Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China.
The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Public Library of Science (PLoS)
2024-01-01
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| Series: | PLoS ONE |
| Online Access: | https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0298097&type=printable |
| _version_ | 1797291686757400576 |
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| author | Chuanhua Song Shengli Jiao Zengjun Sun |
| author_facet | Chuanhua Song Shengli Jiao Zengjun Sun |
| author_sort | Chuanhua Song |
| collection | DOAJ |
| description | The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit. |
| first_indexed | 2024-03-07T19:40:23Z |
| format | Article |
| id | doaj.art-290aed45a189497f8a0774a097fa191d |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-03-07T19:40:23Z |
| publishDate | 2024-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-290aed45a189497f8a0774a097fa191d2024-02-29T05:31:52ZengPublic Library of Science (PLoS)PLoS ONE1932-62032024-01-01192e029809710.1371/journal.pone.0298097Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China.Chuanhua SongShengli JiaoZengjun SunThe green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit.https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0298097&type=printable |
| spellingShingle | Chuanhua Song Shengli Jiao Zengjun Sun Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China. PLoS ONE |
| title | Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China. |
| title_full | Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China. |
| title_fullStr | Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China. |
| title_full_unstemmed | Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China. |
| title_short | Can the green credit guidelines effectively deter enterprise inefficient investment of innovation? -evidence from heavy polluting enterprises in China. |
| title_sort | can the green credit guidelines effectively deter enterprise inefficient investment of innovation evidence from heavy polluting enterprises in china |
| url | https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0298097&type=printable |
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