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

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

Content Provider	MDPI
Author	Ling, Shixian Han, Guosheng An, Dong Hunter, William Cannon Li, Hui
Copyright Year	2020
Description	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.
Starting Page	4493
e-ISSN	20711050
DOI	10.3390/su12114493
Journal	Sustainability
Issue Number	11
Volume Number	12
Language	English
Publisher	MDPI
Publisher Date	2020-06-01
Access Restriction	Open
Subject Keyword	Sustainability Applied Ethics Green Credit Policy Firms in Pollution-intensive Industries Research and Development Input Technological Innovation Long Term Debt
Content Type	Text
Resource Type	Article

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