Research On The Impact Of Green Credit Policy On The Innovation Level Of Heavily Polluting Enterprises In China

Since the reform and opening up,the rapid development of China’s economy has also been accompanied by serious problems such as waste of resources and environmental pollution.Therefore,the state has started from the strategic level to implement the concept of environmental protection into the economy,and a series of green financial policies have emerged,of which green credit is extremely important.By clarifying the relevant regulations of banking financial institutions,credit barriers are set up for enterprises that cause serious environmental pollution,so that they have to change their business models,carry out innovative reforms,and increase their green content to offset the financial pressure caused by environmental regulatory policies.This paper selects the "Green Credit Guidelines" issued in 2012 as the research entry point,takes the A-share listed companies from 2005 to 2020 as a sample to carry out quasi-natural experiments,and uses the PSM-DID model to conduct empirical research to investigate the impact and transmission mechanism of green credit policies on the innovation of heavily polluting enterprises.The results show that:(1)the implementation of the Green Credit Guidelines has significantly improved the innovation level of heavily polluting enterprises;(2)the improvement of the innovation level of heavily polluting enterprises is mainly reflected in the increase in the number of patent applications,especially the increase in the number of noninvention patents;(3)the promotion of innovation by green credit policies for heavily polluting enterprises is mainly achieved by increasing innovation input by enterprises,and the improvement of the innovation level of heavily polluting enterprises is conducive to improving the profitability of enterprises;(4)The Green Credit Guidelines The implementation of the positive promotion effect on the innovation level of heavily polluting enterprises is more obvious to the heavily polluted enterprises in areas with underdeveloped state-owned nature and financial level;the above research results show that promoting the systematization and standardized implementation of green credit policies can promote the optimization and upgrading of heavily polluting enterprises,improve their innovation capabilities,and also provide reference significance for green financial reform in other fields.