Green Credit Policies and Enterprise Technology Innovation: An Empirical Study from China

Sheng Li; Min Zhou

doi:10.54691/fntxyn72

Authors

Sheng Li
Min Zhou

DOI:

https://doi.org/10.54691/fntxyn72

Keywords:

Green Credit Policy; Technological Innovation; Heavily Polluting Enterprises.

Abstract

This paper makes use of the enactment of the Green Credit Guidelines as a quasi-natural experiment and builds a difference-in-differences (DID) model to identify the influence of green credit policies on technological innovation of heavy-polluting enterprises and its impact mechanism. Using the data of A-share listed enterprises from 2010 to 2019. The findings include that technological innovation of heavily polluted enterprises can be inhibited significantly by green credit policy.

Downloads

Download data is not yet available.

References

[1] Bai F-P, Dong K-Y, Liu D-H. How digital transformation affects firms' technological innovation-an empirical analysis based on the perspective of financing constraints and agency problems[J]. Friends of Accounting, 2023, (10): 124 133.

[2] Wang P, Xie LW. Pollution control investment, enterprise technology innovation, and pollution control efficiency[J]. Jinan: China Population, Resources and Environment, 2014, (9): 51  58.

[3] Lu Jing, Yan Yun, Wang Tao Xuan. A study on the micro effects of green credit policy-Based on the perspective of technological innovation and resource reallocation[J]. China Industrial Economics, 2021(1):174-192.

[4] Wara, M.Is the Global Carbon Market Working? [J]. Nature, 2007,445,( 7128): 595－596.

[5] Guo J, Fang Y. Green credit, financing structure and corporate environmental investment [J]. World Economy, 2022, 45(08): 57-80.

[6] Xie T, Liu JH. How does green credit affect green economic growth in China? [J]. China Population, Resources and Environment, 2019, 29(09): 83-90.

[7] Wang X, Wang Y. A study on green credit policies to enhance green innovation [J]. Management World, 2021, 37(6):173-188.

[8] ZHANGS L, WU Z H, HE Y N. How does the green credit policy affect the technological innovation of enterprises? Evidence from China[J]. Energy Economics,2022,113.

[9] Guo H, Yin Jing. A study on the impact of green credit policy enactment on investment efficiency of heavily polluting enterprises: promotion or inhibition? [J]. Modern Finance and Economics, 2023, (05): 8599.

[10] Su Dong Wei, Lian Lili. Does green credit affect the investment and financing behavior of heavy polluters? [J]. Financial Research, 2018(12):123-137.

[11] LIR, CHENYW. The influence of a green credit policy on the transformation and upgrading of heavily polluting enterprises: a diversification perspective [J]. Economic Analysis and Policy,2022,74: 539552.

[12] Cai HJ, Wang Xiang Yao, Tan Chao. Green credit policy, new bank borrowing by enterprises, and environmental effects [J]. Beijing: Accounting Research, 2019, (3): 88-95.

[13] Ding J. Green Credit Policy, Credit Resource Allocation and Enterprises' Strategic Response [J]. Wuhan: Economic Review, 2019, (4): 62-75.

[14] Chen, X.Y., Shi, Y.Y., Song, H.C. Green credit constraints, business credit, and corporate environmental governance [J]. Beijing: International Financial Studies, 2019, (12): 13-22.

[15] He Ling Yun, Liang Lan, Yang Xiao Lei, Zhong Zhang Qi. Can green credit promote technological innovation of environmental protection enterprises [J]. Guangzhou: Studies in Financial Economics, 2019, (5): 109-121.

[16] Wang, F., S.Yang, A.Reisner, and N.Liu.Does Green Credit Policy Work in China? The Correlation Between Green Credit and Corporate Environmental Information Disclosure Quality[J]. Sustainability, 2019,11,(3): 1-15.

[17] Liu Jinru, Zeng Xianfeng, Zeng Qian. The impact of environmental regulation and government innovation subsidies on firms' green product innovation [J]. Beijing: Economic and Management Research, 2019, (6): 106-118.

[18] Li Hui dong, Tang Yuejun, Zuo Jingjing. Innovation with one's own money or with others' money: a study based on the financing structure and firm innovation of Chinese listed companies [J]. Financial Research, 2013(2): 170-183.

[19] Wang YAN, Dai WTA. Internal control inhibits or promotes corporate innovation: the logic of China [J]. Audit and Economic Research, 2019, 34(6): 19-32.

[20] Zuo Jingjing, Tang Yuejun, Sui Yue. Class II agency problems, major shareholder checks and balances, and corporate innovation investment [J]. Finance and Economics Research, 2013, 39(4): 38-47.