绿色金融提升了重污染企业市场竞争力吗?  

Does Green Finance Enhance the Market Competitiveness of Heavily Polluting Enterprises?

作　　者：高楠 娄志龙 陆敏[1] GAO Nan;LOU Zhilong;LU Min(School of Statistics and Data Science,Nanjing Audit University)

机构地区：[1]南京审计大学统计与数据科学学院

出　　处：《金融经济》2024年第8期3-13,28,共12页Finance Economy

基　　金：国家社科基金重大项目“中国式现代化的统计监测评价问题研究”(23&ZD036);国家自然科学基金面上项目“非现场审计开放环境下高光谱成像语义级变化检测方法”(62375133);江苏省产学研合作项目“企业风险控制与数字化审计模型构建研究”(BY20230589);江苏省研究生科研与实践创新计划项目“绿色金融推动高质量发展——基于政策和资本市场角度”(KYCX23_2251)。

摘　　要：本文以2016年《关于构建绿色金融体系的指导意见》构建准自然实验,基于2007—2021年我国A股上市公司面板数据,运用双重差分法分析了绿色金融政策对重污染企业市场竞争力的影响效应与机制路径。结果显示,绿色金融政策的实施对重污染企业市场竞争力有显著的正向促进作用。机制分析表明,绿色金融政策通过影响重污染企业的融资成本和管理层持股,引导企业进行绿色转型,进而提升市场竞争力。异质性分析表明,绿色金融政策对重污染企业市场竞争力的提升效果在企业规模、地区以及金融发展水平方面存在差异性。研究结果为企业高质量发展和绿色金融政策推广提供了经验证据与政策参考。This paper constructs a quasi-natural experiment based on the"Guidance on Building a Green Financial System"issued in 2016.Using panel data from A-share listed companies in China from 2007 to 2021,the study employs a difference-in-differences method to analyze the impact and mechanism of green finance policies on the market competitiveness of heavily polluting enterprises.The results show that the implementation of green finance policies has a significant positive effect on the market competitiveness of heavily polluting enterprises.Mechanism analysis indicates that green finance policies influence the financing costs and management shareholding of heavily polluting enterprises,guiding them towards green transformation,thereby enhancing their market competitiveness.Heterogeneity analysis reveals that the effect of green finance policies on improving the market competitiveness of heavily polluting enterprises varies by enterprise size,region,and level of financial development.The research findings provide empirical evidence and policy references for the high-quality development of enterprises and the promotion of green finance policies.

关 键 词：绿色金融 重污染企业 市场竞争力 融资成本 管理层持股 

分 类 号：F832[经济管理—金融学] F272