Abstract
How to help enterprises reduce pollution and transform into environmentally friendly enterprises through financial channels is an important issue that needs to be urgently addressed. This study constructs a quasi-natural experiment based on the implementation of the 2012 Green Credit Guidelines and evaluates the impact of green credit policy on green transformation in high-pollution enterprises from the aspect of green innovation. The research results found the following: (1) After the implementation of green credit policy, the quantity and quality of green innovation in high-pollution enterprises have significantly improved. (2) To avoid the inaccuracy of research conclusions caused by differences in sample characteristics, this study used the PSM-DID model to verify the promoting effect of green credit policy on the green transformation of high-pollution enterprises. (3) Furthermore, this study analyzed the impact of differences in the ownership nature of enterprises and regional financial development levels on the green transformation of high-pollution enterprises under green credit policy. The results show that green credit policy has a stronger impact on the green innovation of state-owned high-pollution enterprises and high-pollution enterprises in underdeveloped financial areas. The findings of this study provide an important reference for the reform of green finance of government departments.
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