Green Credit Policy And Green Innovation Of Heavily Polluting Enterprises

The increasingly serious environmental pollution problem has become an important factor hindering my country’s economic transformation,restricting sustainable development and slowing down the construction of an environment-friendly society.The control of environmental pollution is a thorny problem that all countries in the world need to solve urgently.For China,which is in economic transition,it is both an opportunity and a challenge.Since the 18 th National Congress of the Communist Party of China,"ecological civilization" has been written into the constitution,and the construction of ecological environment has also been elevated to a strategic level.As a green financial tool in my country,after more than ten years of development,green credit plays an important role in promoting the solution of the contradiction between environmental protection and economic development.In terms of environmental pollution control,my country pays special attention to the control of heavily polluting enterprises with high pollution and high energy consumption.And green innovation,as the most effective means of pollution control,energy saving and emission reduction.Whether the heavily polluting enterprises can effectively carry out green innovation has also become an important benchmark for evaluating the green transformation of enterprises.The proposal of green credit will inevitably affect the green innovation of heavily polluting enterprises,so this paper explores the relationship between the two and their impact mechanism.In this paper,First of all,this paper sorts out and reviews the relevant literature on green credit and green innovation,and finds that few specific green credit policies are used to study the relationship between them and the green innovation of heavily polluting enterprises,and there is also a lot of research on the intermediate mechanism between the two.few.Therefore,on this basis,this paper defines green credit,green innovation and heavily polluting enterprises.Taking the "Green Credit Guidelines" as an exogenous shock,the data of listed companies from 2009 to 2019 are selected,and the double difference method and the intermediary utility model are used to explore the shutdown and intermediary mechanism between green credit and the green innovation of heavily polluting enterprises.Finally,opinions and suggestions are put forward on the theoretical analysis and empirical test results.The results show that:(1)green credit policy has a significant inhibitory effect on the heavy pollution of green innovation.In a further test of Heterogeneity,it was found that the green credit policy inhibited the green invention patents even more,and the non-state-owned enterprises significantly more than the state-owned enterprises,(2)the green credit policy will affect the debt financing ability and financing constraint of the enterprises,and then restrain the green innovation of the heavily polluted enterprises,and the intermediary effect of debt financing and financing constraint is significant;(3)in the analysis of the Heterogeneity of the intermediary effect,we find that the financing constraint has a significant mediating effect on the central and eastern regions.From the above three conclusions,this paper introduces the relevant policies recommendations for the development of green credit,in order to better influence the green development transformation of heavily polluting enterprises through green credit,and then provide certain reference value for our country to realize the green sustainable development.