This paper constructs a quasi-natural experiment based on the"Guidance on Building a Green Finan-cial System"issued in 2016.Using panel data from A-share listed companies in China from 2007 to 2021,the study employs a difference-in-differences method to analyze the impact and mechanism of green finance policies on the market competitiveness of heavily polluting enterprises.The results show that the implementation of green finance policies has a significant positive effect on the market competitiveness of heavily polluting enterprises.Mechanism analysis indicates that green finance policies influence the financing costs and management shareholding of heavily polluting enterprises,guiding them towards green transformation,thereby enhancing their market competitiveness.Heterogeneity analysis reveals that the effect of green finance policies on improving the market competitiveness of heavily polluting enterprises varies by enterprise size,region,and level of financial development.The research findings provide empirical evidence and policy references for the high-quality development of enterprises and the promotion of green finance policies.
关键词
绿色金融/重污染企业/市场竞争力/融资成本/管理层持股
Key words
Green finance/Heavily polluting enterprises/Market competitiveness/Financing costs/Management shareholding
维普
万方数据