Green credit policy and the innovation dilemma: Evidence from China

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-29 DOI:10.1016/j.frl.2025.107654

Xinkuo Xu, Qianyu Liu

引用次数: 0

Abstract

This paper examines the differential effects of green credit policy (GCP) on green and other technological innovation of high-polluting enterprises. It verifies that the implementation of GCP has significantly promoted green technological innovation in China, while it has had a crowding-out effect on other technological innovation. The shift in innovation structure occurs through enhancing corporate green cognition and increasing financing costs. Furthermore, for enterprises with higher supply chain resilience and better internal control, the positive impact of GCP on green technological innovation is pronounced, and its crowding-out effect on other technological innovation is not significant.

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绿色信贷政策与创新困境：来自中国的证据

本文考察了绿色信贷政策对高污染企业绿色技术创新和其他技术创新的差异效应。验证了GCP的实施对中国绿色技术创新有显著的促进作用，而对其他技术创新有挤出效应。创新结构的转变是通过企业绿色认知的增强和融资成本的提高来实现的。此外，对于供应链弹性较高、内部控制较好的企业，GCP对绿色技术创新的正向影响显著，对其他技术创新的挤出效应不显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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