绿色金融政策促进企业绿色创新吗——来自绿色金融改革创新试验区的证据

Does Green Financial Policy Promote Corporate Green Innovations?Evidences from the Green Financial Reform and Innovation Pilot Zones

借助2017年开始设立的绿色金融改革创新试验区为准自然实验,利用2014—2020年我国沪深A股重污染行业上市公司的绿色专利数据,运用双重差分法探讨绿色金融试点政策对企业绿色创新的影响。研究发现:绿色金融试点政策有利于提高企业绿色创新活跃度,对于污染排放强度较高的企业,该政策的绿色创新激励作用更为明显;企业声誉风险和融资便利性是该政策提高企业绿色创新活跃度的两个重要渠道;并且上述结论在非国有企业、外部融资依赖度较高以及环境规制较弱的样本中更为显著。研究结论不仅为绿色金融试点政策的实施效果提供了经验证据,还对完善绿色金融体系以及复制和推广绿色金融改革创新试验区具有实践意义。

Taking the green finance reform and innovation pilot zones set up in 2017 as a quasinatural experiment,this paper uses the green patent data of the listed companies in the heavily polluting industries of Shanghai and Shenzhen A-shares in China from 2014 to 2020 to explore the impact of the green finance pilot policy on the corporate green innovations with the double difference method.The findings show that the green finance pilot policy is conducive to improving the green innovation activity of the enterprises.For enterprises with higher pollution emission intensity,the green innovation incentive effect of the policy is more obvious.Corporate reputation risk and financing convenience are the two important channels for the policy to improve the activity of green innovation of enterprises.The above conclusions are more significant in the samples of non-state-owned enterprises,with higher degree of dependence on external financing and with weaker environmental regulations.This research conclusion not only provides empirical evidences for the implementation effect of the green finance pilot policy,but also has practical significance for improving the green finance system and replicating and promoting the green finance reform and innovation pilot zones.