绿色金融改革创新试验区提升绿色企业价值研究

Research on the Improvement of Green Enterprise Value via Green Finance Reform and Innovation Pilots

基于2013—2020年中国1694家上市公司的面板数据,采用三重差分模型,定量评估绿色金融改革创新试验区的建立对绿色企业价值的提升效果。结果表明:绿色金融改革创新试验区的建立显著提升了绿色企业价值,这种提升作用主要通过拓宽融资渠道和提高生产效率实现。同时,企业面临的外部环境监管力度的加大和内部ESG信息披露水平的提高均能正向调节试验区对企业价值提升的促进作用。鉴于此,为中国进一步推进绿色金融改革创新试验区的建设提供实证依据。

Based on the panel data of 1694 listed companies in China from 2013 to 2020,the difference-in-difference-in-difference model(DDD)is used to quantitatively evaluate the effect of the construction of the green finance reform and innovation pilot zone on the improvement of the value of green enterprises.The results show that:after the construction of the green finance reform and innovation pilot area,the value of green enterprises has significantly improved,which is mainly achieved by expanding financing channels and improving production efficiency.At the same time,the strengthening of environmental supervision efforts faced by enterprises and the improvement of ESG information disclosure level have played a positive regulatory effect on the improvement of green enterprises value.The conclusions provide an empirical basis for the further construction of China’s green finance reform and innovation pilot area.