Research On The Influence Of Green Credit Policy On Enterprise Green Technology Innovation

With the rapid development of China’s economy,environmental problems are becoming more and more obvious.In order to solve the contradiction between economy and environment,realize the development from extensive to intensive,from the initial low-quality development to high-quality and high-demand development,China actively promotes enterprises to carry out green technological innovation,and drives enterprises to change their production and operation modes to realize green,low-carbon,sustainable and high-quality development.Green technology innovation needs the support of funds.When banks extend traditional credit,they mainly pay attention to the economic benefits of enterprises.However,under the influence of green credit policy,banks not only pay attention to the operating benefits of enterprises,but also pay attention to the factors such as environment and pollution emissions of enterprises.Can this policy effectively promote enterprises to carry out green technology innovation?First of all,this paper combs and studies the related literature of green credit and green technology innovation.Secondly,the development of China’s green credit policy is analyzed.Then,it discusses the influence mechanism of green credit policy on green technology innovation and puts forward the research hypothesis.Finally,by constructing the double difference model(DID),taking the release of Green Credit Guidelines as the time node,this paper analyzes the green technology innovation behaviors of enterprises in green credit restricted industries and non-green credit restricted industries before and after the promulgation of the Guidelines.The empirical results show that:(1)Green credit policy can promote enterprises to carry out green technological innovation;(2)The implementation of the green credit policy will change the financing constraints of enterprises in the process of production and operation,so as to promote green technological innovation.The introduction of green credit policy will reduce the influence of government investment constraints on enterprises’ green technology innovation,and also enable enterprises to have sufficient financial support to carry out green technology innovation,so as to complete industrial transformation and upgrading;(3)Compared with the enterprises in the central and western regions,the green credit policy has a better driving effect on the green technology innovation of enterprises in the eastern region of China,but the effect of green credit on enterprises in the central and western regions is not obvious.In view of the above research results,the following policy suggestions are put forward: First,different strategies should be adopted to implement the green credit policy in different regions.Second,create a good green credit environment and improve the financial restraint and incentive mechanism.Third,strengthen enterprises’ own awareness of environmental protection and adhere to green governance.Make full use of green finance and enterprise green technology innovation to achieve win-win economic development and environmental protection.