Green Loan Interest Subsidy Policy, Green Technological Innovation, and High-Quality Enterprise Development
DOI:
https://doi.org/10.62177/apemr.v1i5.74Keywords:
Green Loan Interest Subsidy Policy, High-Quality Enterprise Development, Total Factor Productivity, Green Technological Innovation, Synergy between Financial and Fiscal PoliciesAbstract
The question of how financial and fiscal policies can be coordinated to exert substantive incentive effects, thereby promoting enterprises' green and low-carbon transformation as well as high-quality development, stands as a crucial challenge currently confronting China's real economy. This paper zeros in on the synergistic perspective of financial and fiscal policies, leveraging data from A-share listed companies in China spanning the years 2008 to 2020. Employing a progressive difference-in-differences (DID) model, it empirically assesses the structural impact of Green Loan Interest Subsidy Policy on enterprises' total factor productivity (TFP). The research demonstrates that Green Loan Interest Subsidy Policy are effective in enhancing enterprises' TFP, thereby empowering their high-quality development. An analysis of the impact mechanism reveals that these policies stimulate incremental and qualitative improvements in enterprises' green technological innovation mechanisms, optimizing TFP and driving high-quality development. Heterogeneity analysis further indicates that the incentive effects of Green Loan Interest Subsidy Policy on TFP are more pronounced in eastern and central regions, , as well as among enterprises operating in green and low-carbon industries. These findings offer theoretical support for governments, banks, and enterprises in guiding enterprises towards green and low-carbon production and high-quality development through green credit and interest subsidy policies.
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