With Green Investment Guidelines in 2018 as a quasi-natural experiment,this paper examines the impact of the implementation of the Green Investment Guidelines on the innovation performance of new energy automobile enterprises with the double difference model(DID)with the sample data of China's A-share listed companies from 2016 to 2020.The study finds that(1)green investment policies have an obvious promotion effect on the innovation performance of new energy automobile enterprises.(2)The mechanism study finds that the green investment policy improves the innovation performance of new energy automobile enterprises mainly through three channels:improving the level of bank credit,increasing the scale of equity financing,and improving commercial credit.(3)Further analyses finds that green investment policies have a stronger ability to promote technological innovation in state-owned and large-scale enterprises,showing significant heterogeneity.The research in this paper can provide a reference for the continuous improvement of green finance policy and the follow-up of its supporting policies.
关键词
绿色投资政策/创新绩效/新能源汽车企业
Key words
green investment policy/innovation performance/new energy automobile enterprises
维普
万方数据