Research On The Effect Of Green Credit Policy On The Innovation Performance Of Heavy Pollution Enterprises

China,a nation in the midst of transformation,has been plagued by environmental pollution and resource depletion due to its extensive economic growth for a considerable period.This has caused a growing divergence about developing economic and protecting ecological environment,necessitating enterprises to urgently implement green innovation transformation.Controlling the effective development of industries which have high pollution and energy consumption,like thermal energy,steel and chemical engineering is an important step towards a high-quality transformation,through environmental protection policies.The new legislation aims to protect protectors from the environment,but leaves many peoples under threat to defend or enforce violence.thus understanding their core.The efficacy of green credit can combine finance and environmental and it can reduce financial emission,must be evaluated through the innovation performance of micro subjects.This policy seeks to regulate the industrial structure by distributing financial resources.Firstly,this paper introduces the green credit guide in 2012,and analyzes the group data of listed companies from 2008 to 2020.Subsequently,it evaluates the effect of the green credit policy’s implementation.To evaluate the innovation performance of enterprises,the empirical impact of green credit policy on high pollution population is evaluated by registered regression and double-difference model strength test.Additionally,R&D investment,patent applications,and the relative changes of innovation input and output are used to evaluate innovation input and output respectively.Additionally,it examines the heterogeneity of the effect of green credit policy through multi-dimensional sample division.The implementation of green credit policy has been proved to seriously hinder the creative production of enterprises that cause serious pollution,yet have no significant impact on innovation input,thus suggesting that the policy will significantly impede the innovation performance of these enterprises in the short and medium term when compared to those not polluting heavily.In the short and medium term,and the green credit policy hinders the innovation that causes serious pollution.However,the robustness test reveals that it can,in the long run,actually foster the innovation output of these same companies.An assessment of multiple samples reveals that green credit policy has a greater effect on those enterprises with high pollution levels,low marketization,and those not owned by the state.