting point to construct a dual differential model to verify the impact of green credit policies on green innovation in manufacturing enterprises;Thirdly,through benchmark regression and a series of robustness tests,the impact of green credit policies on green innovation of manufacturing enterprises was verified.Through heterogeneity analysis,the differences in the impact of green credit policies on green innovation of enterprises with different financial development levels and different property rights were tested,and the impact mechanism of green credit policies on green innovation of manufacturing enterprises was further explored.Based on the rigorous empirical process of this article,the following conclusions can be drawn: First,green credit policies have a significant role in improving the level of green innovation of polluting manufacturing enterprises.However,the policy has a greater impact on the quantity of innovation than on the quality of innovation.In addition,in regions with relatively developed financial standards and state-owned enterprises,this promotion effect is more obvious.Secondly,green credit mainly encourages enterprises to carry out green innovation by increasing the scale of green transformation investment and reducing green agency costs.Based on the results of this study,the following possible suggestions are proposed: First,improve the green credit system and strengthen the evaluation and monitoring of policy implementation;Second,improve the green technology innovation system and strengthen the protection of intellectual property rights;The third is to standardize the measures taken by commercial banks to ensure the implementation of green credit policies;Fourth,compact the main responsibilities of enterprises and fully mobilize the enthusiasm of enterprises in environmental protection decision-making;Fifth,accelerate the construction and improvement of the green finance system,and promote the diversified and multi-level coordinated development of green finance.