“双碳”目标下绿色金融对重污染企业高质量发展的影响研究——基于绿色创新能力的路径分析

Research on the Impact of Green Finance on the High-Quality Development of Heavy Pollution Enterprises under the “Dual Carbon” Goals—A Path Analysis Based on Green Innovation Capability

摘要: 本文以“双碳”目标为背景，探究绿色金融对重污染企业高质量发展的影响及其作用机制。研究发现：绿色金融能够显著提升企业全要素生产率，直接推动重污染企业高质量发展；同时，其作用通过增强绿色创新能力的路径实现。异质性分析表明，绿色金融对国有企业及东部与中部地区企业的促进作用更为显著，而西部地区因基础设施薄弱与产业路径依赖未达预期效果。

Abstract: Against the backdrop of the “dual carbon” goals, this paper explores the impact of green finance on the high-quality development of heavy pollution enterprises and its underlying mechanisms. The study finds that green finance can significantly enhance total factor productivity, directly promoting the high-quality development of heavy pollution enterprises. Meanwhile, this effect is achieved through the pathway of strengthening green innovation capability. Heterogeneity analysis reveals that green finance has a more pronounced promoting effect on state-owned enterprises and enterprises in the eastern and central regions, while its impact in the western region falls short of expectations due to weak infrastructure and industrial path dependence.