Does the Construction of Green Financial Reform and Innovation Pilot Zones Promote Corporate Environmental Investment?
Promoting the development of green finance is an important measure to cultivate new economic momentum and stimulate innovation vitality of enterprises.This paper takes the establishment of pilot zones for green financial reform and innovation in batches as a quasi-natural experiment,establishes an asymptotic multiplicative difference model,and examines the impact of the establishment of pilot zones for green financial innovation on the scale and efficiency of enterprises'environmental protection investment based on the data of China's A-share listed companies from 2014 to 2021.The results found that the establishment of green financial reform and innovation pilot zones significantly increased the scale of corporate environmental protection investment,and the enhancement of environmental protection investment efficiency was mainly reflected in the environmental protection under-investment enterprises.The mechanism test shows that the impact of the establishment of green financial innovation pilot zones on the scale and efficiency of enterprises'environmental protection investment is mainly transmitted through the degree of development of the factor market,environmental regulation and the chairman's environmental protection background.Heterogeneity analysis shows that there are obvious differences in the promotion effect of the establishment of green financial reform and innovation pilot zones on the scale and efficiency of enterprise investment,whose effect is more significant in the eastern region.
green finance reformenvironmental investment efficiencyChairman's environmental backgroundstagged DID
NETL
NSTL
万方数据
