Can Green Finance Pilot Policies Improve Corporate Environmental Responsibility?
Establishing pilot zones for green finance reform and innovations is a pivotal step towards enhancing China's green financial system and provides new support for the green development of enterprises and the attainment of the"dual carbon"goals. Building on a theoretical model, this study employs the national pilot zones for green finance reform and innovations as a quasi-nature experimental setting and utilizes the multi-temporal double difference model to explore the causal effects and mechanisms of the green finance pilot policy on corporate responsibility fulfillment. The findings indicate that the green finance pilot policy significantly improves the level of corporate responsibility fulfillment, a result that remains robust even after addressing endogeneity issues and heterogeneous treatment effects. The heterogeneity analysis shows that the enhancing effects of the green finance pilot policy on corporate environmental responsibility are more pronounced in the eastern regions, industries involved in green technology innovation, industries with a high degree of specialization, large-scale enterprises, and industries with high energy consumption. Mechanism testing reveals that the pilot policy positively influences corporate environmental responsibility through promoting urban green technology innovation, industrial structural upgrades, human capital aggregation, and optimized resource allocation. The conclusions of this study are of significant relevance and practical significance for China as it seeks to achieve its "dual carbon" objectives and comprehensively advance its modernization process through the deep implementation of green financial policies.
pilot zones for green finance reform and innovationscorporate environmental responsibilitygreen finance systemcarbon emission reduction
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