Under the background of "unmoving on the road of ecological priority and green development" as a long-term national strategy, how to effectively play the role of finance and promote the transformation of green development is not only the requirement of high-quality industrial development, but also an important topic to construct the financial theory system with Chinese characteristics. To investigate whether green credit policy can help enterprises' green development by improving investment efficiency, this paper selects A-share listed enterprises in Shanghai and Shenzhen Stock exchanges from 2009 to 2022 as research samples, and uses the Green Credit Policy issued by the former China Banking Regulatory Commission in 2012 as A quasi-experiment to conduct a DID model. This paper empirically tests the mechanism and effect of the implementation of green credit policy and enterprise green technology innovation. The results show that: after the implementation of the Guidelines, the green development of heavy polluting industries has been significantly improved, but there is a lag in the promotion effect, which may be because the heavy polluting enterprises focus on the quality and efficiency of development during the transformation and upgrading of green reform. The process is complex, and it takes some time to transition. Therefore, studying the impact of green credit on the green technology innovation of polluting enterprises has policy reference significance for improving the green financial system and promoting the green development of polluting enterprises.

Zhao Ziwei. Research on the influence of green credit on green innovation of heavy polluting enterprises. The Frontiers of Society, Science and Technology (2024), Vol. 6, Issue 4: 15-21. https://doi.org/10.25236/FSST.2024.060402.

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