Does green credit policy promote innovation: A case of China

被引：23
|
作者：
Xie, Qiaoxin [1 ]
Zhang, Yu [2 ]
Chen, Lei [2 ]
机构：
[1] Zhejiang Univ Finance & Econ, Sch Accounting, Hangzhou, Peoples R China
[2] Zhejiang Gongshang Univ Hangzhou Coll Commerce, Hangzhou, Peoples R China
来源：
MANAGERIAL AND DECISION ECONOMICS | 2022年 / 43卷 / 07期
关键词：
IMPACT; BANKS; ENVIRONMENT;
D O I：
10.1002/mde.3556
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper constructs a quasi-natural experiment based on the implementation of the "Green Credit Guidelines" policy in 2012 in China and analyzes the impact of the green credit policy on enterprises' innovation. The results show that the implementation of the green credit policy has a negative impact on enterprises' innovation. In terms of corporate heterogeneity, the negative effect of green credit policy on enterprises' innovation is greater for state-owned and high-leverage enterprises. Furthermore, mechanism analysis results reveal that credit financing cost is an important intermediary for green credit policy to affect corporate innovation but non-credit financing channels are not obvious.
引用
收藏
页码：2704 / 2714
页数：11
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