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.
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收藏
页数：14
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