| 王修华,刘锦华,赵亚雄.绿色金融改革创新试验区的成效测度[J].数量经济技术经济研究,2021,(10):107-127 |
| 绿色金融改革创新试验区的成效测度 |
| Effectiveness Measurement of Green Finance Reform and Innovation Pilot Zone |
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| DOI： |
| 中文关键词: 绿色金融 影响效应 污染企业 绿色企业 作用机制 |
| 英文关键词: Green Finance Impact Effects Polluting Enterprises Green Enterprises Mechanism |
| 基金项目:本文得到国家社会科学基金重点项目（18AJL009）的研究资助。 |
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| 中文摘要: |
| 研究目标：从微观企业视角考察中国绿色金融改革创新试验区试点政策的影响成效。研究方法：基于中国沪深A股制造业上市公司季度数据，运用双重差分模型进行实证分析。研究发现：绿色金融试点政策对试验区的整体企业发展有显著的抑制作用，明显降低了污染企业的生产效率，促进了绿色企业的创新发展，且存在约束效应大于激励效应的现象，说明企业仍未形成超过遵循制度成本的“补偿性收益”。机制分析发现，绿色金融试点政策提升了污染企业的融资约束和治污成本，挤出了其研发支出，从而导致生产效率降低；而对于绿色企业，绿色金融试点政策则明显增加了绿色企业的商业信用和研发支出，促进了其生产效率的提升。进一步分析发现，绿色金融试点政策对国有、大规模企业的影响效应更强，并呈现出显著的上市年龄异质性。研究创新：从微观企业视角论证了绿色金融试点政策的影响效应及其在污染企业和绿色企业之间的效应差异和作用机制。研究价值：为深化创新绿色金融政策、促进企业绿色高效发展提供经验证据和政策启示。 |
| 英文摘要: |
| Research Objectives：This paper examines the effects of the pilot policy in China's Green Finance Reform and Innovation Pilot Zone from the micro-enterprise perspective. Research Methods: Based on the quarterly data of China's Shanghai and Shenzhen A-share manufacturing listed enterprises, the double difference model is used for empirical analysis. Research Findings: The green finance pilot policy has a significant inhibitory effect on the overall enterprise development in the pilot zone, obviously reduces the production efficiency of polluting enterprises, promotes the innovation and development of green enterprises, and there is a phenomenon that the restraint effect is greater than the incentive effect, and the enterprises in the pilot zone have not yet formed “compensatory benefits” that exceed the cost of following the system. Mechanism analysis finds that the green finance pilot policy has increased the financing constraints and pollution control costs of polluting enterprises, and squeezed out their R&D expenditures, which led to a reduction in production efficiency. For green enterprises, the green finance pilot policy has significantly increased the commercial credit and R&D expenditures of green enterprises, and promoted the improvement of their production efficiency. Further analysis finds that the green finance pilot policy has a stronger impact on state-owned and large-scale enterprises, and shows significant heterogeneity in the age of listing. Research Innovations: From the micro-enterprise perspective, it demonstrates the influence effect of the green finance pilot policy and its effect difference and mechanism between polluting enterprises and green enterprises. Research Value: It provides empirical evidence and policy implications for deepening the innovation of green finance policies and promoting the green and efficient development of enterprises. |
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