| The 14 th five year plan emphasizes reducing pollution and carbon and promoting green and low-carbon transformation,so as to better realize the goal of "carbon peak" and the vision of "carbon neutralization".As an important credit resource to support the development of green environmental protection industry,adjust the credit structure and change the extensive economic model,green credit has a significant impact on promoting enterprise green technology innovation.From the micro perspective of green credit policy,this paper mainly studies the green credit policy from the perspective of green credit policy.Therefore,it is found that there is little difference in this paper.Firstly,it summarizes the connotation of the concepts of green credit,green enterprise,technological innovation,environmental regulation and financing constraints,and arranges the theories of sustainable development theory,externality theory,circular economy theory,technological innovation theory,ecological economy theory and Porter hypothesis theory as the theoretical basis of subsequent empirical analysis.Secondly,according to relevant theories,this paper analyzes the role of green credit and green enterprise technological innovation,financing constraints in the relationship between green credit and green enterprise technological innovation,and the role of environmental regulation in the relationship between green credit and green enterprise technological innovation,summarizes the mechanism and puts forward research hypotheses.The level of green credit is depicted by the green credit data of 21 banks.The number of green invention patent applications and green utility model patent applications measure the quality and quantity of technological innovation of green enterprises.The financing constraint is used as the intermediary variable,and the environmental regulation is measured by the ratio of industrial pollution control investment to the gross industrial product of the region where the green enterprises are located.After determining each variable,the corresponding model is set.Using Stata software and fixed effect model,this paper makes an empirical analysis on green credit and green enterprise technological innovation,the impact of financing constraints on green credit and green enterprise technological innovation,and the impact of environmental regulation on green credit and green enterprise technological innovation.Finally,the robustness test is carried out from three aspects: shortening the research time interval,the intermediary effect test of SA index financing constraints,and Tobit model regression,which all confirm the robustness of the research results.From the empirical analysis,the following specific conclusions are drawn:（1）green credit can promote the quality and quantity of green enterprise technological innovation,but it has a greater impact on the quality of green enterprise technological innovation.（2）Green credit has a positive impact on the technological innovation of non-state-owned green enterprises and state-owned green enterprises,but it plays a greater role in promoting the technological innovation of state-owned green enterprises.（3）Compared with central,southwest and Northwest China,green credit plays a greater role in promoting the technological innovation of green enterprises in North China,East China,northeast and South China.（4）Green credit plays a significant role in promoting the quality and quantity of technological innovation in energy-saving and environmental protection industries and clean energy industries,has a significant positive impact on the number of technological innovation in cleaner production industries,has no significant role in promoting the quality of technological innovation,and has no significant positive impact on the quality and quantity of technological innovation in green infrastructure construction industries.（5）Green credit can alleviate the financing constraints of green enterprises and improve the possibility of technological innovation of green enterprises.The intermediary effect of financing constraints on the relationship between green credit and the quality of technological innovation of green enterprises is significant,while the intermediary effect of the relationship between green credit and the number of technological innovation of green enterprises has not been verified.To sum up,financing constraints are the transmission way for green credit to promote the quality of technological innovation of green enterprises.（6）Under the constraints of environmental regulation,green enterprises,based on their own development,actively carry out technological innovation activities,enhance environmental benefits,and can more easily obtain the financial support of green credit to ensure the progress of technological innovation projects.Finally,through the thinking of the research conclusion,the relevant policy suggestions are given. |
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