Research On The Impact Of Green Credit On Corporate Green Innovatio

Green credit has an important role in promoting green innovation for enterprises.As a financial tool,green credit can not only raise the financing threshold and financing cost of high pollution and high energy-consuming enterprises,but also inhibit the financing scale of high energy-consuming and high-emission enterprises,and induce heavy polluting enterprises to improve the "green" content of their products through green innovation through incentive and constraint mechanisms,and guide the flow of capital to green and low-carbon fields.In order to meet the corresponding financing threshold and avoid the financing constraints caused by relevant policies to the disadvantage of enterprise operation and development.Therefore,green credit profoundly affects the business decisions and green innovation behaviors of related enterprises.At present,scholars focus more on how green credit affects the upgrading of China’s industrial structure or study the implementation effect of green credit policies,while research on the relationship between green credit and enterprises’ green innovation needs to be supplemented.In-depth research on related topics is conducive to promoting the green transformation of high pollution and high energy consumption traditional energy enterprises in China,thus promoting the green development of enterprises and the high-quality development of economy and society,thus realizing the harmonious coexistence of human and nature.Using the green patent data and green credit data of Chinese listed enterprises from2007 to 2020,this paper firstly explores the promotion effect of green credit level on enterprises’ green innovation by building a fixed-effect model.Further,a mediating effect model is constructed to investigate how green credit affects corporate green innovation through channels such as R&D investment and financing cost.A moderating effect model is constructed to explore whether financing constraints have a moderating effect in the process of green credit promoting corporate green innovation.We also analyze whether there is heterogeneity in the impact of green credit on green innovation of enterprises with different ownership and size.The main findings of this paper are as follows:(1)green credit has a significant positive effect on enterprises’ green innovation,and the promotion effect of green credit is more obvious for state-owned enterprises and large-scale enterprises;(2)the mechanism effect of green credit on enterprises’ R&D investment and financing cost is significant,which can promote enterprises’ green innovation by increasing enterprises’ R&D investment and reducing their financing cost;(3)the financing constraint in the green(3)financing constraints play a moderating role in the process of green credit promoting enterprises’ green innovation,and the effect of green credit is more obvious for enterprises with large financing constraints.Based on the above conclusions,this paper puts forward the policy suggestions that the government should insist on supporting green credit funds for enterprises in the long term and improve the incentive mechanism of green credit;green credit policies should be actively and simultaneously implemented for non-state enterprises.