Abstract
Based on Green Credit Guidelines released in 2012, this paper analyzes the impact of green credit policy on green innovation of heavy polluters by difference-in-differences model (DID) with data of Chinese A-share listed companies from 2008 to 2019 as a sample. It is found that after the implementation of green credit policy, the green innovation of heavy polluters is significantly inhibited compared to non-heavy polluters and fails to exert the Porter effect. Further studies find that there is heterogeneity in the impact of green credit policy on green innovation of heavy polluters: Compared with green utility patent, green credit policy significantly inhibits green invention patents of heavy polluters. Compared with state-owned enterprises, green credit policy significantly inhibits green innovation of the non-state-owned. Compared with eastern region, green innovation of heavy polluters in central and western region is more inhibited by the policy. This paper further expands and extends the research on the effect of green credit, which has important implications for the corporate green transformation and green development of economy under the green credit policy.
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