Green Finance Policy and Corporate ESG Performance——Quasi Natural Experiment Based on Green Finance Reform and Innovation Pilot Zone
This paper takes the data of A-share listed companies in China from 2015 to 2021 as the research sample,re-gards the green finance reform and innovation pilot zone as a quasi natural experiment,and uses the gradual difference method to examine its policy effects.Research has found that:(1)The green finance reform and innovation pilot zone can significantly improve the ESG performance of enterprises.This conclusion is still valid after the validity test of the over-lapping multiple difference method and a series of robustness tests.(2)The green finance reform and innovation pilot zone effectively improves the ESG performance of enterprises by decreasing debt financing costs and improving R&D innovation levels.At the same time,it intensifies financing constraints for heavily polluting enterprises and alleviate financing constraints for non heavily polluting enterprises.(3)The policy effects of the pilot zone show significant differences in ESG performance among enterprises with different industry characteristics,regional market environments,and digital levels of themselves.
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