产融结合对企业绿色全要素生产率的影响研究

The impact of integration of industry and finance on green total factor productivity of enterprises

在“双碳”目标下,探究金融如何赋能经济绿色发展,对于促进我国经济高质量发展具有重要意义。基于2011—2021年我国A股上市公司数据,在通过SBM-Luenberger方法测算企业绿色全要素生产率和手工搜寻企业产融结合情况的基础上,全面探究了产融结合两种模式对企业绿色全要素生产率的影响。研究发现:产融结合两种模式对企业绿色全要素生产率均具有显著的提升作用;同时,产融结合对企业绿色全要素生产率的影响存在明显的企业异质性与地区异质性。企业性质异质性方面,在国有企业中,金融机构持股企业和企业持股金融机构两种产融结合模式均能促进国有企业绿色全要素生产率的提高;在非国有企业中,虽然金融机构持股企业的产融结合模式可以促进企业绿色全要素生产率的提高,但企业持股金融机构对企业绿色全要素生产率的提高效果不明显。地区异质性方面,东部地区两种产融结合模式都能显著促进东部地区绿色全要素生产率的提高,而其他地区效果不够明显。

Under the goal of"double carbon",exploring how finance can enable green economic development is vital for facilitating high-quality economic development for China.Based on the data of China's A-share listed companies from 2011 to 2021,by measuring the green total factor productivity of enterprises and manually searching the data of integration using SBM-Luenberger method,the impacts of two modes on corporate GTFP were explored across the board and respectively.The results show that the combination of industry and finance can positively ameliorate the corporate GTFP.In the meantime,the effect has distinct firm heterogeneity and regional heterogeneity.In terms of the heterogeneity of the nature of enterprises,in the state-owned enterprises,both the two modes can play a positive role;in nonstate-owned enterprises,although financial institutions holding shares in non-state-owned enterprises plays an active role,non-state-owned enterprises holding financial institutions fails to have the positive effect expected.In terms of the heterogeneity of the regions,both the two modes can remarkably help promote the GTFP in eastern China,while the effect is not conspicuous in other regions.