Research On The Impact Of Green Credit Policy On Technological Innovation Of Heavy Polluting Enterprises

Over the past 40 years of reform and opening up,China’s economy has developed at a high speed.But at the same time,the environmental situation is increasingly severe,and environmental events occur frequently.Carbon emissions have increased dramatically,which have greatly hindered the comprehensive green transformation of China’s economic and social development.As the main body responsible for manufacturing ecological environmental problems,how to improve the environmental quality and pollution control of heavy polluting enterprises has attracted close attention from all walks of life.In order to find a balance between economic development and ecological protection,the party and the state have successively formulated and promulgated a series of environmental policies and regulations,and attempted to use financial means to further promote the green development of China’s economy.Green credit policy is an important exploration to support enterprises’ green development,energy conservation and emission reduction through the reallocation of credit capital.The promulgation of green credit policy effectively restricts the credit financing of heavy polluting enterprises.But can the heavy polluting enterprises make the adjustment expected by the policy? In the face of green credit constraints,whether it can actively transform and upgrade through technological innovation to green industry,in order to achieve the expected effect of policy promulgation,this is the focus of this paper.In view of this,this paper uses the empirical data of A-share listed non-financial enterprises from 2008 to 2016,takes the "green credit guidelines" issued by the former CBRC in 2012 as the exogenous impact of quasi natural experiment.In order to investigate whether the green credit policy can be better implemented at the enterprise level,this paper uses difference-in-differences model to explore the effect of green credit policy on the technological innovation level of heavy polluting enterprises,and tests the regulatory role of government subsidies.Further,this paper makes a group regression of the enterprises under different property rights and financial development level in different regions,and tests the economic consequences of heavily polluted enterprises which respond to green credit policy and improve the level of technological innovation.The empirical findings are as follows.Firstly,the promulgation of green credit guidelines has significantly improved the technological innovation level of heavy polluting enterprises,in which government subsidies play a negative regulatory role.Secondly,green credit policy can significantly improve the technological innovation level of state-owned heavy polluting enterprises and heavy polluting enterprises in financial underdeveloped areas.Thirdly,the incentive effect of green credit policy on technology innovation of heavily polluted enterprises can help them reduce the cost of credit financing.Finally,the paper puts forward policy suggestions on the development of green credit in China from the perspectives of government,banking financial institutions and enterprises.The possible contributions of this paper are as follows.Firstly,this paper expands the research on the effect of green credit policy from the perspective of technological innovation of heavy polluting enterprises.It enriches the literature on the economic consequences of green finance and environmental regulation to a certain extent,and provides new empirical evidence for testing whether Porter hypothesis can be established in China’s financial market.Secondly,the difference-in-differences model is used to solve the problem that it is difficult to study the impact of green credit on enterprises because it is difficult to obtain the green credit data over the years.Thirdly,it is found that green credit policy can promote the technological innovation of heavy polluting enterprises,and this innovation incentive effect can help heavy polluting enterprises reduce the cost of credit financing.This research conclusion has important implications for the government,banking financial institutions and heavy polluting enterprises.