The Impact of Green Credit Policy on Green Innovation within Heavy-Polluting Industries

Yichen Bo

doi:10.47297/wspdecWSP2515-797303.20261003

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The Impact of Green Credit Policy on Green Innovation within Heavy-Polluting Industries

Volume 10, Issue 3

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The Impact of Green Credit Policy on Green Innovation within Heavy-Polluting Industries
The Impact of Green Credit Policy on Green Innovation within Heavy-Polluting Industries
Department of Finance, Shanghai Jiao Tong University, Shanghai, 200030, China
Vol. 10, Issue 3, Pages: 12-17(2026)
Published：30 March 2026
DOI：10.47297/wspdecWSP2515-797303.20261003
Accepted：

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Bo Yichen.The Impact of Green Credit Policy on Green Innovation within Heavy-Polluting Industries[J].Development Economics of China,2026,10(03):12-17.
DOI：

Bo Yichen.The Impact of Green Credit Policy on Green Innovation within Heavy-Polluting Industries[J].Development Economics of China,2026,10(03):12-17. DOI： 10.47297/wspdecWSP2515-797303.20261003.

摘要

Abstract

The green credit policy exerts a substantial influence on green innovation within heavy - polluting industries. This research utilizes the implementation of the Green Credit Guidelines in 2012 as a quasi - natural experiment. By adopting a two - way fixed effects difference - in - differences method

and relying on data that comes from A - share listed companies spanning from 2008 to 2024

it examines the influence of the green credit policy on the green innovation of heavily polluting firms and the underlying mechanism. The result discovers that the green credit policy notably enhances the green innovation level of high - polluting firms. This result remains consistent even after altering the dependent variable and incorporating fixed effects. A mediating effect analysis indicates that the policy affects green innovation through two channels: alleviating financing constraints and increasing research and development investment. Heterogeneity analysis shows that the incentive effect of the policy is only significant in non - high - tech industries. Moreover

it has a more visible impact on state - owned enterprises. This paper uncovers the internal mechanism through which the green credit policy

as a market - incentive environmental regulation

drives the green transformation of enterprises. It offers empirical evidence and policy suggestions for promoting green economic development via policies.

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references

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