Green Credit Policy, Credit Resource Allocation and Firm R&D Investment: Empirical Research Based on the Differences-in-Differences Method

Abstract

Abstract: The implementation of green credit policy is practically important for promoting the high-quality development of China's economy. Firm innovation is an important driving force of high-quality economic development, but the related researches on how green credit policy affects firm R&D investment still needs to be enriched and deepened. Based on the Green Credit Guidelines issued in 2012 as an exogenous event to construct a quasi-natural experiment, using the panel data of listed companies in Shanghai and Shenzhen stock markets from 2009 to 2017, this paper uses the DID method to explore the impact of green credit policy on R&D investment of different types of firms. The results show that the green credit policy significantly inhibited the R&D investment of heavily polluting firms, and the inhibitory effect lasted for a long time. However, no matter in the short term or long term, green credit policy did not significantly promote R&D investment of green firms. The internal mechanism test further reveals that the "capital constraint effect" of green credit policy on heavily polluting firms' R&D investment is greater than that of "Porter effect". The reduction of long-term loans of heavily polluting firms is the reason for the significant decline of R&D investment, while the green credit policy fails to increase the long-term debt financing of green firms, thus failing to promote firm R&D investment. The heterogeneity analysis shows that the R&D investment of state-owned heavily polluting firms decreases more obviously than that of private firms, and the R&D investment of heavily polluting firms in low marketization regions is more constrained by the green credit policy, and the R&D investment declines more significantly. The conclusion of this paper shows that the green credit policy plays a significant role in punishing heavily polluting firms, but not in rewarding green firms. Therefore, how to optimize green financial innovation, improve the supporting effect of green credit on green firms, and alleviate the negative impact of green credit on R&D investment of heavily polluting firms will be an important part of the future development of green finance business for banks.

Key words: green credit policy, heavily polluting firms, green firms, allocation of credit resources, R&D investment

Zhang Chaolin, Liu Fenggen. Green Credit Policy, Credit Resource Allocation and Firm R&D Investment: Empirical Research Based on the Differences-in-Differences Method[J]. Management Review, 2023, 35(7): 122-137.

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