Research On The Impact Of Green Credit Policy On Enterprise Green Innovation

Since the reform and opening up,China’s economy has achieved rapid growth,but it has also paid a huge environmental price.Environmental pollution,resource shortage and climate anomaly have become the key factors restricting the sustainable economic development.As a key node of the interaction between natural,economic and social elements,enterprises are the main body of promoting green economic development.In order to guide the flow of funds to green production fields and promote the green transformation of enterprises,the former China Banking Regulatory Commission(CBRC)issued the Green Credit Guidelines in 2012,which put forward standardized requirements for the development of green credit for the first time,and included the environmental risks of enterprises into the credit evaluation system as an important investigation index.As one of the green financial instruments,green credit has the dual characteristics of environmental regulation and financial resource allocation.The study of the effect and the specific function mechanism of green credit policy on enterprise green innovation can not only provide theoretical reference for the formulation and improvement of financial policies,but also have important practical significance for the realization of "Double Carbon" target and the promotion of green economic development.This paper put the Green Credit Guidelines in 2012 policy as A quasi-natural experiment,selected a-share listed companies in 2007-2020,the heavy pollution enterprises set for experimental group,the non-heavy pollution enterprises set for the control group,using the Differences-in-Differences method(DID)assessment of green credit policy on heavy pollution enterprise green innovation net effect and influence mechanism,and further to green patent type,enterprise ownership nature,the area and enterprise scale heterogeneity analysis.The research results show that: first,compared with non-heavy polluting enterprises,the net effect of green credit policy on the green innovation of heavy polluting enterprises is negative;Second,the inhibitory effect of green credit policy on the net effect of green innovation in heavily polluting enterprises is mainly realized through two channels: financing constraints and environmental information disclosure;Thirdly,the heterogeneity analysis shows that the green credit policy has a more obvious inhibitory effect on the net effect of green innovation in green invention patents,non-state-owned heavy polluting enterprises,heavy polluting enterprises in eastern China and large-scale heavy polluting enterprises.According to the research conclusion and combined with the development status of green credit policy,this paper puts forward the following targeted suggestions:(1)Improve the green credit system and consolidate the institutional guarantee of green development;(2)Put an end to "one size fits all" green credit and innovate diversified credit products;(3)Improve the environmental information disclosure mechanism and promote the effective sharing of environmental information;(4)Enhance the environmental awareness of enterprises and stimulate the internal transformation power.