The Impact and Enlightenment of Green Finance on Enterprise Innovation

Abstract

With the proposal and improvement of China's carbon neutrality strategy, as well as the adjusting of industrial structure and optimizing of energy structure, green finance is gradually playing a significant role in enterprise innovation. Green credit, as an important constituent part of the green financial system, carries a profound influence on the innovation and growth of enterprises. Taking green credit as the starting point, in accordance with the "Green Credit Guidelines" and subsequent plans, and by studying the cash dividend distribution and operating cash flow data of new energy concept stock companies listed in the A-share market from 2018 to 2021, the growth of green finance is studied and analyzed for its impact on enterprise innovation, scale, and fund allocation obtained by different levels of pollution. The conclusion is drawn as follows: firstly, Green finance has a regional heterogeneity impact on enterprises, with the eastern region having the highest significance. Secondly, green credit plays a role in guiding resource allocation and promoting green transition of polluting enterprises, proposing suggestions to improve the green credit policy system, strengthen supervision, and promote the transition and upgrading of enterprise autonomy.