The Impact of Green Financial Development Level on Corporate Green Innovation:Quasi-Natural Experiment Based on Five Provincial Experimental Areas
Under the call of the"Double Carbon Target",green finance is an important market financial tool to guide energy conservation and carbon reduction,and green innovation is an important means for enterprises to reduce carbon emissions and achieve clean production.This paper conducts quasi-natural experiments on the green financial reform and innovation experimental areas of Jiangxi,Xinjiang,Guizhou,Guangdong,and Zhejiang provinces,and constructs a double-difference model based on the samples of Shanghai and Shenzhen A-share listed companies to analyze the relationship between green finance and green innovation.Besides,heterogeneity analysis is conducted for other variables at the firm and provincial level.The paper finds that the green financial policy can improve the green innovation ability of enterprises;the green innovation level of non-state-owned enterprises,large-scale enterprises,and enterprises in non-heavy pollution industries is generally stronger than that of other enterprises;at the same time,the level of regional openness will also affect the green innovation ability of enterprises.Therefore,the government needs to improve the green financial reform system;formulate corresponding guidance programs for heavily polluting industries;introduce a carbon emission trading mechanism and strengthen international cooperation.
green financegreen innovationgreen finance reform pilot areadifference-in-differences model