The Internal Mechanism and Empirical Test of Green Finance Policy and Corporate Green Innovation——Based on the Data of A-share Listed Companies
Based on a theoretical framework of endogenous growth and bias towards technological progress with the nature of government intervention,this paper analyzes the"financing constraint effect","government-oriented effect","market reversal effect"and"digital moderation effect",and uses the data of A-share heavily polluting enterprises from 2013 to 2021,and empirically tests the direct impact and mechanism path of green finance policy on the improvement of green total factor productivity of enterprises by using the DID model and moderating effect model,and conducts a robustness test.The conclusions are as follows:(1)The constraint intensity of environmental policies formulated by the government can only play a role if it is compatible with the scale of green product market and green finance development;(2)Green finance policies can significantly increase the growth rate of green total factor of enterprises,and further amplify the policy effect through the digital transformation of enterprises;(3)Further research finds that state-owned enterprises in regions with low financial development level will significantly weaken the policy effect,while high-tech enterprises are less constrained by financial development level,but are more susceptible to policy incentives in regions with low financial level.Finally,it is suggested to accelerate the integrated development of"dualization",encourage the promotion of labor bias towards green technology progress,and build a unified standardized evaluation system to improve data quality and comparability.Taking into account the different levels of regional financial development,the government has introduced targeted intervention measures on the ownership of enterprises and the heterogeneity of scientific and technological levels.
Green InnovationGovernment InterventionGreen FinanceDigitalizationRegulatory Effect
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万方数据
