Research On The Impact Of The Green Credit Guidelines On The Innovation Performance Of Heavily Polluting Enterprise

At present,China’s economy is pursuing the transformation from factor driven,investment driven to innovation driven,and innovation represents the core competitiveness of enterprises.However,enterprise organization research and development needs to occupy a large amount of capital flow.According to the sequential financing theory,enterprises will be the first to conduct debt financing to meet external financing needs,and Chinese enterprises’ debt financing mostly comes from bank credit.Therefore,Chinese enterprises’ innovation R&D investment mainly depends on the support of banks and other financial institutions.On January 29,2012,the former CBRC issued Guidelines on Green Credit(hereinafter referred to as Guidelines),which put forward specific requirements on green credit behavior.According to the document,banking and other financial institutions should offer lower interest rates to companies engaged in environmentally friendly operations,while raising interest rates for heavily polluting industries such as industry and thermal power to force companies to make green transformation.Therefore,it is still necessary to explore whether green credit constraints can force heavily polluting enterprises to improve their innovation level.Therefore,based on the implementation of the Guidelines,this paper conducts an empirical study to explore the average effect of the guidelines on the innovation performance of heavily polluting enterprises.And on the basis of the establishment of the differential model,further explore the different impact of the Guidelines on their innovation performance under different property rights.Firstly,based on signal transmission theory,financing constraint theory and technology innovation theory,this paper analyzes the mechanism and principle of how the innovation performance of heavy pollution enterprises is affected by the Guidelines,and puts forward research hypotheses.Secondly,this paper selects a-share listed companies from 2008 to 2020 as samples to explore whether the Guidelines play A role in the innovation performance of heavy pollution enterprises.Finally,bayi Iron and Steel and Nansteel Are selected as cases to explore the effect.The results show that the implementation of the Guidelines accelerates the improvement of innovation performance of heavily polluting enterprises.Second,after the implementation of the Guidelines,the change of so E innovation efficiency in heavily polluting enterprises is more obvious.According to the research results,this paper puts forward three policy suggestions: First,enterprises should strengthen the confidence of green transformation,accelerate technological improvement,and turn green credit into an opportunity for enterprise growth.Second,the government should refine the implementation criteria of green credit business,which will help improve the innovation effect of enterprises.Third,financial institutions should design diversified products and flexible green credit evaluation and approval systems to create reasonable green credit space.