将以下英文进行润色:1 Credit financing transmission channelsTheoretical analysis shows that energy efficiency credit policies can increase the credit supply for energy saving and emission reduction enterprises
Credit Financing Transmission Channels: Enhancing Green Innovation through Energy Efficiency Credit Policies
Theoretical analysis suggests that credit policies aimed at promoting energy efficiency can increase credit availability for enterprises focused on reducing energy consumption and emissions. This can help alleviate their financial pressures and reduce the negative impact of financing constraints on green innovation. Increased credit support from banking institutions means an expansion of credit availability, reduced credit costs, and an adjustment of credit term structures, ultimately releasing long-term credit support for green innovation (Cao Tingqiu et al., 2021). This paper examines the mechanism of energy efficiency credit policies in enhancing enterprise green innovation from three perspectives: credit scale, credit cost, and credit term structure. The empirical testing is done using the interaction term model, following the method proposed by Xu Jia and Cui Jingbo (2020), Tong Wentao and Zhang Yueyou (2021), and Dong Xiaolin et al. (2021). Loan, the cost of credit (IR), and the term structure of credit (LC) are measured using different indicators. The results indicate that energy efficiency credit policies have a significant impact on enterprise credit financing, promoting green innovation through the expansion of credit scale, reduction of credit costs, and increase in long-term credit support. These findings support the hypothesis that energy efficiency credit policies have a significant impact on enterprise credit financing, ultimately contributing to the development of green innovation
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