Research on the Green Innovation Effect of Enterprise Green Credit——Evidence of Green Credit Measured by Text Analysis Methods
Based on the loan announcement text of listed companies,this paper uses text analysis method to characterize the index of corporate green credit,and verifies its impact on corporate green innovation from the perspective of corporate green credit availability and green credit scale.It is found that corporate green credit can significantly promote corporate green innovation.The mechanism test results show that increasing R&D investment,restraining agency problems and im-proving environmental information transparency are the three main ways of promoting green innovation through corporate green credit.The results of heterogeneity analysis show that green credit has a more significant promoting impact on green innovation in non-state-owned enterprises,enterprises with small environmental advantages,and in a high degree of mar-ketization of regional financial industry.The results show that the promotion of green credit to green innovation can im-prove corporate environmental performance and enhance corporate value.
green creditgreen innovationresearch and development investmentagency problemsenvironmental infor-mation transparency
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