The Influence Of Green Finance Policy On Enterprise Green Technology Innovation

To promote high-quality economic development,energy and environmental issues cannot be ignored.In the new development philosophy,innovation is the primary driving force,and green development is an inevitable requirement of ecological civilization construction.Green innovation has become the key to the coordinated development of economy and environment.However,green innovation projects are characterized by long cycle,large investment and high uncertainty,which require long-term and stable financial support.Green finance can guide the flow of capital from industries with high pollution and high energy consumption to green environmental protection industries like clean energy industry,resource conservation industry and so on.So green finance can provide funds for enterprises to carry on green innovation activities.At present,our construction of green finance system is still to be improved,direct financing channels represented by green bonds have gradually developed in recent years.These green finance policies have been further optimized in the green finance reform and innovations pilot zones.Therefore,it is of great significance to explore how to formulate reasonable green finance policies so as to give full play to the guiding role of new green financing tools in enterprises’ green innovation.This paper selects the relevant data of bond-issuing enterprises in the five provinces(autonomous regions)of green finance reform and innovations pilot zones from April 2018 to April 2020 as research samples,and takes the Notice on Supporting the Issuance of Green Debt Financing Instrument in the Green Finance Reform and Innovation Pilot Zone issued by the People’s Bank of China in April 2019 as the policy impact event.On the basis of technological innovation theory,environmental regulation theory and stakeholder theory,we construct a difference-in-difference model to study the influence of green finance policy on enterprises’ green technology innovation.Further,the variable of bond spread is introduced.Based on financing constraint theory and signal transmission theory,we firstly empirically study the influence of green finance policies on the debt financing cost of green enterprises and brown enterprises,and then use the hierarchical regression method to verify the mechanism of debt financing cost.Since different types of businesses may be affected differently by the policy,this paper examines the implementation effect of green finance policy from listing attributes,ownership attributes and local regions of enterprises respectively.The conclusion of this paper is that green finance policy can significantly improve the green technology innovation efficiency of green enterprises and brown enterprises in the pilot provinces,and the financing cost plays a regulating role in this process.On the one hand,for green enterprises,green finance policies can reduce their financing costs by broadening financing channels,alleviating information asymmetry,so as to reduce financing costs,crack the financing problem of green enterprises’ innovation,and encourage green enterprises to engage in green technology innovation.On the other hand,for brown enterprises,green finance policies punish pollution and energy consumption behaviors,cultivate green investors,so as to raise financing costs,and force brown enterprises to stimulate their willingness to engage in green innovation and achieve long-term development.In addition,the influence of green finance policies on enterprises’ green technology innovation varies among enterprises of different ownership,listed enterprises and non-listed enterprises,as well as enterprises in different regions.