Research On The Impact Of Green Credit Policies On Green Innovation Of Enterprises

Green credit policy is one of the important paths to promote green transformation,and green technology innovation is a key driving force for promoting green development.Can China’s green credit policy promote the green technology innovation performance of enterprises in the "two highs and one leftover" industry? In the face of the reversal of financing constraints and the guidance of green transformation of policies,should enterprises in the "two highs and one surplus " industry carry out substantive green innovation or adopt strategic green innovation to cater to it? From the perspective of resource competition,do the resources investing in green technology innovation crowd out other types of investment resources of enterprises?Based on the data of A-share listed companies,this paper uses the double difference method to examine the impact of green credit policy on green innovation and enterprise investment behavior.The study finds that,firstly,compared with enterprises in non-"two highs and one surplus " industry,green credit significantly promotes the green innovation performance of enterprises in "two highs and one surplus " industry,and is more manifested as strategic innovation.It is further found that the relationship between enterprise redundant resources and the level of green technology innovation of enterprises in the "two high and one surplus" industry has a significant negative regulatory effect,while commercial credit has a positive regulatory effect.Second,the resources for green innovation have a "crowding out effect" on other investments of enterprises.Finally,the green credit policy mainly promotes the level of green technology innovation of state-owned enterprises and non-patent-intensive enterprises.The possible innovations and marginal contributions of this article are mainly reflected in the following three aspects:(1)Enriched empirical evidence for evaluating the impact of green credit policies on enterprise green technology innovation.Based on existing research,the strategic behavior of green innovation in enterprises has been evaluated: whether it is a true green transformation or a short-sighted "green drifting" behavior.(2)Provide more explanations for the green innovation effect of green credit policies from the perspective of mechanism and heterogeneity analysis.In the mechanism analysis,this article innovatively analyzes the impact of green credit policies on green innovation of enterprises,as well as the regulatory effects of corporate financing structure and redundant resources.Heterogeneity distinguishes the innovation activity of the industry to which the enterprise belongs.(3)This paper analyzes the impact of green innovation on the overall investment structure of enterprises from the perspective of resource competition between green innovation investment and other investments.This article uses micro data to examine the adjustment results of internal investment resource allocation of green credit policies on the effect of green technology innovation in enterprises.This paper provides important empirical evidence for China to improve its green finance policies,better realize the use of green finance policies to drive enterprises’ green technology innovation,promote green economic development,and orderly complete the decision-making and deployment of "achieving carbon peak before 2030 and carbon neutrality before 2060".