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

Since the reform and opening up,China has accelerated the development of various industrial industries,making China’s economy a qualitative leap.Due to the continuous development of various heavy industries,the environmental pollution problem in Our country will become increasingly serious.How to strike a balance between economic and social development and environmental governance is one of the major problems that need to be solved in the process of sustainable social and economic development in contemporary China.As early as 2005,General Secretary Xi Jinping put forward an important vision of "clear waters and lush mountains are invaluable assets" for sound economic and social development.In the report of the 19 th National Congress of the Communist Party of China,it was also clearly pointed out that we should give full play to the role of green finance,actively establish China’s green technology innovation system,and focus on the development of energy conservation,environmental protection and clean energy industry.Green finance is the main driving force to promote green innovation and achieve green development,and the main technical means to correctly handle the relationship between financial industry and social sustainable development.Compared with traditional financial market,green finance is one of the most obvious characteristics,it is pay attention to the overall environment of the human economic and social economic benefits,and the rational utilization of the resources and the natural environment as one of the main criteria for measuring its social performance,using their own activities to guide the market operators,and pay attention to the natural ecological balance development.It emphasizes the harmonious and healthy development between the Internet market activities and the natural environment,economic society and its own ecological balance,so as to realize the sustainable development of people’s economy and society in the end.But at the same time,due to the growth of the global population,the rapid and vigorous development of people’s economy and society,and the sharp rise of global energy consumption,the world’s natural resources and ecological environment are also facing great challenges,to achieve green ecological economic development has become an important trend of the current global economy and society.The concept of green credit comes from green finance,which focuses on supporting clean energy,green manufacturing,new energy vehicles,green buildings and other industries.It also includes loans for investment and business development of energy conservation and environmental protection projects.Promoted the implementation of the green credit policy Banks and other financial institutions of each enterprise loan threshold,in order to ensure and to assist companies to reduce energy consumption,save social resources,the introduction of management accounting in the financial ecological environment factors and investment decision-making process,thus completely change the enterprise seriously polluted natural environment,a large number of social resources of extensive management mode,In order to prevent enterprises into the first environmental pollution after treatment,and then environmental pollution and treatment of the vicious circle.During the period of deepening supply-side structural reform during the 13 th Five-Year Plan period,how to optimize investment and financing structure,promote innovation-driven development,optimize industrial structure,and vigorously develop green finance has become a major subject in urgent need of research and breakthrough.This article first to the green credit,enterprise innovation and green credit policy affect the relationship between enterprise innovation and generalizes the related literature and reviewed in this paper,detailed elaborated the green credit and then the related theories of enterprise innovation,puts forward the green credit policy research hypothesis,with heavy pollution enterprise innovation at the same time for different nature of property rights and the enterprises of different sizes,The heterogeneity analysis between green credit policy and innovation of heavy polluting enterprises is further carried out,and the transmission mechanism of financing constraints and investment efficiency between green credit policy and heavy polluting enterprises is also studied.Finally the article using the financial data of all a-share listed companies,in 2012,the promulgation of "green credit to guide the exogenous events to build natural experiment,in 2010,the ministry of the environment information disclosure of listed companies,the guide to specify the thermal power,steel and other 16 heavy pollution industry,then according to the" industry classification,the manual sorting,Enterprises are divided into heavy polluting enterprises and non-heavy polluting enterprises,and the impact of green credit policy on innovation of heavy polluting enterprises is verified by using differential difference model.The results show that :(1)overall,there is a significant negative correlation between green credit policy and innovation of heavy polluting enterprises compared with non-heavy polluting enterprises after the promulgating of green credit guidelines,which indicates that the innovation of heavy polluting enterprises is significantly inhibited after the implementation of green credit policy.(2)from the perspective of enterprise property rights,after the green credit guidelines issued,compared with the state-owned enterprises,green credit policy and non-state heavy pollution has significant negative correlation between the innovation of the enterprise,it shows that after the implementation of green credit policy,non-state heavily polluting enterprises innovation had significant inhibitory effect.(3)From the perspective of enterprise size,after the promulgation of green Credit Guidelines,there is a significant negative correlation between green credit policies and the innovation of developing small and heavy polluting enterprises compared with those developing large enterprises.This shows that after the implementation of green credit policy,the innovation of developing small and heavy polluting enterprises is significantly inhibited.(4)From the perspective of transmission path,after the promulgation of green Credit Guidelines,green credit policies may affect enterprises’ innovation through financing constraints and enterprises’ investment efficiency.