绿色金融促进了企业绿色技术创新吗?——来自中国绿色金融改革创新试验区的证据

Will Green Finance Promote Green Technology Innovation in Enterprises?——Evidence From Green Finance Pilot Zones in China

在“碳达峰、碳中和”战略背景下绿色金融如何推动企业绿色技术创新、实现经济绿色发展是当前重点关注的问题。以2017年绿色金融改革创新试验区为例,实证检验两者之间的作用关系。研究发现,绿色金融改革创新试验区显著推动了企业绿色技术创新且有如下作用机制:一方面,通过资金配置缓解了企业融资约束,进而推动了企业绿色创新;另一方面通过提高地区环境约束力度,助力企业为缓解成本压力进而增加绿色创新的动力。进一步研究发现,这一关系随着企业特征差异的变化呈现出差异性,对于积极履行社会责任的重污染企业,绿色金融改革创新试验区政策的实施推动了其绿色转型发展。

Under the background of the“carbon peaking and carbon neutrality”strategy,how green finance promotes the innovation of green technology of enterprises and realizes the green development of the economy is the current focus of attention.Taking the 2017 Green Finance Reform and Innovation Pilot Zone as an example,this paper empirically tests the relationship between the two,and the study finds that the green finance pilot zone significantly promotes the innovation of green technology of enterprises,and has the following mechanisms:on the one hand,it alleviates the financing constraints of enterprises through capital allocation and thus promotes the green innovation of enterprises;On the other hand,by improving the regional environmental constraints,it helps enterprises to alleviate environmental cost pressures and increase the motivation for green innovation.Further research has found that this relationship has shown heterogeneity with the change of corporate characteristics,and in particular,green finance has promoted the green transformation of heavily polluting enterprises that actively fulfill their social responsibilities.This paper will help promote the construction of a green financial system,and provide empirical evidence for China’s ultimate carbon neutrality and green and low-carbon development.