On the Influence and Mechanism of Green Investment Policy on the Innovation Performance of New Energy Vehicle Enterprises
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.
green investment policyinnovation performancenew energy automobile enterprises
万方数据
维普
