Green Credit Policies,Cash Holdings and Innovation Performance of Heavy Polluting Firms——An Empirical Study Based on 36 Listed Paper Companies

Taking 36 A-share paper making listed companies in China from 2007 to 2021 as a sample and based on the Green Credit Guidelines issued by CBRC in 2012,this paper used the number of patent grants to measure enterprise innovation performance,and used the multiple linear regression model to construct quasi natural experiment in order to empirically examine the impact of cash holdings on innovation performance of A-share paper listed companies in the context of green credit policy and its implementation.The research found that the implementation of green credit policy played a positive role in the innovation performance of paper enterprises,and the cash holding played a moderating role in the relationship between the implementation of green credit and innovation performance.