绿色金融试点政策抑制重污染企业碳排放吗?——来自绿色金融改革创新试验区的证据  

Do Green Finance Pilot Policies Curb Carbon Emissions of Heavy Pol⁃luters?——Evidence from Green Finance Reform and Innovation Pilot Zones

作　　者：李绍哲 李含笑 林丽琼[1] Li Shaozhe;Li Hanxiao;Lin Liqiong(College of Economics and Management,Fujian Agriculture and Forestry University,Fuzhou 350002,Fujian,China)

机构地区：[1]福建农林大学经济与管理学院,福建福州350002

出　　处：《金融发展研究》2023年第11期46-54,共9页Journal Of Financial Development Research

基　　金：国家社科基金一般项目“经济下行压力加大条件下农村家庭债务风险生成机理、影响因素及防范机制研究”(19BJY162)。

摘　　要：本文以2017年绿色金融改革创新试验区政策为制度背景,基于2012—2021年沪深A股420家重污染行业上市企业数据,运用双重差分模型实证检验了绿色金融试点政策对重污染企业碳排放的影响及作用机制。研究发现,绿色金融试点政策显著降低了重污染企业碳排放,上述结论在非国有重污染企业、外部融资依赖程度高的重污染企业和产业结构扭曲程度高的省份更为显著。机制分析表明,绿色金融试点政策在通过促进环境治理抑制重污染企业碳排放的同时,亦通过增加重污染企业金融投资、降低存货投资方式,短期内实现了碳减排。本文的研究为认识和评价绿色金融试点政策的碳减排效应提供了一个新的证据,同时也为推动绿色金融试点政策的优化升级提供了经验支持。Taking the 2017 green financial reform and innovation pilot zone policy as the institutional background,this paper empirically examines the impact and mechanism of green financial pilot policy on carbon emissions of heavy polluters based on the data of 420 listed companies in heavy pollutant industries in Shanghai and Shenzhen A-shares from 2012 to 2021 by using a double difference model.The study finds that the green finance pilot policy significantly reduces carbon emissions from heavy polluters,and the above findings are more significant in non-state-owned heavy polluters,heavy polluters with a high dependence on external financing,and provinces with a high degree of distor‐tion in industrial structure.Mechanism analysis shows that the green finance pilot policy,while curbing carbon emis‐sions from heavy polluters by promoting environmental governance,also realizes carbon emission reduction in the short term by increasing financial investment and reducing inventory investment in heavy polluters.The research in this paper provides a new evidence for recognizing and evaluating the carbon emission reduction effect of green finance pi‐lot policies,and also provides empirical support for promoting the optimization and upgrading of green finance pilot policies.

关 键 词：绿色金融 影响效应 作用机制 重污染企业 

分 类 号：F832.5[经济管理—金融学]