Credit policy, uncertainty, and firm R&D investment: A quasi-natural experiment based on the Green Credit Guidelines

被引：57

作者：

Zhang, Dongyang ^{[1
]}

Kong, Qunxi ^{[2
]}

机构：

[1] Capital Univ & Econ & Business, Sch Econ, Beijing, Peoples R China

[2] Nanjing Univ Finance & Econ, Sch Ind Dev, Nanjing, Jiangsu, Peoples R China

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2022年 / 73卷

基金：

中国国家自然科学基金;

关键词：

Green credit; R& D investment; Economic policy uncertainty; two high and one leftover" enterprises; POLITICAL UNCERTAINTY; CORPORATE; CASH;

D O I：

10.1016/j.pacfin.2022.101751

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the impact of green credit policy on the R&D investment of "two high and one leftover" enterprises using China's 2012 "Green Credit Guidelines" and the difference-indifference method. The first key finding is that the implementation of green credit policy is detrimental to the R&D investment of "two high and one leftover" enterprises, as verified by relevant robustness tests. Second, the heterogeneity analysis reveals that the impact of green credit policy on enterprise R&D investment is shaped by market environment, geography, and firm type. Third, economic policy uncertainty influences the disincentivizing effect of green credit policy on R&D investment.

引用

页数：14

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