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| Research on the Impact of Social Credit System Reform on Corporate Green Innovation |
| QIAO Fei，WEN Wen |
| 1. Dongbei University of Finance and Economics， Dalian， Liaoning， China;2. Beijing Foreign Studies University, Beijing, China |
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Abstract Based on the quasi-natural experimental scenario of creating a demonstration city for social credit system construction, this study adopts a multi-period double-differences model with the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2019 to explore the implementation effect of the credit reform pilot from the perspective of green innovation. The results reveal that: the pilot credit reform significantly improves corporate green innovation. In regions with weaker marketization, social credit system reform has a stronger incentive effect on green innovation. Distinguishing the nature of property rights, the positive impact of the pilot reform of the social credit system on green innovation is more pronounced in private enterprises. The mechanism test shows that the pilot reform of the social credit system promotes corporate green innovation by stimulating corporate willingness to innovate, improving environmental information disclosure quality, and reducing financing costs. Further analysis shows that social credit system reform exerts a value-enhancing effect by promoting corporate green innovation.
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Received: 30 June 2022
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