The Impact of Green Credit Policy on Technological Innovation of Firms in Pollution-Intensive Industries: Evidence from China

被引：58
作者：
Ling, Shixian [1 ]
Han, Guosheng [1 ]
An, Dong [2 ]
Hunter, William Cannon [3 ]
Li, Hui [4 ]
机构：
[1] Shandong Univ, Sch Business, Weihai 264209, Peoples R China
[2] Hebei Agr Univ, Coll Business Adm, Baoding 071001, Peoples R China
[3] Kyung Hee Univ, Dept Convent Management, Coll Hotel & Tourism Management, Seoul 02447, South Korea
[4] Harbin Inst Technol, Sch Econ & Management, Weihai 264209, Peoples R China
来源：
SUSTAINABILITY | 2020年 / 12卷 / 11期
关键词：
green credit policy; firms in pollution-intensive industries; research and development input; technological innovation; long term debt; ENVIRONMENTAL-REGULATION;
D O I：
10.3390/su12114493
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
How to promote technological innovation with green finance policy has been a focal topic in the global green finance field in recent years. Using the difference-in-difference approach model, this paper investigated the impact of the Green Credit Guidance (GCG) policy implemented by the Chinese government in 2012 on the technological innovation of firms in pollution-intensive industries. The empirical results indicated that GCG had a negative impact, not only on research and development (R&D) input, but also on innovation output, and the impacts on firms with different property rights and different scales were consistent. Further research showed that GCG reduced the long-term debt of firms in pollution-intensive industries, and then significantly decreased the R&D input and innovation output; that is, long-term debt is a mediator in GCG and technology innovation. The results revealed that GCG fails to promote the technological innovation of firms in pollution-intensive industries. This paper suggests that China's green credit policy should pay more attention to the technological innovation, transformation, and upgrading of firms in pollution-intensive industries.
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页数：16
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