绿色资产证券化对企业投资效率的影响研究

Research on the Impact of Green Asset Securitization on Enterprise Investment Efficiency

摘要: 在中国“双碳”目标推动下，绿色产业快速发展，但相关企业仍面临融资难、投资周期长和流动性不足等挑战。本文以绿色资产证券化作为研究对象，重点探讨其对企业投资效率的影响机制及作用路径。通过选取2015~2023年电力、热力、燃气及水生产供应业、水利环境和公共设施管理业、建筑业中发行绿色资产证券化的上市企业作为实验组，并采用多期DID模型、中介效应检验、调节效应检验及倾向得分匹配等方法进行实证分析。研究结果表明：绿色资产证券化能够显著提升企业投资效率；其作用主要通过缓解企业融资约束实现；媒体关注度在这一过程中具有正向调节作用，即媒体关注度越高，绿色资产证券化对投资效率的改善效果越明显。

Abstract: In the context propelled by China’s “dual carbon” objectives, the green industry has witnessed rapid development. Nevertheless, related enterprises continue to confront challenges such as arduous financing conditions, extended investment cycles, and inadequate liquidity. This study takes green asset securitization, an innovative financing approach, as the object of research, with a particular emphasis on exploring its impact mechanism and action pathway regarding enterprise investment efficiency. Specifically, listed companies in the power, heat, gas, and water production and supply industries, water conservancy, environmental, and public facilities management industries, as well as the construction industry that have issued green asset securitization from 2015 to 2023 are selected as the experimental group. Empirical analyses are then conducted using multiple-period Difference-in-Differences (DID) models, mediation effect tests, moderation effect tests, and propensity score matching methods. The research findings indicate that green asset securitization can significantly enhance enterprise investment efficiency. This effect is mainly realized by alleviating the financing constraints faced by enterprises. Moreover, media attention plays a positive moderating role in this process. That is, the higher the level of media attention, the more pronounced the improvement effect of green asset securitization on investment efficiency.