Abstract
This article uses the “Green Credit Guidelines” promulgated in 2012 as an example to construct a quasi-natural experiment and uses the double difference method to test the impact of the implementation of the “Green Credit Guidelines” on the green innovation activities of heavy-polluting enterprises. The study found that, in comparison to non-heavy polluting enterprises, the implementation of green credit policies inhibited the green innovation of all heavy-polluting enterprises. In the analysis of heterogeneity, this restraint effect did not differ significantly due to the nature of property rights and the company’s size. The mechanism test showed that green credit policy limits the efficiency of business investment and increases the cost of financing business debt. Eliminating corporate credit financing, particularly long-term borrowing, negatively impacts the green innovation behavior of listed companies.
Highlights
Over the last few years, due to the impact of greenhouse gas, carbon dioxide emissions, global warming and climate change issues have become increasingly severe, attracting the attention of many countries
This article uses the DID method to measure the impact of green credit on the level of corporate green innovation
The results show that the relationship between the implementation of green credit policies and the green innovation capabilities of heavily polluting companies will be negatively regulated by investment efficiency
Summary
Over the last few years, due to the impact of greenhouse gas, carbon dioxide emissions, global warming and climate change issues have become increasingly severe, attracting the attention of many countries. Within the development of green management around the world, industry competition has become more complex and uncertain. The development of the majority of products and technologies is evolving towards a green structure. When planning commercial strategies, taking environmental impact into consideration has led to major changes in the social system and competition area [2,3]. Heavy-polluting industries represented by electricity and steel are pillar industries that drive economic development. They are the main culprits of environmental problems [5]. Focusing on enterprises in heavy-polluting industries, the relationship between green credit policies and green technological innovation remains to be further investigated
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