绿色金融改革创新试验区的设立对企业绿色转型的影响——基于企业战略导向与创新行动的分析  

Impact of Pilot Zones for Green Finance Reform and Innovations on Corporate Green Transformation:An Analysis Based on Strategic Orientation and Innovation Actions of Enterprises

作　　者：王爱萍 陈妙 胡海峰[2] Wang Aiping;Chen Miao;Hu Haifeng(School of Economics,Beijing Technology and Business University,Beijing 100048,China;Business School,Beijing Normal University,Beijing 100875,China)

机构地区：[1]北京工商大学经济学院,100048 [2]北京师范大学经济与工商管理学院,100875

出　　处：《南开经济研究》2024年第12期187-205,共19页Nankai Economic Studies

基　　金：国家社科基金一般项目“数字金融提升产业链供应链韧性的效应、机制与实现路径研究”(23BJY120)的资助。

摘　　要：绿色金融改革创新试验区的设立是我国绿色金融市场体系建设的重要实践。本文以2017年出台的绿色金融改革创新试验区政策为准自然实验,以2013—2022年A股上市公司为样本,利用多时点双重差分模型,从上市公司“绿色转型战略导向”与“创新行动实践”的双重视角出发,通过年报文本分析和绿色专利两种衡量方法,研究绿色金融改革创新试验区的设立对企业绿色转型的影响效应及其机制。结果发现,绿色金融改革创新试验区的设立能够促进企业绿色转型,融资约束缓解和声誉风险倒逼是两条重要渠道。进一步研究发现,就企业特征而言,当企业内部控制质量较高、处于高技术行业时,绿色金融改革创新试验区的设立对企业绿色转型的促进效应更显著;就外部环境而言,位于强投机文化地区的企业绿色资源错配的可能性更大,提高环境规制强度能增加企业绿色关注度,但强度过大将挤出企业绿色创新资源。本文在理论上解读了绿色金融改革创新试验区的设立如何影响企业行为,并且为绿色金融改革创新试验区的建设与扩容提供了经验证据。The green finance reform and innovation pilot zone policy is a significant practical exploration in the construction of China's green financial market.Using the data from China's A-share listed companies from 2013 to 2022,this study takes the green finance pilot zone policy introduced in 2017 as a quasi-natural experiment,then empirically analyses the impacts and mechanisms of green finance pilot policy on enterprises'green transformation from the perspectives of corporate"words"and"deeds"by annual reports analyzing and green patents with the Time-varying DID model.The results show that the policy strongly supports green transformation,primarily by alleviating financing constraints and pressuring firms to address reputation risks.Heterogeneity analysis reveals that companies with higher internal control quality and those in high-tech industries experience stronger policy effects.Meanwhile,enterprises in speculative regions are more prone to green resource misallocation.Stronger environmental regulation raises enterprises'awareness of green transformation,however,excessively strict regulation may crowd out resources available for green innovation.This paper theoretically explains how the green finance reform and innovation pilot zone policy affects the behavior of enterprises,and practically sheds light on the green transformation of enterprises,while providing empirical evidence for the construction and expansion of the green finance pilot zones.

关 键 词：绿色金融 绿色转型 融资约束 声誉风险 多时点双重差分 

分 类 号：F27[经济管理—企业管理]