Research On The Impact Of Green Credit On Corporate Green Innovation ——Based On A-share Listed Companies

In recent years,phrases such as "environmentally friendly society","green development" and "building ecological civilization" have often appeared in government reports,and many departments have issued policy documents,laws and regulations on green environmental protection.This fully demonstrates the importance that the State attaches to environmental issues.Green finance is an important tool to achieve environmental governance through financial means,of which green credit is the largest component of the green finance sector.Green credit incorporates the environmental and social risks of enterprises into the credit assessment of banks and directs the flow of funds to the green,low-carbon and circular economy,while differential credit is implemented for heavy polluting and high-energy-consuming enterprises that are the focus of national regulation,with a view to promoting green innovation,green transformation of enterprises and green development of society through differentiated credit.China has been implementing green credit policies for several years,but the effectiveness of policies and whether enterprises will actively engage in green innovation activities to meet environmental requirements are yet to be tested by empirical data.There are currently few empirical studies conducted in China on the impact of green credit on corporate green innovation,and the effect of green credit on corporate green innovation and its mechanism of action are still unclear.The article constructs policy dummy variables based on the Green Credit Guidelines as a quasi-natural experiment,and uses a double difference model to test the effect of green credit on corporate green innovation and its mechanism of action based on company characteristics data and green patent data of A-share listed non-financial companies in China from 2010-2019.The empirical results show that green credit does not promote green innovation in heavy polluting enterprises as strongly as it does in non-heavy polluting enterprises.After the implementation of green credit,the long-term borrowing and commercial credit of heavy polluting enterprises are less compared to non-heavy polluting enterprises,thus the promotion effect of green credit on their green innovation was relatively weak.Further research founds that the effect of green credit on green innovation is heterogeneous across different patent types,enterprises with different ownership properties and enterprises in regions with different levels of economic development.Finally,specific measures are put forward to strengthen the implementation effect of green credit policy to promote enterprise green innovation from the three aspects of green credit system formulation,green credit implementation and green credit supervision.