Green credit policies, supporting hand and innovation transformation of enterprises

Abstract

Abstract: Dealing with the challenge of resource and environment constraints tightening, China has intensively issued a series of policies, laws and regulations on environment protection and pollution control. Green credit policy issued is one of the important components of environmental policy system.Although there are many literatures discussing effects of green credit policy from marco perspective and micro perspective, such as green development, heavily polluting firms′ debt financing and bank operating performance etc., the discussions about the impact of green credit policy on the innovation and transformation of firms is still few. In addition, existing literatures ignores the role of local governments in the implementation of green credit policies. Will the green credit policy lead to the adjustment of government subsidies allocation, and what does effect of government subsidies on the micro-effect of green credit policies? The role of government subsidies in the effects of green credit policy is still unclear.
Among green credit related laws and regulations, the "Green Credit Guidelines" issued in February 2012 is the most representative. "Green Credit Guidelines" clearly establishes the standards and principles of green credit in the banking industry and is widely regarded as the core of the current Chinese green credit system. In this regard, using the data from 2010 to 2017 A-share non-financial firms as sample, this paper provides empirical evidence on the impact of "Green Credit Guidelines" of 2012 on the enterprise innovation transformation and the regulating role of government subsidies play in the relationship between green credit policy and enterprise innovation transformation.
The empirical results show that: Firstly, the green credit policy significantly promoted the firms′ innovation transformation. Compared with firms in non-polluting-intensive industries, the promotion effect of green credit policy on innovation intensity is relatively weak in firms in polluting-intensive industries. Secondly, the government subsidies play a significantly positive regulating role in the relationship between green credit policy and firms′ innovation transformation. And, the regulating role of government subsidies is difference between firms in polluting-intensive industries and firms in non-polluting -intensive industries. Thirdly, the effect of green credit policies on firms innovation transformation and the regulating role of government subsidies are heterogeneous between different nature of ownership, debt leverage and regional marketization level.
This paper contribute to existing literature in following ways: (1) This paper expands the relevant research scope of green credit policy from micro perspective by analyzing the impact of green credit policy on the innovation and transformation of firms. (2) This paper enriches the literatures about government subsidies by examining the regulating role of government subsidies in the relationship between green credit policy and firms′ innovation transformation. (3) Taking exogenous event of the implementation of green credit policy to construct a quasi-natural experiment, and examine the related hypothesis based on difference-in-difference methods, which could alleviate interference of estimation results causing by endogenous problems in a certain extent. (4) Considering the firms heterogeneities exist in property rights, financial leverage, and regional marketization environment, this study further investigates the different impact of green credit policy on the enterprise innovation transformation and the regulating role of government subsidies among heterogeneous firms, which provide policy implications for related policy-making department to formulate and implement differentiated green credit policies.

Key words: green credit policy, innovation transformation, government subsidy, firm in pollution-intensive industries, quasi-natural experiment

Xie Qiaoxin, Zhang Yu. Green credit policies, supporting hand and innovation transformation of enterprises[J]. Science Research Management, 2021, 42(1): 124-134.

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