绿色金融改革创新对环保企业投融资的影响——基于绿色金融改革创新试验区的经验证据  

Impact of Green Finance Reform and Innovation on Investment and Financing of Environmental Protection Enterprises——Empirical Evidence based on Green Finance Reform and Innovation Pilot Areas

作　　者：王玉凤 张淑芹[2] WANG Yu-feng;ZHANG Shu-qin(Audit Research Institute of the National Audit Office,Beijing 100086,China;Party School of the CPC Qingdao Municipal Committee(Qingdao Institute of Administration),Qingdao 266071,Shandong,China)

机构地区：[1]审计署审计科研所,北京市100086 [2]中共青岛市委党校(青岛行政学院),山东青岛266071

出　　处：《中国流通经济》2023年第5期118-128,共11页China Business and Market

基　　金：国家社会科学基金项目“金融风险与财政风险螺旋效应的审计监控机制研究”(20BJY032)。

摘　　要：绿色金融可为经济绿色转型和金融业自身发展提供动力,助力“双碳”目标实现。为在体制机制上探索可复制可推广经验,我国选择部分地区建设各有侧重、各具特色的绿色金融改革创新试验区。将绿色金融改革创新试验区建设视为一次准自然实验,从绿色金融需求侧(环保企业投融资)出发,以2015—2019年我国A股上市环保企业为样本,利用双重差分模型定量分析绿色金融改革创新试验区建设的影响效应。研究发现:试验区建设有助于扩大环保企业投融资规模,降低环保企业融资成本,提高环保企业投融资效率;试验区建设对环保企业投资效率的影响具有滞后性,不能促进当期投资效率的提高,但能促进未来投资效率的提高;与非国有企业相比,试验区建设对国有企业投融资规模、融资成本、投融资效率的影响效应更明显。在进行平行趋势、安慰剂、倾向得分匹配等检验后,研究结论依然稳健。因此,应积极总结试验区建设成功经验,推动建立环保企业投融资长效机制;创新和应用绿色金融工具,提高环保企业投融资效率;制定差异化信贷政策,加大对高成长性非国有环保企业的政策扶持力度。Green finance can provide driving force for the development of financing industry and the green transformation of economy,and help achieve the goal of"carbon peaking and carbon neutrality".In order to provide institutional experience,China chooses some areas to establish the pilot zones for green finance reform and innovation,and each has their own characteristics.Regarding the green finance reform and innovation pilot as a quasi natural experiment,the authors take the demand side of green finance,that is,investment and financing of environmental protection enterprises,as the research object,select A-share listed environmental protection enterprises from 2015 to 2019 as the sample,and use a double difference model to quantitatively study the impact of green finance reform and innovation pilot construction.Research has found that:pilot construction can help increase the investment and financing scale of environmental protection enterprises,reduce their financing costs,and promote their financing efficiency;the impact of pilot construction on investment efficiency of related enterprises has lagged behind,which can not improve investment efficiency in the current period,but can improve that in the future period;and compared with non-stateowned enterprises,pilot construction has a more significant impact on state-owned enterprises in terms of investment and financing scale,financing cost,investment and financing efficiency.After passing the placebo test,propensity score matching test and other robustness tests,the research conclusions are still valid.Therefore,the government should,first,summarize the experiences of pilot construction,promote the establishment of a long-term mechanism for investment and financing of environmental protection enterprises;second,they should innovate and apply green financial tools,and improve the investment and financing efficiency of environmental protection enterprises;and third,they should formulate differential credit policy,and enhance the policy support for non-state-owned environ

关 键 词：绿色金融 环保企业 投融资规模 融资成本 投融资效率 

分 类 号：F832.2[经济管理—金融学]