Research On The Influence Of Green Credit On The Polluting Enterprise Innovation

As a big developing country,China’s economy is currently facing double pressures of protecting the environment and promoting growth.As the environment is a typical public goods,the protection of the environment needs the government to implement environmental regulations to correct the market failure in environmental consumption.As a kind of market-oriented environmental regulation means,green credit can affect the business behavior of enterprises and guide industrial structure adjustment.At the same time,with the advent of the scientific era,for China in the period of economic transformation,technological innovation is the key factor to achieve healthy and sustainable economic development.Improving the ability of technological innovation can not only promote the rapid development of regional economy,but also reflect the core competitiveness of a country or region.Studying the technological innovation activities of enterprises regulated by the green credit policy and analyzing the influence of the green credit policy on the technological innovation of enterprises will help the government to systematically consider various factors affecting the green credit policy and improve the corresponding policies,especially to achieve the dual objectives of reducing social pollution emissions and promoting technological innovation from the "polluter" side,and further improve the government environment Operability and efficiency of environmental management.Based on the enterprise level data of Listed Companies in China’s A-share market from 2007 to 2018,taking the official implementation of the green credit guidelines in2012 as an event to construct a quasi natural experiment,this paper uses the double difference method to quantitatively evaluate the impact of green credit policy on the investment behavior of technology innovation of heavily polluted enterprises,and further reveals the impact of green credit on technology innovation of enterprises from state-owned enterprises and private enterprises To build the relationship between macro environmental public policy and micro enterprise behavior and performance.The results show that: first,the "penalty effect" of green credit on the financingconstraints of heavy polluting enterprises forces heavy polluting enterprises to carry out technological innovation and reduce costs,that is,the implementation of green credit policy has a certain role in promoting the investment in technological innovation of heavy polluting enterprises,which verifies the existence of "Porter Hypothesis".This means that strict environmental regulations not only not reduce the speed of China’s economic growth,but also make China’s economy reap the "win-win" result of improving environmental quality and productivity growth.Secondly,after further distinguishing the differences of ownership attributes of enterprises,the assessment results show that the impact of green credit on enterprise research and development is significantly different due to different ownership systems: Green credit can promote the technological innovation of non-state-owned heavy pollution enterprises,but it has no significant impact on state-owned enterprises.Finally,according to the conclusion and combined with the actual situation of our country,we puts forward the corresponding countermeasures and suggestions for the implementation of green credit policy and technological innovation of enterprises.