| In 2020,General Secretary Xi Jinping announced to the world the goal of "double carbon".As important stakeholders,high carbon emitters and environmental destroyers,enterprises,especially industrial enterprises,need to make a green transformation to achieve low-carbon,energy-efficient and high-efficiency production through green innovation to promote environmental sustainability.However,enterprises will be subject to strong external constraints to carry out green innovation,and invest large capital and face high and complex risks,so they usually lack the resources and motivation for green innovation,and generally suffer from market failure.Green credit is a new tool for environmental management,a new feature,a new trend and a new direction for the future of the financial industry,and an inevitable innovative change in the financial sector.The green credit policy guides banking financial institutions to support the green development of enterprises,so as to increase the credit limit of green enterprises,reduce the credit limit of high pollution and high energy consumption enterprises,reduce the credit supply of high energy consumption and high emission industries,promote the improvement of industrial structure,accelerate the transformation of clean production,achieve environmental protection through the regulation effect of capital allocation and economic leverage,and can provide financial support for enterprises It can provide financial support to the green innovation activities of enterprises.Therefore,as an important practice of green finance in China,it is necessary to evaluate the effect of the implementation of green credit policy in micro subjects to support the development of green innovation of enterprises.Firstly,this paper selects the panel data of A-share listed companies from 2007 to 2018,and observes the promulgation of the Green Credit Guidelines in 2012(GCGs)as a representative event of green credit policy implementation.Secondly,according to the Catalogue of Industry Classification Management of Environmental Protection Verification of Listed Companies issued by the Ministry of Environmental Protection in 2008,combined with the industry classification standard of China Securities Regulatory Commission in 2012,the heavily polluting enterprises are classified according to this standard,and the number of green invention patent applications is used as a variable to measure the green innovation of enterprises.Thirdly,a double difference model is established,and a benchmark regression is set up between the experimental group and the control group,through which The impact of the implementation of the Guidelines on the green innovation of heavy polluting industrial enterprises is evaluated through empirical research compared with other industrial enterprises,and the variables of enterprise R&D investment and financing cost are introduced into the research model on the basis of the double difference model for triple difference analysis.Finally,the asymmetric effect of green credit policy is tested by multi-dimensional sample division.The results show that the implementation of GCGs inhibits the green innovation of heavypolluting industrial enterprises;The mechanism analysis found that the implementation of GCGs inhibited the green innovation of heavy-polluting industrial enterprises by actively reducing R&D investment and increasing the financing cost for heavy-polluting industrial enterprises;the heterogeneity analysis finds that the implementation of GCGs inhibits the green innovation of heavypolluting industrial enterprises in non-state,large-scale and central and western regions more significantly.This paper examines the effect of the implementation of GCGs on heavily polluting industrial enterprises from a microscopic perspective and proposes policy recommendations for the improvement of subsequent green credit policies. |
