Research On The Influence And Mechanism Of Green Credit Policy On R&D Innovation Of Listed Companies

Since the reform and opening up,with the deepening of industrialization,relying solely on the input and scale expansion of production factors to achieve economic growth is not sustainable and does not conform to the current social development situation.In this context,the function of green finance system is increasingly prominent,and the process of implementing "green finance" has been widely recognized.Green credit is a key link in the green finance system.It can invest the funds of high energy consumption and high pollution enterprises in environment-friendly enterprises.This article selects the period from 2007 to 2020 as the sample interval,collects relevant data from 4553 companies in the Shanghai and Shenzhen A-shares,and uses the double difference method to analyze the effect of China’s green credit policy on China’s technological innovation.Through empirical analysis,the following conclusions are drawn.Firstly,the green credit policy has a significant promoting effect on the R&D investment and green technology innovation of environmental protection enterprises in China.This article uses a double difference model to reveal the relationship between green credit policies and green technology innovation in enterprises.The green credit policy is conducive to expanding the R&D investment of environmentally friendly listed companies and significantly increasing their number of green patent applications.In the case of testing the possible parallel trend hypothesis,and adopting Bootstrap test,group regression test and other methods to verify robustness,this paper proves the effectiveness of the empirical results.Secondly,the scale of debt Financing is the transmission path of green credit policy affecting green technological innovation of enterprises.Through the mesomeric effect model,this paper finds that the implementation of green credit policy can improve the scale of debt Financing of environment-friendly companies,which has a positive impact on their expansion of R&D investment,and ultimately plays a role in improving the level of green technology innovation of environmental protection enterprises.Thirdly,the level of regional financial development is an important regulatory mechanism for the causal relationship between green credit policies and enterprise green technology innovation.The triple difference estimation results show that,in areas with low financial development,the positive effect of green credit policy on enterprise R&D investment is stronger,while the positive effect on enterprise innovation output is weaker.The grouped regression robustness test results are consistent with the interactive regression results,indicating that regional financial development is a major factor affecting enterprise technological innovation.Finally,heterogeneity analysis indicates that green credit policies have a more significant positive effect on the level of green technology innovation in non-state-owned enterprises and small and medium-sized enterprises.The green credit policy has expanded the financing channels for non-state-owned enterprises and small and medium-sized enterprises,playing a positive role in helping private enterprises overcome the "financing difficulties" and deepening the reform of the financial system.This study reveals the substantial impact of green credit policies on green technology innovation in enterprises.To provide reference for a better understanding of the functions and effects of green credit policies,and to provide new ideas for research on the relationship between resource and environmental issues in China and enterprises.It has certain reference value for the influencing factors and mechanisms of green innovation in enterprises,as well as providing more support for green R&D innovation activities.