Version 1
: Received: 8 August 2021 / Approved: 9 August 2021 / Online: 9 August 2021 (15:02:50 CEST)
How to cite:
Li, S.; Da, F.T.; Cui, W.W.; Zhao, J. Can Green Credit Policy Promote Green Innovation Efficiency of Heavily Polluted Industries? Empirical Evidence from the China’s Industry. Preprints2021, 2021080201. https://doi.org/10.20944/preprints202108.0201.v1
Li, S.; Da, F.T.; Cui, W.W.; Zhao, J. Can Green Credit Policy Promote Green Innovation Efficiency of Heavily Polluted Industries? Empirical Evidence from the China’s Industry. Preprints 2021, 2021080201. https://doi.org/10.20944/preprints202108.0201.v1
Li, S.; Da, F.T.; Cui, W.W.; Zhao, J. Can Green Credit Policy Promote Green Innovation Efficiency of Heavily Polluted Industries? Empirical Evidence from the China’s Industry. Preprints2021, 2021080201. https://doi.org/10.20944/preprints202108.0201.v1
APA Style
Li, S., Da, F.T., Cui, W.W., & Zhao, J. (2021). Can Green Credit Policy Promote Green Innovation Efficiency of Heavily Polluted Industries? Empirical Evidence from the China’s Industry. Preprints. https://doi.org/10.20944/preprints202108.0201.v1
Chicago/Turabian Style
Li, S., Wei Wei Cui and Jun Zhao. 2021 "Can Green Credit Policy Promote Green Innovation Efficiency of Heavily Polluted Industries? Empirical Evidence from the China’s Industry" Preprints. https://doi.org/10.20944/preprints202108.0201.v1
Abstract
Green credit policy as an important tool to guide China's sustainable economic development, how to effectively play the function of capital deployment and improve the efficiency of industrial green innovation is an important issue facing the construction of ecological civilization. This paper uses China's Green Credit Guideline introduced in 2012 as a quasi-natural experiment , based on relevant panel data of industries from 2007 to 2018, uses the Super-SBM model including non-expected output to measure the green innovation efficiency of 35 industries in China, and constructs the PSM-DID model to explore how green credit policy impact on the green innovation efficiency of heavily polluted industries, the results show that : green credit policy significantly contributes to green innovation efficiency of heavily polluted industries with a lag. Further study finds that green credit policy pushes heavily polluted industries to improve green innovation efficiency by increasing financing cost and R&D investment; meanwhile, the heterogeneity test shows that the higher the state-owned share of industry, the greater the promoted effect of green credit policy on green innovation efficiency of heavily polluted industries. Finally, in order to accelerate the implementation of green credit policy and promote the green innovation efficiency of heavily polluted industries, relevant countermeasures are proposed from three aspects: banks, enterprises and government.
Keywords
green credit policy; heavily polluted industries; green innovation efficiency; financing cost; R&D investment
Subject
Business, Economics and Management, Finance
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
