Research On The Impact Of Green Credit Policy On Green Technology Innovation Of Enterprises

Since the Reform and Opening-up,the rapid economic growth in China has also accumulated problems such as over-exploitation of resources and serious environmental pollution,which not only affect the production and life of the people,but also restrict the construction of a modern socialist country.In order to solve this problem,China has put forward policies such as carbon peaking and carbon neutrality goals to accelerate the adjustment of energy structure and industrial structure to achieve green economic development.Green development of the economy cannot be achieved without the support of policies,funds and green technologies.Green credit policy,as a policy instrument with financial attributes,can influence the financing cost of enterprises through the allocation of market credit resources,guide and force enterprises to carry out green and low-carbon activities and promote green development of the economy.Under the value guidance of green development philosophy,how to use green credit policy to guide and motivate enterprises to carry out green technological innovation and achieve synergistic development of economy and environment is an urgent problem to be solved.Therefore,it is important to explore whether green credit policy can play the innovation compensation effect in Porter’s hypothesis and to study the influence mechanism of promoting enterprises’ behavior of green technological innovation to protect the environment and energy conservation and emission reduction in China.This paper constructs a quasi-natural experiment with Green Credit Guidelines,selects listed enterprises in China from 2007 to 2021 as the research sample,adopts Key Evaluation Indicators of Green Credit Implementation to classify the sample enterprises into green credit-restricted and non-restricted enterprises,and applies the Differences-in-Differences model to investigate the impact of green credit policies on enterprises’ green technological innovation and the mechanism of its effect,etc.Research Findings:(1)The mechanism analysis finds that the innovation compensation effect is one of the facilitating mechanisms,while resource crowding inhibits firms’ green innovation activities to some extent.(2)Compared with unrestricted firms,green credit policies are more likely to promote the output of green technology innovation,green invention technology innovation and green utility model technology innovation in restricted firms.The mechanism analysis shows that financing constraints based on financing channels,information disclosure and R&D investment levels are all channels that enhance the level of green technology innovation of restricted enterprises.(3)Financing constraints based on enterprise asset size and years of establishment,environmental regulation intensity and local fiscal environmental protection expenditure can moderate the impact of green credit policies on enterprise green technology innovation.(4)Heterogeneity analysis shows that the promotion effect of green credit policy on green technology innovation of restricted enterprises is more significant in green utility model patents,eastern economic zone and state-controlled enterprises.(5)Further discussion shows that there are some differences in the promotion effects of different types of green credit policies on enterprises’ green technology innovation,and in addition,the introduction of green credit policies has played an "innovation compensation effect" in listed enterprises in China,which has promoted the enhancement of enterprise value.Finally,based on the current situation,theoretical and empirical analyses,this paper proposes suggestions from the government,banks and enterprises to provide reference for the improvement and promotion of green credit policies in the future.