Analysis of Incentive Effect of Green Finance Policy on Listed Manufacturing On Perspective of Information Disclosure
The introduction to green finance policy aims to integrate environmental considerations into investment and financing activities and realize the green allocation of funds.Then,after the implementation of green finance policy,does it play a role in stimulating the green transformation of enterprises?This paper regards the 2016 G20 Hangzhou Summit as the starting point for the comprehensive implementation of green finance policies in China.From the perspective of information disclosure related to the transparency of green finance market,this paper selects A-share listed manufacturing companies as samples to carry out em-pirical analysis on their publicly disclosed information.The results show that the quality of both financial and non-financial infor-mation disclosed by the sample enterprises decreases after the full implementation of the policy.Through the internal mechanism test,it is found that the reason for the lower quality of information disclosure is that enterprises choose to cater to policy prefer-ences in order to obtain credit resources,so as to cope with the strict financing constraints under the green finance policy.Ac-cording to the analysis results,the paper points out that the regulators need to use flexible policies to further improve the relevant performance indicators and measurement tools;enterprises need to find the internal power of green transformation,try cross-in-dustry cooperation and multi-technology path combination;financial and intermediary institutions need to continue to innovate green financial products and services,and establish a scientific,standardized and operational management system.Only with the joint efforts of all parties can enterprises be truly encouraged to embark on the road of green transformation development.
green finance policyinformation disclosure qualityfinancing constraintsflexible implementation of policiesin-centives
国家科技期刊平台
NSTL
万方数据
