Research on the Impact of Green Credit Policy on Green Technology Innovation of Listed Enterprises in Strategic Emerging Industries

Abstract

Green finance is essential to achieve the goal of "Emission peak and Carbon neutrality" and high-quality economic development. In the context of the "Dual Carbon" target, this paper examines the impact of the implementation of the "Green Credit Guidelines" on the green technology innovation of listed companies in strategic emerging industries using the Difference-in-Differences (DID) model. We find that the implementation of green credit policy has a significant effect on the "width" and "depth" of green innovation of listed enterprises in strategic emerging industries. After a series of robustness checks, the results still hold. The heterogeneity analysis shows that the implementation of green credit policy has a stronger incentive effect on green innovation of non-polluting enterprises than that of heavily polluting enterprises, and that the intensity of the incentive effect of green credit policy on green innovation shows a decreasing phenomenon of "high middle and low" in the Eastern, Middle and Western regions. The results of the study are important for the improvement of the green financial policy system and the development of green technology innovation.