"Loan"to Promote the Quality Development of Enterprise Green Innovation:Satisfactory or Counterproductive?
Green credit policy is an important financial tool implemented by governments of various countries in recent years to promote environmental protection and sustainable development.Improving the quality of green innovation has become the focus of national development efforts.This study focuses on Chinese listed heavily polluting enterprises from 2007 to 2021,and uses the double difference method to empirically analyze the impact of green credit policies on the quality of corporate green innovation.The results show that green credit policy significantly inhibits the quality of green innovation of heavily polluting enterprises and stimulates the creation of"innovation foam".Mechanism research shows that green credit policies can suppress the improvement of green innovation quality by intensifying corporate financing constraints and increasing corporate governance green investment,while preventive governance investment can enhance the quality of corporate green innovation.Compared with the inability to improve the quality of green innovation,green credit policies can significantly increase the number of green innovation of enterprises.However,the improvement of external audit supervision and the improvement of low-carbon resilience of internal enterprises can effectively alleviate the decline in the quality of green innovation,which is conducive to the governance of the green"innovation foam".In addition,green credit policies have heterogeneous effects on the quality of green innovation in enterprises located in different regions with different ownership properties.For the eastern region and non-state-owned enterprises,green credit policies have a greater inhibitory effect on the quality of green innovation in enterprises.To effectively improve the quality of green innovation for enterprises,we need to shift green credit policies from"guiding"to"substantial"and encourage enterprises to participate in green development and ecological environment governance systems.
Green CreditGreen Innovation QualityFinancing ConstraintsAudit SupervisionLow-carbon Resilience
NETL
NSTL
万方数据
