绿色金融改革创新促进企业绿色全要素生产率增长了吗?——来自工业上市公司的绿色转型证据
Has Green Finance Reform and Innovation Promoted the Growth of Green Total Factor Productivity for Enterprises?Evidence from Green Transformation of Industrial Listed Companies
李孟遥 1许云飞1
作者信息
摘要
经济绿色转型是实现"双碳"目标的必由之路,企业的绿色转型发展是经济实现绿色转型的关键环节.本文以 2012-2019 年中国沪深A股工业上市公司为研究对象,使用企业绿色全要素生产率作为企业绿色转型的评价指标,以 2017 年绿色金融改革创新试验区的设立为准自然实验,分析研究绿色金融改革创新对企业绿色转型发展的影响.结果表明,绿色金融改革创新能够显著促进试验区内企业绿色全要素生产率增长率的提升,进而促进企业绿色转型.进一步分析得出,试验区内企业融资约束的缓解和政府政策支持对企业绿色转型有所促进,但其对国有企业和重污染企业的影响却未达预期.本文为绿色金融改革创新的政策效应评估和企业绿色转型发展提供了理论层面的支持和直接经验证据,为各地区制定绿色金融政策提供了参考.
Abstract
The green transformation of the economy is the inevitable path to achieving the"dual carbon"goals,and the green transformation and development of enterprises are crucial links in achieving this transformation.This paper takes the industrial listed companies on the Shanghai and Shenzhen stock exchanges in China from 2012 to 2019 as the research object,using the green total factor productivity of enterprises as the evaluation in-dex for enterprise green transformation.Taking the establishment of the green finance reform and innovation ex-perimental zone in 2017 as a quasi-natural experiment,the paper analyzes the impact of green finance reform and innovation on the development of enterprise green transformation.The results show that green finance reform and innovation can significantly promote the growth rate of green total factor productivity of enterprises within the experimental zone,thereby promoting enterprise green transformation.Further analysis reveals that the alle-viation of financing constraints and government policy support within the experimental zone have promoted the green transformation of enterprises to some extent,but their impact on state-owned enterprises and heavily pol-luting enterprises has not met expectations.This paper provides theoretical support and direct empirical evidence for the policy effect evaluation of green finance reform and innovation and the development of enterprise green transformation,and offers many references for the formulation of green finance policies in various regions.
关键词
绿色金融改革创新试验区/绿色转型/融资约束/绿色全要素生产率/政策效应评估Key words
Green finance reformation and innovation experimental zone/Green transformation/Fi-nancing constraints/Green total factor productivity/Policy effect evaluation引用本文复制引用
出版年
2024
NETL
NSTL
万方数据