绿色金融改革创新试验区设立促进了企业环保投资吗?

Does the Construction of Green Financial Reform and Innovation Pilot Zones Promote Corporate Environmental Investment?

推进绿色金融发展是培育经济新动能、激发企业创新活力的重要举措。本文以绿色金融改革创新试验区的分批设立作为准自然实验,建立渐进倍差模型,基于2014至2021年我国A股上市公司数据,检验绿色金融改革创新试验区设立对企业环保投资规模和效率的影响。研究发现:绿色金融改革创新试验区设立显著提高了企业环保投资规模,对环保投资效率的提升主要体现在环保投资不足型企业上。机制检验表明,绿色金融创新试验区设立对企业环保投资规模和效率的影响,主要通过要素市场发育程度、环境规制和董事长环保背景进行传导。异质性分析表明,绿色金融改革创新试验区设立对企业投资规模和效率的促进作用存在明显差异,东部地区这种效应更为显著。

Promoting the development of green finance is an important measure to cultivate new economic momentum and stimulate innovation vitality of enterprises.This paper takes the establishment of pilot zones for green financial reform and innovation in batches as a quasi-natural experiment,establishes an asymptotic multiplicative difference model,and examines the impact of the establishment of pilot zones for green financial innovation on the scale and efficiency of enterprises'environmental protection investment based on the data of China's A-share listed companies from 2014 to 2021.The results found that the establishment of green financial reform and innovation pilot zones significantly increased the scale of corporate environmental protection investment,and the enhancement of environmental protection investment efficiency was mainly reflected in the environmental protection under-investment enterprises.The mechanism test shows that the impact of the establishment of green financial innovation pilot zones on the scale and efficiency of enterprises'environmental protection investment is mainly transmitted through the degree of development of the factor market,environmental regulation and the chairman's environmental protection background.Heterogeneity analysis shows that there are obvious differences in the promotion effect of the establishment of green financial reform and innovation pilot zones on the scale and efficiency of enterprise investment,whose effect is more significant in the eastern region.