绿色金融政策对企业创新的影响研究

Research on the Impact of Green Finance Policies on Enterprise Innovation

摘要: 党的十九届四中全会肯定了新中国成立以来的发展成就，而粗放型增长引发的资源环境问题已制约可持续发展，绿色金融成为绿色转型核心支撑。2017年起我国设立绿色金融改革创新试验区，旨在通过先行先试驱动企业绿色技术创新，但企业该创新面临高投入等挑战，亟需金融与政策支持，评估该政策影响具有重要意义。本文以2012~2023年A股上市公司为样本，将试验区设立视为准自然实验，采用多期双重差分等模型，探究政策对企业绿色技术创新的影响及路径等。研究发现：一是试验区政策对企业绿色技术创新有显著正向促进作用，经多重稳健性检验后结论依然成立；二是政策通过缓解融资约束、提升风险承担水平两条中介路径发挥作用，破解绿色创新资源与心理障碍；四是政策效果存在异质性，对国企、东部企业影响更显著。基于结论，本文提出建议：深化试验区改革，完善绿色金融服务体系；疏通融资渠道、健全风险分担机制；实施差异化精准政策，优化绿色金融资源配置，激发企业绿色创新内生动力，支撑经济社会绿色转型。

Abstract: The Fourth Plenary Session of the 19th Central Committee of the Communist Party of China affirmed the development achievements since the founding of the People’s Republic of China. However, the resource and environmental problems caused by extensive growth have restricted sustainable development, and green finance has become a core support for green transformation. Since 2017, China has established green finance reform and innovation pilot zones, aiming to drive green technological innovation in enterprises through pilot projects. However, enterprises’ green innovation faces challenges, such as high investment, and urgently needs financial and policy support. Therefore, it is of great significance to assess the impact of this policy. This paper takes A-share listed companies from 2012 to 2023 as samples, regards the establishment of pilot zones as a quasi-natural experiment, and uses multi-period difference-in-differences and other models to explore the impact of the policy on enterprises’ green technological innovation and its paths, etc. The research finds that: First, the policy of pilot zones has a significant positive promoting effect on enterprises’ green technological innovation, and the conclusion remains valid after multiple robustness tests. Second, the policy works through two mediating paths of easing financing constraints and enhancing risk-taking levels, breaking the resource and psychological barriers of green innovation. Fourth, the policy effect has heterogeneity, and it has a more significant impact on state-owned enterprises and enterprises in the eastern region. Based on the conclusions, this paper puts forward suggestions: deepen the reform of pilot zones, improve the green financial service system; smooth financing channels, and improve the risk-sharing mechanism; implement differentiated and precise policies, optimize the allocation of green financial resources, stimulate the endogenous driving force of enterprises’ green innovation, and support the green transformation of the economy and society.