绿色金融创新政策与企业生产率差异——来自中国上市公司的证据

Green Finance Innovation Policy and Enterprise Productivity Difference: Evidence from Chinese Listed Companies

在经济高质量发展、碳达峰与碳中和目标约束等政策背景下,将绿色金融创新政策纳入高质量发展分析框架具有重要的理论和现实意义。本文基于绿色金融改革创新试验区设立的准实验,采用双重差分法研究了绿色金融创新政策对企业全要素生产率的影响及机制。研究结果表明,试验区的设立显著抑制了企业生产率提升。进一步地,该政策对生产率的抑制作用主要体现在非重污染企业,而重污染企业在政策倒逼下形成了超过遵循制度成本的“补偿性收益”。机制检验发现,绿色金融引致的信贷资源错配效应与策略性政策套利行为是试验区企业全要素生产率降低的关键诱因,而金融市场化水平的提升、要素市场扭曲的改善则有助于缓解绿色金融的负向影响。基于上述结论,本文提出完善中国绿色金融改革创新的政策建议。

In the policy context of high-quality economic development, carbon peaking and carbon neutral target constraints, it is of great theoretical and practical significance to incorporate green financial innovation policy into the analytical framework of high-quality development. Based on a quasi-experiment on the establishment of a green financial reform and innovation pilot zone, this paper investigates the impact and mechanism of green financial innovation policies on the total factor productivity of enterprises using a difference-in-difference method. The findings show that the establishment of the pilot zone significantly inhibits the productivity increase of firms. Further, the productivity dampening effect of the policy is mainly found in non-heavy polluting firms, while heavy polluting firms are forced by the policy to generate “compensatory gains” that exceed the cost of following the system. The mechanism test finds that the mismatching effect of credit resources and strategic policy arbitrage caused by green finance is the key cause of the lower total factor productivity of enterprises in the pilot area, while the improvement of financial marketization and factor market distortion can help mitigate the negative impact of green finance. Based on the above findings, this paper proposes policy recommendations to improve the reform and innovation of green finance in China.