绿色金融政策对企业绿色发展的影响机制  

The influence mechanism of green finance policy on green development of enterprises

作　　者：戴其文 郭忠媛 赖璇宇 金涛 DAI Qi-wen;GUO Zhong-yuan;LAI Xuan-yu;JIN Tao(School of Economics and Management,Guangxi Normal University,Guilin 541004,Guangxi,China;Key Laboratory of Digital Empowerment Economic Development(Guangxi Normal University),Education Department of Guangxi Zhuang Autonomous Region,Guilin 541004,Guangxi,China)

机构地区：[1]广西师范大学经济管理学院,桂林541004 [2]广西高校数字赋能经济发展重点实验室,桂林541004

出　　处：《自然资源学报》2025年第3期667-691,共25页Journal of Natural Resources

基　　金：国家自然科学基金项目(42361051,72362003);广西高等学校千名中青年骨干教师培育计划资助项目(2022QGRW002)。

摘　　要：利用绿色金融政策促进企业绿色转型既是企业高质量发展的要求,也是构建中国特色绿色金融理论体系的重要内容。选择2008—2021年沪深A股上市企业为研究样本,以《绿色信贷指引》为准自然实验构建PSM-DID模型,从绿色生产、绿色创新、环境质量、社会共享、绿色制度5个维度综合评估企业绿色发展,探讨绿色信贷政策对企业绿色发展的效果及其作用机制。研究发现:绿色信贷政策的实施显著促进了企业绿色发展,并改善了绿色生产、绿色创新、环境质量、绿色制度水平。从企业投资结构视角验证了绿色信贷政策可以通过调整投资期限、增强投资风险承担能力、提升数字化投资水平促进企业的绿色发展。分维度来看,注重长期投资有助于改善企业绿色生产、绿色创新和环境质量,投资风险承担能力的提高有利于提升企业的绿色生产、绿色创新和绿色制度水平,而数字化投资水平的提升有助于完善企业的绿色制度。异质性检验发现,绿色信贷政策对小规模企业、中西部地区企业、高强度环境规制地区企业的绿色发展具有显著促进作用。Utilizing green financial policies to promote green transformation of enterprises is not only a requirement for high-quality development of enterprises,but also an important part of building a green financial theory with Chinese characteristics.Selecting A-share listed companies in Shanghai and Shenzhen from 2008 to 2021 as research samples,a PSM-DID model is employed with the Green Credit Guidelines as a natural experiment.This study establishes an evaluation index system from five dimensions:green production,green innovation,environmental quality,social sharing,and green system to comprehensively evaluate the green development of enterprises,and explores the effects and mechanisms of green credit policies on the green development of enterprises.Research has found that the implementation of green credit policies has significantly promoted the green development of enterprises,and improved the levels of green production,green innovation,environmental quality,and green institution.From the perspective of enterprise investment structure,it has been verified that green credit policies can facilitate the green development of enterprises through investment duration,investment risk bearing capacity,and digital investment.From a dimensional perspective,emphasizing long-term investment can help improve green production,green innovation and environmental quality for enterprises.The increase in investment risk bearing capacity is conducive to enhancing the level of green production,innovation,and institutional management for enterprises.The raising of digital investment helps to improve the green institutional management of enterprises.Heterogeneity testing found that green credit policies have a significant promoting effect on the green development of small-scale enterprises,enterprises in central and western regions,and enterprises in high-intensity environmental regulation areas.

关 键 词：绿色金融政策 绿色发展 投资结构 绿色转型 环境治理 

分 类 号：F832[经济管理—金融学] X196[环境科学与工程—环境科学]