Research On The Impact Of Green Credit Policy On Enterprise Green Innovation

In China,the external financing of enterprises mainly relies on commercial bank loans,and the innovative R＆D activities of enterprises cannot be separated from the support of commercial bank credit funds.Therefore,in the face of my country’s environmental pollution problem,a green credit policy that combines traditional credit policy and environmental regulation has emerged.By guiding the orientation of credit funds,green credit stimulates the inherent emission reduction power of heavily polluting enterprises,and by providing preferential green credit,it can reduce environmental pollution and resource consumption through green innovation,and achieve green structural transformation.Then,whether heavy polluting enterprises can respond to national policies and improve the performance of green innovation needs to be discussed in depth.Since February 2012,when the former China Banking Regulatory Commission issued the "Green Credit Guidelines",China has established a relatively complete green credit system.Therefore,this paper takes the impact of the issuance of the "Green Credit Guidelines" as an event to carry out a quasi-natural experiment,and uses the green credit-restricted industry enterprises stipulated in the "Green Credit Guidelines" as the processing group,and uses PSM-DID to study the policy of the "Green Credit Guidelines".The impact of shocks on the green innovation of enterprises in the green credit-restricted industry is studied,and the mediation effect model,Richardson investment efficiency model and triple difference model are used to study the impact mechanism,adjustment mechanism and economic effect of green credit policy on enterprise green innovation.The research results show that,first,the green credit policy can significantly improve the green innovation performance of enterprises in the green credit-restricted industries,and this promotion effect increases year by year with the implementation of the green credit policy.Second,the green credit policy has more significantly promoted the green innovation of enterprises in the state-owned green credit-restricted industries and those in the economically developed eastern region.Third,it is found that investment efficiency plays a partial intermediary role in the process of green credit policy promoting green innovation of enterprises in industries restricted by green credit.Fourth,through the adjustment effect test,it is found that the more green creditrestricted industries that have obtained commercial credit,the more significant the improvement in green innovation performance.Fifth,after the implementation of the green credit policy,companies in the green credit-restricted industries that actively engaged in green innovation activities achieved structural adjustment and improved their market competitiveness,indicating that the overall development of heavily polluting companies was positive.Based on the above conclusions,this paper puts forward relevant policy suggestions on improving China’s green credit policy system,and provides some reference for micro-enterprises to make investment decisions.