The Role of Financial Constraints and R&D in Moderating the Relationship between Green Credit Guideline and Green Innovation Efficiency

The manufacturing industry, recognized as a primary sector for resource consumption and pollution emissions, is in urgent need of transformation and upgrading to achieve enhanced environmental benefits. Existing studies mostly focus on national/provincial macro levels, lacking insights into city-level relationships and regional heterogeneity. Therefore, from a unique city-level perspective, comprehensively considering the role of corporate financial constraints and R&D investments, this study explores the impact of green credit policies on green innovation efficiency. Based on China's A-listed company data from 2007 to 2022, the results found that green credit can significantly promote the green innovation efficiency of listed manufacturing companies. Regarding the adjustment mechanism, companies with greater R&D investment intensity respond significantly to green credit, but financing constraints are not significant, indicating that for companies that rely heavily on external financing, the incentive effect of green credit on green innovation efficiency is not obvious. By analyzing the effectiveness of green credit policies in alleviating financing difficulties for enterprises, this study aims to provide policy recommendations for city-government and relevant institutions. Such recommendations can facilitate the optimization of financial support measures, thereby enhancing the specificity and effectiveness of these policies.