【题目】Bank Green Credit to the Prosperity of Green Innovation
【主讲人简介】吴明琴，365官方体育教授。研究方向集中在发展经济学、区域经济学和环境经济学。文章见于Journal of Development Economics，Journal of Environmental Economics and Management，经济研究等国际国内权威期刊，主持国家自然科学基金和广东省软科学等项目。
【摘要】In this paper, we examine the impact of bank green credit on firm green innovation, which is accurately measured by a machine learning approach. Using a difference-in-difference (DID) strategy, we find that green patents of environmentally friendly firms increased significantly after the implementation of green bank credit policy. This suggests that green credit policy improved the green innovation of environmentally friendly firms. Two mechanisms are responsible for this finding: on the one hand, more loans are available for environmentally friendly firms; on the other hand, less rent-seeking behaviors are required for these firms. Moreover, we find that the effect of green credit policy is more pronounced for firms that rely less on internal financing and firms that located in high banking development provinces. Finally, we find that bank green credit also improves the quality of green innovation to a higher extent.