Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines

For urgent need to the transition to sustainable development, it is of great significance to explore the driving role of green credit policies in innovation performance. This study uses a sample of Chinese A-share listed companies from 2004 to 2019 and constructs a quasi-natural experiment based on...

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Autores principales: Wu, Jingjing, Tang, Qingxing, Yang, Yi
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Public Library of Science 2023
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10550139/
https://www.ncbi.nlm.nih.gov/pubmed/37792738
http://dx.doi.org/10.1371/journal.pone.0291764
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author Wu, Jingjing
Tang, Qingxing
Yang, Yi
author_facet Wu, Jingjing
Tang, Qingxing
Yang, Yi
author_sort Wu, Jingjing
collection PubMed
description For urgent need to the transition to sustainable development, it is of great significance to explore the driving role of green credit policies in innovation performance. This study uses a sample of Chinese A-share listed companies from 2004 to 2019 and constructs a quasi-natural experiment based on the Green Credit Guidelines issued by the China Banking Regulatory Commission in 2012. PSM-DID method is employed to examine the innovation impact of green credit policies in both green credit-restricted and non-restricted industries, thereby exploring the its mechanism of influence on firm innovation performance. The results show that after the implementation of Guidelines, it promotes a company’s innovation output, significantly enhances its innovation performance, especially in terms of quantity-based incentives. However, the incentive effect on quality-based incentives is relatively limited. Secondly, by increasing the level of risk-taking within the enterprise and strengthening external environmental regulations, the green credit policy can further enhance its promotion effect on corporate innovation performance. Finally, the promotion effect of green credit policies is more significant for state-owned enterprises and large-scale enterprises. The research results help to break through the bottleneck of corporate innovation with the coordination of environmental protection and economy, which further improve the sustainability of economic development.
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spelling pubmed-105501392023-10-05 Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines Wu, Jingjing Tang, Qingxing Yang, Yi PLoS One Research Article For urgent need to the transition to sustainable development, it is of great significance to explore the driving role of green credit policies in innovation performance. This study uses a sample of Chinese A-share listed companies from 2004 to 2019 and constructs a quasi-natural experiment based on the Green Credit Guidelines issued by the China Banking Regulatory Commission in 2012. PSM-DID method is employed to examine the innovation impact of green credit policies in both green credit-restricted and non-restricted industries, thereby exploring the its mechanism of influence on firm innovation performance. The results show that after the implementation of Guidelines, it promotes a company’s innovation output, significantly enhances its innovation performance, especially in terms of quantity-based incentives. However, the incentive effect on quality-based incentives is relatively limited. Secondly, by increasing the level of risk-taking within the enterprise and strengthening external environmental regulations, the green credit policy can further enhance its promotion effect on corporate innovation performance. Finally, the promotion effect of green credit policies is more significant for state-owned enterprises and large-scale enterprises. The research results help to break through the bottleneck of corporate innovation with the coordination of environmental protection and economy, which further improve the sustainability of economic development. Public Library of Science 2023-10-04 /pmc/articles/PMC10550139/ /pubmed/37792738 http://dx.doi.org/10.1371/journal.pone.0291764 Text en © 2023 Wu et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
spellingShingle Research Article
Wu, Jingjing
Tang, Qingxing
Yang, Yi
Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines
title Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines
title_full Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines
title_fullStr Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines
title_full_unstemmed Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines
title_short Does green credit policy affect corporate innovation performance?—A quasi-natural experiment based on Green Credit Guidelines
title_sort does green credit policy affect corporate innovation performance?—a quasi-natural experiment based on green credit guidelines
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10550139/
https://www.ncbi.nlm.nih.gov/pubmed/37792738
http://dx.doi.org/10.1371/journal.pone.0291764
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