Impact of the Promulgation of Green Credit Policies on the Innovation Ability of Electrical Machinery and Equipment Manufacturing Enterprises

Focusing on China’s machinery manufacturing industry, this analysis assesses green financing mechanisms’ impact on corporate innovation in electrical equipment production..Due to the background of implementation of green credit issued by China in 2012, Select the data of 33 listed electrical machinery and equipment manufacturers in 2008-2020 to build a fixed-effect panel model with the number of patents as the explanatory variables, the policy dummy variables (bordered in 2012) as the core explanatory variables, and control factors such as enterprise scale and financial indicators. The research found that the patent output in a short period of time has not been improved by policy, indicating that the effect of the policy is lagging or the enterprise needs to adjust the research and development direction for a longer time; Accordingly, it is proposed to optimize the policy design to strengthen long-term incentives, improve the information disclosure mechanism, unify environmental performance standards, reduce the asymmetry of bank-enterprise information, and help the industry’s green transformation. The research provides an empirical basis for improving the green finance policy and stimulating the innovation vitality of technology-intensive industries