The Effect Of Green Credit Policy On Enterprise Innovation

Green credit refers to the bank approval and issuance of loans for energy-saving and environmental protection and new energy manufacturing side of industry and environmental protection projects.The implementation of the green credit policy helps Chinese enterprises to carry out transformation and upgrading,and promotes environmental protection.Enterprise innovation requires a large amount of capital investment.Bank loans,as one of the main channels for enterprises to obtain funds,can effectively promote enterprises to carry out research and innovation.In the traditional credit approval,banks focus on enterprise economic benefits,but under the green credit policy,banks not only consider the performance of enterprises,but also examine environmental qualifications of those enterprises.Enterprises that meet the green credit criteria are more likely to obtain green loans,however whether these green loans can effectively promote the innovation output of enterprises?Firstly,this paper discusses the inner mechanism and research hypothesis of the influence of green credit policy on enterprise innovation.Secondly,using the data of China's listed enterprises,the average effect and dynamic trend effect of green credit policy on enterprise innovation are tested by establishing a propensity score matching-different in different(PSM-DID)model.Finally,it studies the impact of green credit policy on enterprise innovation in different economic development level in China and the ownership nature of different enterprises.Research shows: First,the green credit policy helps green production and management enterprises to promote innovation by obtaining credit funds.In the long run,the impact of green credit on enterprise innovation is significantly increased.Second,the green credit policy has a better effect on promoting the enterprise innovation in eastern China,the promoting effect of the enterprise innovation in western China is second,and has no obvious effect on promoting the enterprise innovation in central China.Third,the green credit policy has a better effect on promoting the innovation of China's privately-owned enterprises,the promoting effect of the innovation in foreign-owned enterprises is second,and has no obvious effect on promoting the innovation of China's state-owned enterprises.The policy recommendations of the study: First,it is important to improve the green credit system and encourage enterprises to make innovation in a sustained and stable manner.Enterprises should actively seek green transformation and upgrading,and promote enterprise innovation capability and innovation output through access to green credit.Second,China's regional economic development levels are not balanced.It is necessary to formulate corresponding green credit policies for different regions and pay attention to the development and innovation ability of enterprises in the central and western regions.Third,according to the nature of state-owned enterprises,it is essential to formulate correct policy orientations,establish effective innovation output mechanisms,and promote state-owned enterprises to shake off innovation inertia and stimulate the innovation vitality of state-owned enterprises.It is necessary to alleviate the financing difficulties of non-state-owned enterprises and enhance market competitiveness.Under the macro background of green environmental protection,this paper provides empirical support for the implementation of green credit policy in China,and provides reference for enterprises' transformation decision-making and innovation input.