Research On The Impact Of Green Credit Policy On Technological Innovation Of New Energy Enterprises

Under the background of the increasing shortage of exploitable reserves of traditional fossil energy and the climate problems caused by burning fossil energy can not be ignored,the optimization and upgrading of energy structure is imminent,so is the exploiting of new energy,while the problem of crucial technology innovation is one of the imperative elements restricting the development of new energy enterprises.In terms of financial policy,the state has implemented the green credit policy to guide the allocation of funds and support the growth of green industries,including new energy enterprises.Whether it enables enterprises to enhance technological innovation is crucial.Firstly,this paper summarizes the previous scholars’ research on green credit measures and corporate innovation,and then makes a theoretical analysis on how green credit policy affects the technological innovation of new energy enterprises by taking the realization mechanism of enterprise sustainable innovation as the framework,combined with externality theory and priority financing theory.The panel financial data of A-share listed enterprises from 2008 to 2018 were obtained from CSMAR database.Taking the2012 green credit guidelines as the starting point,the PSM-DID model was used to investigate from the perspective of new energy enterprises,which confirmed that the green credit policy can significantly improve the technological innovation of new energy enterprises.The parallel trend test is further implemented,and the robustness of the conclusion is enhanced from multiple angles by changing the measurement index,selfhelp sampling virtual experiment group,changing the matching method and full sample method.On the basis that the green credit policy can effectively promote the technological innovation of new energy enterprises,this paper further analyzes and discusses its mechanism.In terms of intermediary effect,this paper measures the credit financing scale of enterprises with the total amount of loans from enterprises to banks,and investigates it with the intermediary effect model,which proves that there is some intermediary effect in the green credit policy green credit policy enables new energy enterprises to accelerate technical innovation.Heterogeneity analysis found that the green credit policy has a more obvious role in promoting the technological innovation of state-owned new energy enterprises,and it is found that the green credit policy is difficult to be effective for enterprises facing strong financing constraints.The results of heterogeneity analysis also prove that the promotion effect of green credit policy on enterprise technological innovation is realized through the channels of promoting enterprise financing to a certain extent.