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Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China

Hu, Guoqiang, Wang, Xiaoqi, Wang, Yu·2021·Energy Economics
DOI 10.1016/j.eneco.2021.105134
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Abstract

Abstract This paper investigates the effect of the green credit policy (GCP) on green innovation in heavily polluting enterprises (HPEs) using the promulgation of the “Green Credit Guidelines” (2012 Guidelines) policy in China as a quasi-natural experiment. The findings show that the 2012 Guidelines have had a positive and significant effect on the green patent output of HPEs, especially HPEs under stronger financial constraints. Furthermore, this positive effect occurred predominantly in HPEs with higher expected sunk costs or noncompliance costs, more intense product market competition, and state ownership. These results suggest that the GCP can stimulate green innovation in HPEs by exerting credit constraints, thus achieving green transformation in an emerging economy.

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Metadata

Authors
Hu, G., Wang, X., & Wang, Y.
Venue
Energy Economics
Publisher
Elsevier BV
Published
2021-06
Volume
98
Pages
105134
ISSN
0140-9883 (ISSN-L)
DOI
10.1016/j.eneco.2021.105134
OpenAlex
W3123352605
Cited by
787
References
2
FWCI
106.31
Type
journal article
Language
en
Open access
closed
Licence

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Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics. https://doi.org/10.1016/j.eneco.2021.105134

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