GREEN CREDIT POLICY, GREEN AGENCY COST AND GREEN INNOVATION PERFORMANCE OF HEAVY POLLUTING ENTERPRISES

In order to solve the problem of heavy-polluting enterprises lacking innovative investment funds in the process of green transformation, this article selects empirical data from Chinese A-share listed companies in Shanghai and Shenzhen from 2004 to 2020 and analyzes 2017 enterprises and 17700 samples. Selecting the year 2012 as the time point for the issuance of the "Green Credit Guidelines," using the DID double difference method, this study analyzes the impact path and mechanism of green credit policies on the green innovation performance of heavily polluting enterprises, providing policy recommendations for the green and sustainable development of heavily polluting enterprises, and also providing reference for the effective implementation of green credit policies by Chinese financial institutions and the improvement of the entire economic and social green finance system.