LI Yali   School of Economics

ABSTRACT

At present, our economic development is going through the key period of structural deceleration. Green high-quality development is an important way to realize the qualitative improvement of our economy. As an important subject of market economic activities, enterprises play an important role in the process of economic development and social progress, but at the same time, enterprises are the main producers of environmental pollution. Therefore, under the background of thoroughly implementing the concept of green development and enabling green development to promote high-quality economic development, how to better play the role of green credit policy in guiding enterprises' green innovation and promoting enterprises' green transformation has become a very important and urgent problem to be solved.

This paper starts from the perspective of green innovation, the introduction of the Green Credit Guidelines in 2012 was taken as A quasi-natural experiment, the data of A- share listed companies from 2006 to 2020 were taken as samples, enterprises in the restricted green credit industry were taken as the treatment group and enterprises in the non- restricted industry as the control group, and the impact of green credit policy on the green transformation of enterprises and the mechanism of action were tested by using the differential model.

The findings are as follows: (1) Green credit policies can promote the green transformation of enterprises. After a series of robustness tests, such as replacing explained variables and placebo tests, the empirical conclusions remain unchanged. (2) Through the mechanism analysis, it is found that as for the intermediary effect, corporate environmental social responsibility plays an intermediary role in the influence of green credit policies on

 enterprises; As for the regulating effect, government subsidies play a regulating role and can positively regulate the promoting effect of green credit policy on the green transformation of enterprises. (3) Heterogeneity analysis shows that, under different environmental regulation intensity, green credit policy has more significant promoting effect on enterprises under strong environmental regulation; Under different media pressure, green credit policy has better effect on enterprises under strong media pressure. Under different green credit restriction industries, compared with mining industry, green credit policies have more significant effects on enterprises in the power industry and water conservancy industry. In terms of industrial competitiveness, green credit policy has a better effect on enterprises located in low-competitive industries. In terms of enterprise scale, green credit pol- icy has a significant positive impact on large-scale enterprises, but has no significant im- pact on small-scale enterprises.

Read the article here:    绿色信贷政策对企业绿色转型的影响研究基于A股上市公司绿色专利数据的证据.pdf