Research On The Spillover Of Green Credit Policy On Non-Green Innovation Of Enterprises

In recent years,relevant national departments have issued a series of policy documents and laws and regulations on green environmental protection,energy conservation and emission reduction,which fully demonstrates the current importance that the country attaches to environmental issues.Green finance is an important means for countries to protect the environment and promote environmental governance,and green credit is one of the most important components of the green finance system.Green credit allocates resources through loans issued by financial institutions such as banks,guides capital flow to the green sector,and encourages enterprises to engage in green innovation,reduce heavy pollutant emissions,and promote sustainable growth of the green economy.Green credit has established environmental access thresholds,incentive and restriction mechanisms to ensure stable flow of green funds.These funds often flow towards green innovation,which can effectively reduce the blind expansion of heavily polluting enterprises and provide endogenous incentives for green transformation of enterprises.However,better utilizing green credit to manage green innovation in enterprises and achieving coordinated development of economy,resources,and environment remains a key issue.Therefore,the effective implementation of green credit not only requires a correct regulatory and policy system,but also needs to effectively utilize the innovation potential of enterprises,effectively combine social capital and government policies,strengthen technical support,and promote the sustainable development of green credit.This thesis uses the Green Credit Guidelines issued by the China Banking Regulatory Commission in 2012 as a quasi Natural experiment to construct a policy time dummy variable.Based on the corporate characteristics data and non green patent applications of China’s A-share listed non-financial companies from 2006 to2019,this paper uses a double difference model to test the impact of green credit on non green innovation of enterprises.The empirical results indicate that green credit has a certain promoting effect on non green innovation of enterprises.Further research has found that the impact of green credit policies on non green innovation of enterprises has two heterogeneity aspects,namely heterogeneity in enterprise ownership and heterogeneity in different economic cycles.The heterogeneity results indicate that the effect of green credit policies on non green innovation of state-owned enterprises is more significant than that of non green innovation of non-state-owned enterprises;The impact of green credit policies on non green innovation of enterprises during the economic upward period is more significant than during the economic downward period.Finally,specific measures are proposed to strengthen the implementation effect of green credit policies on non green innovation in enterprises through the formulation of green credit systems and green credit supervision.This article also uses BYD as a case study to analyze the impact of green credit policies on BYD’s green and non green innovation,analyzes the reasons for BYD’s innovation,experiences and lessons learned from BYD’s transformation,and compares and verifies the general characteristics and commonalities of empirical results from BYD.Finally,some targeted suggestions are given.