Research On The Impact Of Green Credit On Green Technology Innovation Of Environmental Protection Enterprises

During the "14th Five-Year Plan" period,China has opened critical time of conversion of old and new kinetic energy,national development has entered a new era journey,with more and more emphasis on making green development the background of high-quality development,and promoting green,low-carbon and high-quality transformation and development,in order to achieve the 3060 dual carbon goal at an early date.Green credit is an important tool for the Chinese government to promote the development of green industries,promote the flow of credit resources to environmental protection and green enterprises,optimize and improve the credit structure,and promote the technological innovation output of green industries.the way of ignoring the quality of economic growth will only cause the pressure on the ecological environment and the destruction of the natural environment.Hindering the improvement of people’s quality of life,but also to the economic sustainable development of new challenges.The research theme of this paper is the impact of green credit on green technology innovation of environmental protection enterprises.Firstly,the literature on green credit,commercial banks,environmental protection enterprises,green technology innovation and financing constraints was summarized and analyzed,and secondly,the theory of sustainable development,corporate social responsibility,green finance and Porter hypothesis was comprehensively sorted out and analyzed,and a theoretical framework was formed,and five research hypotheses were proposed according to the mechanism of action of the whole process,which paved the theoretical foundation for subsequent comprehensive empirical analysis.In the empirical analysis,the green credit level was measured by 21 typical banks,green patent applications measured the extent of green technology new trails of environmental friendly listed enterprises,and several control variables were selected.The benchmark regression model and the mediation effect model were used for empirical analysis and heterogeneity testing.Finally,shortening the time window of the study sample,changing the sample size,and changing the measurement method of the dependent variable to confirm the robustness of the empirical results.Therefore,the following five conclusions are drawn:(1)Green credit helps to improve the level of green technology innovation of environmental protection enterprises.(2)Green credit plays a significant role in promoting the green technology innovation of state-owned environmental protection listed enterprises and non-stateowned environmental protection listed enterprises.(3)Green credit plays a positive role in promoting the development of green technology new trails of environment friendly listed enterprises before and after the release of Green Credit Guidelines in 2012.(4)Compared with the northeast region,the green credit can promote the green technology innovation of listed environmental protection enterprises in the east,middle and west regions.(5)Financing constraints play an intermediary role in the impact of green credit on the extent of green technology new trails of environment friendly listed enterprises.Financing constraint is part of the intermediary transmission factor to the green technology innovation level of listed enterprises.