“双碳”目标、绿色金融改革与企业投资效率:基于绿色金融改革创新试验区的准自然实验

“Double Carbon”target Green Finance Reform and Enterprise Investment Efficiency:A Quasi-Natural Experiment Based on Green Finance Pilot Zone

在中国“双碳”目标的时代背景下,绿色金融的发展已成为当前研究的热门方向。研究以2017年绿色金融改革创新试验区政策为准自然实验,结合2003—2019年中国A股非金融上市公司的面板数据,运用双重差分模型探究绿色金融对企业投资效率是否有显著影响及其作用机制。研究结果表明:绿色金融改革创新试验区对企业投资效率有显著提升作用,在作用机制方面,绿色金融改革创新试验区可通过缓解企业融资约束、改善企业投资不足与投资过度、增加企业R&D投入3个方面提高企业投资效率。上述结论为推进中国绿色金融体系建设和实现经济高质量发展提供了依据。中国应不断创新完善绿色金融制度,充分发挥绿色金融推动社会转型的作用,促进“双碳”目标的实现。

In the context of China’s“dual carbon”goal,the development of green finance has emerged as a hot research top-ic.This study,based on the 2017 Green Finance Reform and Innovation Pilot Zone policy and the panel data of Chinese non-fi-nancial A-share listed companies from 2003 to 2019 and a difference-in-differences(DID)model,investigates the impact of green finance on firm investment efficiency and its underlying mechanisms.The findings reveal that in the Green Finance Re-form and Innovation Pilot Zones the firm investment efficiency has been significantly improved,and mechanistically,the policy has achieved the efficiency by alleviating financing constraints,mitigating under-investment and over-investment,and increas-ing R&D investment,which provides valuable insights for advancing the construction of China’s green financial system and achieving high-quality economic development.Therefore,China should continuously innovate and improve its green finance reg-ulatory framework,fully leverage the transformative power of green finance,and contribute to the realization of the“dual car-bon”goals.