绿色证券对企业绿色投资效率的影响--基于六大高耗能行业上市企业的检验

The Influence of Green Securities on Green Investment Efficiency of Enterprise——A Test of Listed Companies in Six High Energy Consuming Industries

在工业发展与资源环境的矛盾日益突出的背景下,绿色投资成为企业实现经济与环境绩效双赢的必然选择。绿色证券作为绿色项目直接融资的主渠道,对企业投资效率的作用值得关注。本文选取我国六大高耗能行业的295家A股上市企业,采用三阶段数据包络分析模型计算企业绿色投资效率,同时运用系统广义矩估计模型考察绿色证券对企业绿色投资效率的作用机制及传导途径。结果表明:(1)绿色证券对企业绿色投资效率具有显著的促进作用;(2)绿色证券对于绿色投资效率分解后的纯技术效率和规模效率均具有显著正影响;(3)绿色证券主要通过企业技术水平及能源结构来改进企业绿色投资效率;(4)绿色证券对企业绿色投资效率的影响表现出显著的区域非均衡态势:北部、东部和南部沿海地区的促进作用明显,黄河中游、长江中游、大西南和东北地区次之,大西北地区则不明显。本文为高耗能企业绿色转型发展提供了某种理论依据,并从企业创新水平和能源结构等方面,提出绿色证券促进企业投资效率的相关政策建议。

In the context of the increasingly prominent contradiction between industrial development and resources and environment,the green investment of enterprises has become an inevitable choice for them to achieve a win-win economic and environmental performance.As the main channel of direct financing for green projects,green securities are worthy of attention for their effect on the efficiency of corporate investment.This article selects 295 A-share listed companies in our country's six major energy-intensive industries.A three-stage DEA model is applied to calculate the efficiency of corporate green investment.At the same time,the dynamic panel GMM model is used to investigate the mechanism and transmission channels of green securities on corporate green investment efficiency.The results show that:(1)Green securities have a significantly promotion effect on the efficiency of green investment.(2)Green securities have a significant positive impact on the pure technical efficiency and scale efficiency after green investment efficiency decomposition.(3)Green securities mainly improve the efficiency of enterprises'green investment through their technological level and energy structure.(4)The influence of green securities on the green investment efficiency of enterprises shows a significant regional imbalance.In the northern,eastern and southern coastal areas,the promotion effect of green securities on the green investment efficiency of enterprises is obvious,followed by the promotion effect of the middle reaches of the Yellow River,the middle reaches of the Yangtze River,the great southwest and northeast regions,while the promotion effect of the great northwest regions is not obvious.This study provides a theoretical basis for the green transformation and development of energy-intensive enterprises,and it puts forward specific suggestions from the aspects of enterprise innovation level and energy structure to further give full play to the role of green securities in promoting enterprise investment.