The Impact of Green Credit on the Green Innovation Level of Heavy-Polluting Enterprises—Evidence from China

International Journal of Environmental Research and Public Health

Qingzhi Liu¹  Hongyan Duan²  Zhifeng Zhang³  Wenhui Geng³  Shuangshuang Shan⁴ 

[1] Department of Economics, Shandong University of Science and Technology, Taian 271019, China;Department of Economics, The University of Sheffield, Sheffield S10 2TN, UK;School of Economics, Qingdao University, Qingdao 266071, China;School of Foreign Language Education, Qingdao University, Qingdao 266071, China;

关键词: green credit;    heavy pollution enterprise;    green innovation;    investment efficiency;    financing constraint;    difference-in-difference model;   

DOI  :  10.3390/ijerph19020650

来源: DOAJ

【 摘 要 】

This article uses the “Green Credit Guidelines” promulgated in 2012 as an example to construct a quasi-natural experiment and uses the double difference method to test the impact of the implementation of the “Green Credit Guidelines” on the green innovation activities of heavy-polluting enterprises. The study found that, in comparison to non-heavy polluting enterprises, the implementation of green credit policies inhibited the green innovation of all heavy-polluting enterprises. In the analysis of heterogeneity, this restraint effect did not differ significantly due to the nature of property rights and the company’s size. The mechanism test showed that green credit policy limits the efficiency of business investment and increases the cost of financing business debt. Eliminating corporate credit financing, particularly long-term borrowing, negatively impacts the green innovation behavior of listed companies.

【 授权许可】

Unknown