| Green transformation is crucial for the high-quality development of enterprises,but financing gaps and technological and market risks pose challenges for green transformation projects.Previous research has focused on promoting corporate green transformation through environmental regulations and internal environmental orientation.However,government policy support,especially through green credit policies,is also essential for successful green transformation.As green credit policies continue to evolve,this study presents an opportunity to investigate their impact on corporate green transformation.The objective of this study is to explore the promotion of corporate green transformation from a new perspective of green credit policies.Firstly,a systematic review and analysis of domestic and international research on green credit policies and corporate green transformation will be conducted,guided by Xi Jinping thought on eco-civilization.Externalities theory,Porter’s hypothesis theory,sustainable development theory,and social responsibility theory will be incorporated into a unified analytical framework to explore the impact of green credit policies on corporate green transformation and propose relevant research hypotheses.Secondly,the super-efficiency SBM-DEA model and the Malmquist-L uenberger index will be used to measure the level of green transformation of Chinese enterprises from 2010 to 2020,and the measurement results will be analyzed and evaluated.Then,a DID econometric model will be constructed,and based on panel data of listed enterprises from 2010 to 2020,the GMM-DID method will be used to empirically investigate the impact of green credit policies on corporate green transformation.At the same time,heterogeneity analysis will be conducted based on enterprise ownership and regional marketization level.The system GMM and PSM-DID methods will be used to address endogeneity issues,and robustness tests will be conducted using the placebo method with shortened sample window time and randomly generated experimental groups.Finally,the specific transmission path of green credit policies’ impact on corporate green transformation will be explored through the intermediate effect and moderating effect of green technology innovation and corporate social responsibility-related variables,using a stepwise regression method.The research methodology is scientifically systematic,and the research conclusion is robust and reliable.The results of this study indicate the following: First,the baseline regression results show that green credit policies can significantly promote corporate green transformation during the sample period,supporting research hypothesis 1.In the heterogeneity analysis,the promoting effect is more apparent for non-state-owned enterprises and enterprises with higher levels of regional marketization.Second,the mediation analysis finds that enterprise green technology innovation plays a mediating role in the relationship between green credit policies and corporate green transformation.Green credit policies can promote corporate green transformation by increasing the level of green technology innovation,supporting research hypothesis 2.Third,the moderation analysis shows that corporate social responsibility plays a moderating role in the relationship between green credit policies and corporate green transformation.The higher the corporate social responsibility score,the more significant the promoting effect,supporting research hypothesis 3.The study methodology is scientific and systematic,and the research conclusions are robust and reliable.Based on the research findings,this paper proposes several policy recommendations as follows: improve the green credit policy system and promote the implementation of green credit policies;to vigorously develop green technological innovation and strengthen the institutional guarantees for green development;to enhance the awareness of corporate social responsibility and actively practice the green credit policies. |
PDF Full Text Request