The Impact Of Green Financial Policy On Green Innovation Of Enterprises

Since the reform and opening up,the economy in China has developed rapidly,and the living standards of the people have become increasingly improved.However,an extensive development model has led to a series of problems in resources and the environment.Until the beginning of the 21 st century,in order to optimize increasingly inflatable industrial structure,Chinese government began to explore the development of green financial policies.More than ten years have passed,and the green financial policy system has gradually improved.In June 2017,the State Council established the Green Financial Reform and Innovation Pilot Zone in the five provinces(autonomous regions),marking the new design of Chinese green finance into the top-level design of "top-down" and the "bottom-up" area development stage.At the same time,with the five new development concepts of "innovation,coordination,green,openness,and sharing" and the successive proposal of high-quality economic development concepts,"green technology innovation" is becoming one of the important engines that support the high-quality development of China’s future economy Essence Subsequently,the relevant documents of the report of the 19 th National Congress of the Communist Party of China clearly stated that to strengthen the company’s main position in the green technology innovation system,corporate green technology innovation has become an important research object of academic and practical circles.The green financial policy,from the perspective of the internal capital structure of the enterprise,has affected the strategic development choices of various types of enterprises,stimulated the green innovation activities of the enterprise,thereby improving the overall level of green technology innovation of all enterprises.However,China’s green financial policy still has problems such as project review standards and the existence of incentive effects,which has caused it to be unclear for its actual effect on corporate green innovation.At the same time,under the context of high-quality economic development,the research of corporate green technology innovation must not only take the "quantity" level into account,but also consider whether the progress of its "quality" level should be considered.In view of this,this article attempts to study the impact of the "quantity" and "quality" of green financial policy on the "quantity" and "quality" of green financial policy on the establishment of green financial policy on the corporate green innovation perspective on the perspective of the green financial policy innovation.Evaluate effects,and then provide suggestions for the adjustment and expansion of policies,and find a path for my country to achieve high-quality green innovation development.This article uses the panel data of the Chinese A-share listed company in 2015-2021,and uses the double difference method to evaluate the effect of the Green Financial Reform and Innovation Pilot Zone policy to explore the impact of the policy on the "quantity" and "quality" level of the policy of the policy.And on the study of the difference in the heterogeneity of the enterprise.It was found that:(1)The green financial target policy has significantly promoted the growth of the overall green technology innovation of all enterprises in the test area,but this effect lasted only one year;(2)The target policy promotes the green technology of the enterprise and the growth of "quantity" in innovation is mainly contributed by light polluting enterprises and non-stat-owned enterprises.Under the established policy,the identity of the policy response of state-owned enterprises and the expected green transformation of heavy pollution companies are all manifested;(3)The green financial target policy has significantly accelerated the decline of the overall green technology innovation "quality" of all enterprises in the test area,and the duration of this negative effect is longer;The reason is: the temporary innovation decisionmaking decisions of enterprises with weak innovation capabilities and the strategic innovation behavior of non-heavy pollution enterprises;(5)The decline in the quality behind the number of growth has led to a false and prosperous corporate green technology innovation bubble,and in the 2020 new crown in 2020 Under the influence of the epidemic,it was quickly pierced.Based on the above conclusions,this article gives the following policy recommendations: In the post-epidemic era,the state should jointly promote the green technology innovation system that the state should jointly promote through the construction of green finance and environmental regulation policies,and promote the implementation of green financial reform and innovation pilot zone policies to implement and deepen green finance in more areas and deepen green finance.The policy system reforms and multi-approach to promote the innovative and healthy development of green technology of enterprises,thereby promoting high-quality economic development.