Impact mechanisms of green financial reform and innovation pilot zones on corporate green transformation
This study examined the impact of the green financial reform and innovation pilot zones on the green finance supply strategy of financial institutions from the perspectives of supply and demand,based on principal-agent theory and the perspective of financial functions.It explored the micro-mechanisms of the supply strategy's impact on total factor productivity,green innovation,and carbon emissions of enterprises.Using data from listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2021,a differ-ence-in-difference-in-differences model was constructed to verify the differential impact of the pilot zones on heavily polluting and non-heavily polluting enterprises.The study introduced a recentered influence function regression and decomposition model to identify the relative changes in financing constraints and capital misallocation between enterprises in the pilot zones and non-pilot zones from the supply perspective.A serial multiple mediation model was constructed to verify the mechanisms through which the pilot zones impacted corporate green transformation from the perspectives of supply and demand.The study also examined the heterogeneity of policy effects from the perspective of information costs and provincial regions.The results indicated that:① The pilot zones facilitated the green transformation of non-heavily polluting enterprises but did not encourage the green transformation of heavily polluting enterprises.② Financial institutions in the pilot zones increased the relative financing constraints for heavily polluting and non-heavily polluting en-terprises,reducing capital misallocation between them.This,in turn,affected the green transformation of both types of enterprises by promoting innovation input for non-heavily polluting enterprises and suppressing innovation input for heavily polluting enterprises.③ External business environments,such as environmental regulation and financial technology,and internal enterprise conditions,such as bank affiliation,information disclosure,internal control,corporate size,and property rights,all contributed to the corporate green transformation in the pilot zones.Lower information costs for financial institutions in the pilot zones made it easier for enterprises to achieve a green transformation.There was provincial heterogeneity in the impact of the pilot zones on corporate green transformation.Based on the research findings,the study recommends that the government should enhance the evaluation policies for green finance of financial institutions,coordinate the construction of the green financial system,guide financial institutions to improve their green fi-nance supply strategies,allocate financial resources with the primary aim of achieving corporate green transformation,improve the poli-cy environment of industrial finance and digital infrastructure construction to reduce information costs for financial institutions,priori-tize the protection of corporate innovation input,and promote the innovation and introduction of green technologies for enterprises in a classified manner.
green financegreen transformationsupply strategyinformation costdifference-in-difference-in-differences modelre-centered influence functionserial multiple mediation model
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