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Keywords

green credit, green technology innovation, green patent, einancing constraints

Abstract

Green credit is a financial policy tool and an important driving force for economic green transformation and green technology innovation. Based on the data of Shanghai and Shenzhen A-share non-financial listed companies and 16 listed banks from 2010 to 2020, this study empirically studies the impact of green credit on green technology innovation in enterprises. Based on the theoretical foundation of green credit and green technology innovation, this article analyzes the relationship between green credit and green technology innovation, and further explores the theoretical mechanism by which green credit affects green technology innovation in enterprises. The dependent variable of this article is green technology innovation, and the explanatory variable is green credit. Due to the lag and uncertainty of patent grant data in terms of time, the number of patent applications can directly reflect the level of technological innovation of enterprises, and the relevant data of patents are updated in a timely manner and more truthful. Therefore, the total number of green patent applications, the number of green invention patent applications, and the number of utility model patent applications are used as indicators to measure green technological innovation, respectively. At the same time, the proportion of R&D investment in operating income is used to represent the intermediary variable R&D investment. This article establishes a multiple regression model between green credit and enterprise green technology innovation to study the relationship between green credit and enterprise green technology innovation, and conducts heterogeneity analysis of green patents and industry heterogeneity. After the demonstration shows that green credit has a positive role in promoting green technology innovation of enterprises, further explore the path of green credit promoting green technology innovation of enterprises through the Mesomeric effect. The results indicate that green credit significantly promotes green technology innovation in enterprises. The heterogeneity analysis found that green credit has a significant positive impact on the number of green invention patents and green utility model patents, and has a more obvious role in promoting green invention patents. The green technology innovation effect of enterprises caused by green credit exists in the “two high and one surplus” industries of pharmaceutical manufacturing, chemical raw materials and chemical products manufacturing. The Mesomeric effect test results also show that whether it is in the current period or one period behind, green credit significantly affects the green technology innovation of enterprises by affecting R&D investment. Based on the above conclusions, this article proposes, firstly, the government should increase its support for green credit. Secondly, financial institutions should continuously improve the green credit related processes. Thirdly, enterprises should continuously enhance their awareness of green environmental protection. In addition, it is necessary to fully mobilize the enthusiasm of the public to supervise the environmental protection activities of enterprises, so as to maximize the green environmental protection value of financial resources. The research in this article serves as an important supplement to the theoretical mechanism of the impact of green credit on green technology innovation in enterprises, helping to optimize the allocation of credit funds, thereby promoting green transformation of enterprises, and achieving green and low-carbon economic development.

DOI

10.16315/j.stm.2023.04.007

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