Research On The Influence Of Green Credit Policy On Corporate Green Innovation

As the economy and society enter the new era,the national economic level continues to grow,and environmental problems become increasingly severe.In the implementation of green credit policies,industries with high pollution,high energy consumption and excess capacity,namely "two high and surplus" industries,face higher regulatory pressure due to their relatively high energy consumption and carbon emissions.Therefore,such enterprises must change their development concepts,actively carry out green innovation activities,and invest in sustainable technologies,so as to achieve long-term development of enterprises.Therefore,in order to encourage "high quality,high quality and surplus" enterprises to actively carry out green innovation and realize the green transformation of the economy,it is necessary to explore the influence path of green credit policy on enterprise green innovation.In order to verify that green credit policy has an impact on the green innovation of "high,high and surplus" enterprises.This paper selects the A-share non-financial listed enterprises from 2007 to 2020 as the initial sample,takes the Green Credit Guidelines as the quasi-natural experiment,and takes the "high,high and surplus" enterprises as the experimental group to construct the DID model.Then,this paper divides green innovation activities into substantive green innovation and strategic green innovation,so as to further explore the differences in the impact of green credit policies on green innovation of different types of enterprises.Furthermore,in order to analyze the influence mechanism of green credit policy on green innovation,this paper introduces the moderating effect model,mediating effect model and moderated mediation model.Secondly,the mediating effect model with financial constraints as the mediating variable is established to explore the mediating role of financial constraints in this influence path.Finally,under the co-existence of financial constraints and direct government intervention,a moderated mediation model is established to explore whether the mediating role of financial constraints is moderated by direct government intervention.Summarizing the above empirical analysis,the final conclusions are as follows: firstly,green credit policy can significantly promote the overall and strategic green innovation of enterprises with "high quality,high quality and surplus";Although green credit policy can promote the substantive green innovation of enterprises,it is not obvious.Secondly,financial constraints play a partial intermediary role in the promotion of corporate green innovation by green credit policies,indicating that green credit policies do not affect corporate green innovation only through the path of financial constraints.Finally,direct government intervention plays an indirect moderating role,which can make the promotion effect of green credit policy on various types of green innovation of enterprises more obvious,including substantive green innovation that cannot play a significant role at first.At the same time,when financial constraints play a direct mediating role,direct government intervention only regulates the first half path of the mediating effect,but has no moderating effect on the second half path.