Research On The Impact Of Green Credit On Innovation Output Of Chinese Enterprises

Innovation is the only way to achieve high-quality economic development.The problems of resource shortage and environmental pollution are becoming more and more prominent.This requires enterprises to reduce pollution,save energy and reduce emissions as much as possible in the process of operation,and achieve green development.To achieve these goals,enterprises face technological challenges.Therefore,technological innovation is required to promote the emergence of more innovative achievements.However,due to the huge risks of corporate innovation investment and limited financing channels,corporate innovation output is facing difficulties.The purpose of green credit is to reduce pollution,reduce carbon emissions,utilize resources efficiently and save energy,and has a high degree of tolerance for project risks,which is in line with the "green" development needs of enterprises.Therefore,it is of great significance to study the impact of green credit on corporate innovation output and the channels through which green credit affects corporate innovation output.This thesis takes green credit and enterprise innovation output as the research object,and makes a brief review on the basis of combing the literature on green credit,enterprise innovation and the relationship between green credit and enterprise innovation.Firstly,the concept of green credit and enterprise innovation output is defined,and the theory of porter hypothesis,financial development,credit rationing,corporate social responsibility and Schumpeter innovation theory are used as the theoretical basis of the study.Secondly,the general situation of green credit and enterprise innovation output in China is introduced.Then analyzed theoretically green credit to our country enterprise innovation output effect and the influence of different level of regional economic development of our country enterprise innovation output effect and the influence of the mechanism of action of green credit to our country enterprise innovation output,and put forward the research hypothesis,then using2013-2018 industrial enterprises above designated size related data as the main sample,a fixed effect model and a mediating effect model were established for empirical analysis,and the endogenous problems were discussed and the robustness test was carried out.The empirical results show that:(1)Green credit can significantly promote firms’ innovation output,and the degree of industrialization,government expenditure on science and technology and education,human capital and economic development level all have a positive impact on firms’ innovation output;(2)China’s regional economic differences are large,and the economic development level of different regions will affect the effect of green credit on enterprise innovation output.Compared with the economically developed regions,green credit in less developed regions has a more obvious promoting effect on enterprise innovation output;(3)Green credit promotes enterprises’ innovation output through two channels: reducing financing cost and increasing r&d investment.In terms of cost effect,the development of green credit will reduce the financing cost of enterprises,and the reduction of financing cost will promote the innovation output of enterprises;In terms of social responsibility effect,the development of green credit will make enterprises increase r&d investment,which will directly promote the innovation output of enterprises.Finally,according to the empirical results and problems found in this paper,suggestions are put forward from the three levels of government,society and commercial banks to promote green credit to support enterprises’ innovative output by increasing government support,relying on social forces and giving full play to the leading role of commercial banks.