Has the Green Credit Policy Promoted Enterprise Green Technology Innovation?
As China's modernization has entered a new stage of ecological civilization development,enterprise green technology innovation has become the key driving force for"achieving the synergy of pollution reduction and carbon reduction".It is necessary to quantitatively measure whether and to what extent the green credit policies promote enterprise green technology innovation so as to promote enterprise green technology innovation more effectively.After analyzing the impact of the green credit policies on enterprise green technology innova-tion and summarizing the typical facts of the green credit policies and the enterprise green technology innovation in recent years,this paper carries out quasi-natural experiments to examine the sample data of A-share listed industrial enterprises from 2007 to 2019 within the PSM-DID model,taking the green enterprises supported by the policy as the experimental group and the unsupported non-green enterprises as the control group.It is con-cluded that the green credit policies have a significant positive effect on the enterprise green technology innova-tion.The promotion effect is tested through the intermediary effect model and it is confirmed that the promo-tion effect alleviates the financing constraints of enterprises through two channels:credit scale and financing cost.Through heterogeneity analysis,this paper also reveals the differences in the policy promotion effect due to enterprise location,enterprise ownership and enterprise scale.Finally,corresponding countermeasures and suggestions are put forward based on the research conclusions.
Green credit policiesEnterprise green technology innovationPSM-DID model
万方数据
维普
