绿色金融政策对专精特新企业价值的影响研究

Research on the Impact of Green Finance Policies on the Value of Specialized, Refined, Distinctive, and Innovative Enterprises

摘要: 本研究以2016年我国出台的《关于构建绿色金融体系的指导意见》这一政策作为准自然实验，基于2010~2024年A股上市专精特新企业数据样本，采用双重差分法实证检验绿色金融对企业价值的影响。研究发现：绿色金融政策能显著提升企业价值，且该效应通过改善ESG表现实现；然而，债务融资成本在促进企业价值提升的过程中，则起到了负向调节作用。在非国有企业和非重污染行业中，绿色金融对其企业价值的促进作用更为显著。据此建议，持续推进绿色金融体系建设，扩大绿色金融供给及对实体经济绿色转型的覆盖范围；金融机构要不断创新绿色金融产品与服务，将ESG表现纳入风控并实施差异化定价；政府需设立引导基金、统一标准及强制披露，降低绿色识别成本与银行风险，助力专精特新企业实现高质量发展。

Abstract: This study takes the promulgation of Guiding Opinions on Establishing a Green Finance System issued by China in 2016 as a quasi-natural experiment. Based on the data sample of specialized, sophisticated, distinctive, and innovative enterprises listed on the A-share market from 2010 to 2024, it empirically tests the impact of green finance on enterprise value by adopting the difference-in-differences (DID) method. The results show that green finance policies can significantly enhance enterprise value, and this effect is achieved through improved ESG performance. However, debt financing cost plays a negative moderating role in the process of promoting enterprise value. Specifically, the promotion effect of green finance on enterprise value is more significant in non-state-owned enterprises and non-heavy-polluting industries. On this basis, this study puts forward the following suggestions: continuously advance the construction of green finance system and expand the supply of green finance as well as its coverage for the green transformation of the real economy; financial institutions should innovate green financial products and services constantly, incorporate ESG performance into risk control and implement differentiated pricing; the government should set up guidance funds, unify standards and enforce mandatory disclosure, so as to reduce green identification costs and banking risks and help specialized, sophisticated, distinctive, and innovative enterprises achieve high-quality development.