Green Credit Policy,Corporate Governance And Enterprise Green Technology Innovation

Since the reform and opening up,China’s economy has developed at a high speed,but at the same time,it has caused serious damage to the environment.Environmental problems have also attracted more and more attention from all sectors of society.In order to promote enterprises to carry out green technological innovation and realize green transformation and upgrading,the government has adopted a series of tax and administrative measures,but it is difficult to achieve the expected results.Compared with other mandatory environmental regulations,the green financial system plays an important role in optimizing the allocation of resources and guiding the direction of economic development.As an important branch of the green financial system,green credit has been officially used in China’s environmental governance since 2007.The release of the Green Credit Guidelines in 2012 not only systematically regulated it,but also provided a good perspective for the study of green credit.In the research on the impact of green credit on enterprise green technology innovation,the topic of corporate governance is rarely involved.However,the external governance effect of credit policy,especially the governance effect of enterprise green innovation behavior,is inevitably affected by the internal corporate governance structure.In order to fill in the above research gaps,based on a literature review and theoretical analysis,this paper selects A-share listed companies from 2007-2021 as the research sample,takes green technological innovation of enterprises as the explanatory variable,builds a quasinatural experiment based on the implementation of the Green Credit Guidelines in 2012,and uses the difference-in-differences methodology to analyze the differences between green technology innovation of enterprises in industries with and without green credit restrictions before and after the implementation of the Green Credit Guidelines,so as to test the impact of green credit policy on green technology innovation of enterprises;And through the PCA method synthesizes the comprehensive indicators of corporate governance,which is used to explore the moderation effect of corporate governance in it.In addition,the use of parallel trend test,placebo test,PSM-DID test,Tobit test,lag R&D cycle test and poisson regression test further improved the robustness of the empirical results.Then,this paper deeply explores the heterogeneity of the implementation effect of green credit policy in terms of credit dependence,nature of property right,and patent type.Finally,this paper further discusses the differences in the moderation effects of corporate governance indicators on the effect of green credit policies.The following conclusions are drawn:(1)The green credit policy will promote enterprises to carry out green technology innovation;(2)Corporate governance can enhance the impact of green credit policies on green technology innovation of enterprises;(3)The promotion of green credit policy on green technology innovation of enterprises is stronger in enterprises with high credit dependence and non-state-owned enterprises;(4)Compared with green invention patents,the green credit policy has a better promotion effect on green utility model patents of enterprises;(5)Compared with other dimensions of corporate governance indicators,management governance,and equity structure have a stronger impact on the implementation of green credit policy.This article systematically analyzes and examines the impact of green credit policies on green technology innovation in enterprises from the perspectives of financing constraints,agency costs,and signaling channels.It also explores the regulatory role of corporate governance from three dimensions:management governance,board governance,and equity structure,supplementing and expanding relevant research on the effects of green credit policies.The above research conclusions provide reference and reference for further improving green credit policies and better exerting the policy effects of green credit;It provides new ideas and approaches for promoting green technological innovation in enterprises and achieving the combination of internal and external governance.