绿色金融赋能企业新质生产力发展——兼论技术创新与债务融资成本的作用路径  

Green Finance Empowers the Development of New Quality Productivity in Enterprises:The Role of Technological Innovation and Debt Financing Costs

作　　者：李艳丽[1] 杨承欣 李利军[2] LI Yanli;YANG Chengxin;LI Lijun(School of Management,Shijiazhuang Tiedao University;School of Economics and Law,Shijiazhuang Tiedao University)

机构地区：[1]石家庄铁道大学管理学院 [2]石家庄铁道大学经济与法律学院

出　　处：《金融经济》2025年第1期13-24,89,共13页Finance Economy

基　　金：河北省“十五五”国民经济与社会发展规划前期项目“‘十五五’时期推进环境治理和生态文明建设研究”(SGHBL15-23)。

摘　　要：本文聚焦于绿色金融对企业新质生产力的赋能作用,以2010—2022年我国A股上市公司为研究对象,结合城市层面的绿色金融指标,采用双向固定效应模型进行实证分析,探究绿色金融对企业新质生产力的影响及作用机制。结果显示,绿色金融能够显著促进企业新质生产力的提升,技术创新和债务融资成本在绿色金融对企业新质生产力的影响过程中起到中介作用。异质性分析表明,绿色金融对中小微企业、中西部地区企业及重污染行业企业的促进作用更为明显。基于上述研究结果,本文从政府、金融机构、企业三个层面提出完善绿色金融政策体系、深化绿色金融产品创新等建议,以推动绿色金融发展,助力企业新质生产力提升。This paper focuses on the empowering role of green finance in enhancing the new quality productivity of enterprises.Using A-share listed companies in China from 2010 to 2022 as the research sample and incorporating city-level green finance indicators,a two-way fixed effects model is employed for empirical analysis to explore the impact and mechanisms of green finance on enterprises'new quality productivity.The results show that green finance significantly promotes the improvement of enterprises'new quality productivity,with technological innovation and debt financing costs playing mediating roles in this process.Heterogeneity analysis reveals that green finance has a more pronounced effect on small and medium-sized enterprises(SMEs),enterprises in central and western regions,and those in heavily polluting industries.Based on these findings,this paper proposes policy recommendations from the perspectives of the government,financial institutions,and enterprises.These include improving the green finance policy system and deepening the innovation of green financial products to promote the development of green finance and enhance enterprises'new quality productivity.

关 键 词：新质生产力 绿色金融 技术创新 债务融资成本 

分 类 号：F832.5[经济管理—金融学]