Research On The Impact Of Green Credit On Corporate Green Innovation Under The "Double Carbon" Strategy

Under the macro background of industrial green and low-carbon transformation,"Double Carbon" strategy and green and high-quality economic development in the 14 th Five-Year Plan period,facing the contradiction between economic development and the increasingly severe ecological and environmental constraints,promoting the green innovation of heavy polluters through Green Credit policy is an indispensable choice to accomplish the goal of " Double Carbon" and to implement the concept of green development.Green innovation is an inevitable choice to achieve the goal of "Double Carbon" and implement the concept of green development,and it is also a fundamental way to break the contradiction between the green and sustainable development of economy and society and the short-term economic benefits of individual enterprises.Under the impact of green credit policy,whether the heavy polluting enterprises,as the main responsible body of ecological and environmental problems,can actively seek green innovation and low carbon transformation to achieve the expected impact of the policy implementation,and the mechanism of green credit for the heavy polluting enterprises to carry out green innovation is the focus of this paper.Based on this,this paper selects the Green Credit Guidelines introduced in2012 as a quasi-natural experiment and applies the DID model to study the effect of Green Credit policy on green innovation of heavy polluting enterprises based on the relevant data disclosed by A-share listed companies in Shanghai and Shenzhen from 2007 to 2020.Secondly,the mediating effect model is combined to explore the intrinsic mechanism of Green Credit policy implementation on green innovation of heavy polluting enterprises under different types of financing constraint perspectives.Meanwhile,the asymmetry of the effect of Green Credit policy on the green innovation of enterprises is investigated according to the nature of ownership,the level of financing constraints,and the assumption of corporate social responsibility.The empirical results show that:(1)The impact of Green Credit policy on green innovation in heavy polluting industries shows a significant penalty effect rather than an incentive effect.(2)Green Credit policy mainly exacerbates the financing constraints of heavy polluters and inhibits their green innovation by scaling back their medium-and long-term financing and reducing their external financing needs.(3)While Green Credit policy has a certain degree of innovation incentive effect on state-owned enterprises,it brings significant constraints to green innovation of non-state-owned enterprises.(4)Green Credit policy has a significant disincentive effect on firms in a low financing constraint state,and instead has a weaker incentive effect on firms in a high financing constraint state.(5)Green Credit policy has a significant negative impact on green innovation by firms that are not socially responsible,while the negative impact on firms that are actively socially responsible is relatively limited.Finally,through consideration of the research results,targeted policy recommendations are proposed to improve the Green Credit policy system,develop differentiated policy implementation standards,strengthen the awareness of environmental social responsibility,strengthen the foundation of innovation through multi-channel efforts,optimize the green financial market environment,and guide the rational allocation of credit resources,providing theoretical guidance for the subsequent effective implementation and planning improvements of Green Credit policy.