绿色金融政策的污染减排供应链传导效应研究——基于中国上市公司的准自然实验  

The pollution reduction transmission effect of green finance policy in corporate supply chains:a quasi-natural experiment based on Chinese listed companies

作　　者：郝大鹏 李炳辰 王小禹 HAO Dapeng;LI Bingchen;WANG Xiaoyu(Institute of Economics,Chinese Academy of Social Sciences,Beijing 100836,China;Spatial Science Institute,University of Southern California,Los Angeles 90007,USA;School of Economics,University of Chinese Academy of Social Sciences,Beijing 102488,China)

机构地区：[1]中国社会科学院经济研究所,北京100836 [2]南加利福尼亚大学空间科学研究院,加利福尼亚洛杉矶90007 [3]中国社会科学院大学经济学院,北京102488

出　　处：《产业经济研究》2025年第1期100-113,128,共15页Industrial Economics Research

基　　金：国家自然科学基金青年项目(72403248);中国社会科学院“青启计划”资助项目(2025QQJH48);中国社会科学院学科建设“登峰战略”资助计划(DF2023YS23)。

摘　　要：绿色金融改革是全面实现可持续发展的重要政策工具,其中绿色金融改革创新试验区正逐步成为促进绿色发展的新动能。使用中国2007—2022年上市公司数据,以其上游供应商所在城市设立绿色金融改革创新试验区为准自然实验,采用“渐进式”双重差分模型实证检验了上游企业处在绿色金融改革创新试验区对下游企业污染排放的影响。研究发现,上游企业所在城市设立绿色金融改革创新试验区可以通过供应链传导效应促使下游企业污染排放减少约4.4%,该结论经过一系列稳健性检验后依然成立。机制检验表明,提升企业供应链稳定度、创新水平和市场势力均能够有效促进绿色金融改革的污染减排供应链传导效应。异质性分析显示,绿色金融的污染减排供应链传导效应对于东部地区企业、非国有企业以及低能耗企业的作用更加明显。进一步研究表明,绿色金融改革创新试验区还对周边邻近地区产生空间溢出效应。研究结果为深化绿色金融改革、完善供应链建设以及提高企业环境绩效提供了重要的政策启示。Green finance reform is an important policy tool for achieving sustainable development,and pilot zones established to test these reforms are gradually becoming the drivers of green development.This study uses data from Chinese listed companies from 2007 to 2022 to consider upstream supplier firms in cities with green finance reform pilot zones as a quasi-natural experiment.A“gradual”difference-in-differences model is used to empirically test the impact of green finance reform pilot zones on the pollution emissions of downstream firms.The study finds that the establishment of these pilot zones in the cities of upstream firms can reduce the emissions of downstream firms by about 4.4%through supply chain transmission effects.This conclusion remains robust after a series of robustness tests.The mechanism tests show that improving corporate supply chain stability,innovation level,and market power all promote the pollution-reducing effect of green finance reform within the supply chain.The heterogeneity analysis reveals that the reduction in emissions is more significant for firms in the eastern regions,non-state-owned enterprises,and low-energy-consuming enterprises.In addition,green finance reform pilot zones have spatial spillover effects on neighboring regions.This study has important implications for policy on deepening green finance reforms,improving supply chain,and enhancing corporate environmental performance.

关 键 词：绿色金融改革 企业污染排放 供应链传导效应 供应链关系 企业创新 市场势力 

分 类 号：F832[经济管理—金融学]