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

共 50 条

[21] Does the implementation of green credit policy improve the ESG performance of enterprises? Evidence from a quasi-natural experiment in China
Lei, Ni
Miao, Qin
Yao, Xin
ECONOMIC MODELLING, 2023, 127
[22] Stringent financial regulation and corporate R&D investment: Evidence from a quasi-natural experiment in China
Gao, Feiyang
Tao, Yunqing
Chen, Dong
Cao, Yuyang
FINANCE RESEARCH LETTERS, 2023, 55
[23] Monetary policy, bank competition and regional credit cycles: Evidence from a quasi-natural experiment
Segev, Nimrod
Schaffer, Matthew
JOURNAL OF CORPORATE FINANCE, 2020, 64
[24] The impacts of green credit guidelines on total factor productivity of heavy-polluting enterprises: A quasi-natural experiment from China
Wang, Xiaoling
Han, Yiting
Shi, Baofeng
Abedin, Mohammad Zoynul
ANNALS OF OPERATIONS RESEARCH, 2024,
[25] Information asymmetry and credit rating: A quasi-natural experiment from China
Hu, Xiaolu
Huang, Haozhi
Pan, Zheyao
Shi, Jing
JOURNAL OF BANKING & FINANCE, 2019, 106 : 132 - 152
[26] Geographic proximity and trade credit: Evidence from a quasi-natural experiment
Ouyang, Caiyue
Xiong, Jiacai
Liu, Li
Yao, Jun
JOURNAL OF CORPORATE FINANCE, 2024, 84
[27] Green credit policy and the net value crash risks of fund holding heavily polluting enterprise stocks: a quasi-natural experiment
Liu, Xin
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH, 2023, 30 (11) : 30281 - 30294
[28] Does Green Credit Policy Move the Industrial Firms Toward a Greener Future? Evidence From a Quasi-Natural Experiment in China
Xiao, Zumian
Yu, Lu
Liu, Yinwei
Bu, Xiaoning
Yin, Zhichao
FRONTIERS IN ENVIRONMENTAL SCIENCE, 2022, 9
[29] Green credit policy and the net value crash risks of fund holding heavily polluting enterprise stocks: a quasi-natural experiment
Xin Liu
Environmental Science and Pollution Research, 2023, 30 : 30281 - 30294
[30] Digitalization and firm centralization: A quasi-natural experiment based on the "Broadband China" policy
Zhang, Wenzhe
Liu, Guangqiang
FINANCE RESEARCH LETTERS, 2023, 52

← 1 2 3 4 5 →