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The effect of the policy mix of green credit and government subsidy on environmental innovation

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  • Ma, Yechi
  • Sha, Yezhou
  • Wang, Zilong
  • Zhang, Wenjing

Abstract

We examine to what extent ‘policy mix’ of green credit policy and government subsidy affects high-quality environmental innovation of high-polluting firms. The green credit policy is a special environmental regulation that guides the distribution of credit from banks. Using the difference-in-difference method, we find that Green Credit Guidelines (GCGs) have a negative impact on the high-quality environmental innovation of high-polluting firms in China. However, the negative relationship between GCGs and high-quality environmental innovation depends on the level of government subsidy. Subsidies can effectively correct the negative impact of GCGs. The mechanism analysis shows that GCGs hinder high-quality environmental innovation through two channels: (1) increase in compliance costs and (2) lack of long-term bank credit that supports environmental innovation. Government subsidies can play a moderating role in the second channel.

Suggested Citation

  • Ma, Yechi & Sha, Yezhou & Wang, Zilong & Zhang, Wenjing, 2023. "The effect of the policy mix of green credit and government subsidy on environmental innovation," Energy Economics, Elsevier, vol. 118(C).
    • Handle: RePEc:eee:eneeco:v:118:y:2023:i:c:s0140988323000105
    DOI: 10.1016/j.eneco.2023.106512
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    Cited by:

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    4. Wenqing Zhang & Jingrong Dong, 2023. "The Polarization Effect and Mechanism of China’s Green Finance Policy on Green Technology Innovation," Sustainability, MDPI, vol. 15(13), pages 1-26, June.
    5. Kai Wu & E Bai & Hejie Zhu & Zhijiang Lu & Hongxin Zhu, 2023. "Can Green Credit Policy Promote the High-Quality Development of China’s Heavily-Polluting Enterprises?," Sustainability, MDPI, vol. 15(11), pages 1-27, May.
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    7. Sabbar Dahham Sabbar & Hani Amer Musa & Abdul Rahman Kadir & Mursalim Nohong & Arifuddin Manan & Musran Munizu & Anas Iswanto Anwar, 2023. "The Role of Green Marketing and Promotion of Green Energy Bonds to Reduce Carbon Emissions in Indonesia," International Journal of Energy Economics and Policy, Econjournals, vol. 13(5), pages 73-82, September.

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    More about this item

    Keywords

    Green credit; Government subsidy; High-quality environmental innovation; Compliance cost; Credit allocation;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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