Research On The Impact And Mechanism Of Deleveraging Policy On Corporate Green Innovatio

In recent years,to cope with the high leverage since the publishment of Four Trillion Plan policy in 2008,the State Council of China issued the Opinions on Actively and Steadily Reducing Enterprise Leverage(OASREL)in 2016.The OASREL not only requires enterprises to accelerate the liquidation of debt arrears and reduce the scale of loans,but also encourages enterprises to develop equity financing.External financing composed of debt financing and equity financing is an important source of green innovation activities of enterprises.In summary,the implementation of deleveraging policy could change the capital structure of enterprises and have a close relationship with enterprise green innovation.It is of great value to concentrate on the internal mechanism of the impact of deleveraging policy on enterprise green innovation.Therefore,this paper focuses on the effect of deleveraging policy on green innovation of enterprises,and reveals the causal relationship and internal mechanism between them by combining quantitative research and case analysis.This paper not only broadens the relevant research on the influencing factors of green innovation from the perspective of micro enterprise capital structure and enriches the research on the economic effect of deleveraging policy,but also provides new ideas for enterprises to achieve win-win economic efficiency and environmental protectionThis paper is based on literature review and theoretical analysis.Taking the Opinions on Actively and Steadily Reducing Enterprise Leverage issued by the State Council of China in 2016 as an exogenous shock and utilizing the panel date of listed manufacturing enterprises in China from 2010 to 2019,this paper constructs a DID model and conducts a series of robustness tests,which quantitatively confirms that the deleveraging policy can play a positive role in improving enterprise green innovation.Furthermore,heterogeneity analysis reveals that the deleveraging policy can promote the application of green invention patents to a greater extent,and has a greater effect on green innovation in state-owned enterprises,large-scale enterprises,technology intensive enterprises and enterprises in financially developed regions.Ultimately,the mechanism test confirms that the deleveraging policy provides long-term funds for enterprise green innovation by promoting enterprise equity financing.And with the strengthening of shareholders’ supervision and management,it also effectively ensures the stable development of green innovation.On the basis of quantitative research,this article selects Chongqing Changan Automobile Company as case analysis,through exploring the Company capital structure and green innovation changes before and after the policy implementation,and further open to leverage policies and enterprise green innovation relations between "black box",more intuitive to reflect to leverage policies affect the enterprise the internal mechanism of green innovation.Qualitative research proves that deleveraging effectively promotes green innovation,and promotes green innovation activities by assisting enterprises to ease financing constraints and strengthening shareholder supervision.Based on this,this paper puts forward the following Suggestions: Firstly,for enterprises with unreasonable asset-liability ratio,we should innovate equity financing tools,enrich equity financing channels and encourage them to develop equity financing.Secondly,we should strengthen supervision for enterprises with unreasonable capital structure,promote their debt clearing and debt integration,optimize capital structure and realize sustainable development Finally,encourage state-owned enterprises to carry out mixed ownership reform,introduce more diversified social capital,enhance capital strength while optimizing capital structure,seek cooperation opportunities and improve green innovation level of enterprises.