Energy Efficiency Credit Policies: Boosting Green Innovation Through Credit Financing Channels

This paper investigates the transmission channels of credit financing in enhancing green innovation through energy efficiency credit policies. Theoretical analysis suggests that energy efficiency credit policies can increase credit availability for enterprises dedicated to reducing energy consumption and emissions, thus easing their financial constraints and promoting green innovation. The paper examines the influence of energy efficiency credit policies on green innovation from three perspectives: credit scale, credit cost, and credit term structure. The empirical testing utilizes an interaction term model, drawing inspiration from previous research by Xu Jia and Cui Jingbo (2020), Tong Wentao and Zhang Yueyou (2021), and Dong Xiaolin et al. (2021). The results demonstrate that energy efficiency credit policies have a significant impact on enterprise credit financing, influencing green innovation through an expansion of credit scale, a reduction in credit costs, and an increase in long-term credit support. These findings support the hypothesis that energy efficiency credit policies have a significant positive impact on enterprise credit financing, ultimately contributing to the development of green innovation.