A Study on the Impact of Green Credit on Firms' Green Technological Innovation

A Study on the Impact of Green Credit on Firms' Green Technological 

Innovation

Yunan Guo

 (City University of Macau Macau 999078)

Abstract:This paper systematically reviews existing literature on the relationship between greencredit and corporate green technology innovation, and deeply analyzes the current state anddevelopment trends of China's green credit system and corporate green technology innovation.Using data from Shanghai and Shenzhen A-share listed companies from 2011 to 2022, this studyconducts empirical analysis using a panel data model. From the dual perspectives of corporatefinancing costs and risk-taking capacity, this paper employs a mediation effect model to explorethe underlying mechanisms and further examines heterogeneous effects under different contexts,aiming to comprehensively reveal the impact pathways of green credit policies on corporategreen technology innovation. The main conclusions are as follows: (1) The empirical results show that green credit significantly promotes corporate green technology innovation activities,and this conclusion remains robust after addressing endogeneity issues and replacing keyvariables. (2) Green credit increases corporate financing costs, thereby inhibiting corporate greentechnology innovation. (3) Green credit enhances corporate risk-taking capacity, therebypromoting corporate green technology innovation. (4) From the perspective of innovation quality,compared with invention patents, green credit demonstrates a stronger promoting effect on utilitymodel patents, which yield more significant economic benefits. (5) Heterogeneity analysisindicates that non-heavy-polluting industries respond more sensitively to green credit, with morepronounced effects.

Keywords:Green Credit; Corporate Green Technology Innovation; Corporate Financing Costs;Corporate Risk-Taking Capacity

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