绿色金融改革创新试验区对企业绿色转型的影响机理

Impact mechanisms of green financial reform and innovation pilot zones on corporate green transformation

基于委托代理理论与金融功能理论,从供给与需求双重视角考察了绿色金融改革创新试验区对金融机构绿色金融供给策略的影响,探索了供给策略影响企业全要素生产率、绿色创新和碳排放的微观机理。利用2012—2021年中国沪深A股上市公司数据,构建三重差分模型验证试验区对重污染企业与非重污染企业的差异化影响;引入再中心化影响函数回归与分解模型识别两类企业相对融资约束变化以及试验区与非试验区企业间资本错配的相对变化,从供给视角考察试验区对企业绿色转型的影响;构建链式多重中介模型从供给与需求双重视角验证试验区对企业绿色转型的链式多重中介作用机制;从信息成本和省域视角考察政策效应异质性。结果表明:(1)试验区促进了非重污染企业绿色转型,但未激励重污染企业绿色转型。(2)试验区金融机构提高了重污染企业与非重污染企业的相对融资约束,降低了企业间资本错配,并通过激励非重污染企业创新投入、抑制重污染企业创新投入来影响两类企业绿色转型。(3)环境规制和金融科技等企业外部环境,银行关联、信息披露、内部控制、企业规模、产权性质等企业内部条件,均对试验区企业绿色转型有所裨益。试验区金融机构信息成本越低,企业越容易实现绿色转型;试验区对企业绿色转型的影响存在省域异质性。基于研究结论认为:政府应完善金融机构绿色金融评价政策,协同推进绿色金融体系建设;引导金融机构完善绿色金融供给策略,以企业绿色转型为关键目标配置金融资源;完善产业金融政策环境和数字基础设施建设,双管齐下降低金融机构信息成本;优先保障企业创新投入,分类推动企业绿色技术创新与引进。

This study examined the impact of the green financial reform and innovation pilot zones on the green finance supply strategy of financial institutions from the perspectives of supply and demand,based on principal-agent theory and the perspective of financial functions.It explored the micro-mechanisms of the supply strategy′s impact on total factor productivity,green innovation,and carbon emissions of enterprises.Using data from listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2021,a differ-ence-in-difference-in-differences model was constructed to verify the differential impact of the pilot zones on heavily polluting and non-heavily polluting enterprises.The study introduced a recentered influence function regression and decomposition model to identify the relative changes in financing constraints and capital misallocation between enterprises in the pilot zones and non-pilot zones from the supply perspective.A serial multiple mediation model was constructed to verify the mechanisms through which the pilot zones impacted corporate green transformation from the perspectives of supply and demand.The study also examined the heterogeneity of policy effects from the perspective of information costs and provincial regions.The results indicated that:①The pilot zones facilitated the green transformation of non-heavily polluting enterprises but did not encourage the green transformation of heavily polluting enterprises.②Financial institutions in the pilot zones increased the relative financing constraints for heavily polluting and non-heavily polluting en-terprises,reducing capital misallocation between them.This,in turn,affected the green transformation of both types of enterprises by promoting innovation input for non-heavily polluting enterprises and suppressing innovation input for heavily polluting enterprises.③External business environments,such as environmental regulation and financial technology,and internal enterprise conditions,such as bank affiliation,information disclosure,internal control,corporate size,and property rights,all contributed to the corporate green transformation in the pilot zones.Lower information costs for financial institutions in the pilot zones made it easier for enterprises to achieve a green transformation.There was provincial heterogeneity in the impact of the pilot zones on corporate green transformation.Based on the research findings,the study recommends that the government should enhance the evaluation policies for green finance of financial institutions,coordinate the construction of the green financial system,guide financial institutions to improve their green fi-nance supply strategies,allocate financial resources with the primary aim of achieving corporate green transformation,improve the poli-cy environment of industrial finance and digital infrastructure construction to reduce information costs for financial institutions,priori-tize the protection of corporate innovation input,and promote the innovation and introduction of green technologies for enterprises in a classified manner.