能源供需视角下绿色金融试点政策对企业绿色转型的影响研究  

Research on the Impact of Green Finance Pilot Policy on Enterprises Green Transformation under the Perspective of Energy Supply and Demand

作　　者：刘海英[1,2] 刘泽霄 LIU Hai-ying;LIU Ze-xiao(Center for Quantitative Economics,Jilin University,130012;School of Economics and Management,Changchun University of technology,130012;School of Business and Management,Jilin University,130012)

机构地区：[1]吉林大学数量经济研究中心,130012 [2]长春工业大学经济管理学院,130012 [3]吉林大学商学与管理学院,130012

出　　处：《上海经济研究》2025年第3期75-87,共13页Shanghai Journal of Economics

基　　金：国家社科基金重大项目“‘十四五’时期环境约束推动产业平稳、绿色低碳发展的机制与路径研究”(项目编号:21ZDA006);中央高校基本科研业务费专项资金资助“碳达峰碳中和”专项——“双碳”目标下产业低碳发展的绿色金融机制设计(项目编号:45123031G006);吉林大学基本科研业务费“碳达峰碳中和”哲学社会科学研究专项项目(项目编号:2022ST02);吉林省社会科学基金项目(重大项目)“吉林省新能源产业高质量发展实现路径研究”(项目编号:2024ZD5)的阶段性成果之一。

摘　　要：企业绿色转型是中国实现经济高质量发展、推动产业结构优化升级、应对全球气候变化挑战和实现“双碳目标”的关键战略。本文借助Python爬取企业年报中“绿色转型”关键词衡量企业绿色转型进程,并创新性地从能源供需的角度探究绿色金融对企业绿色转型的中介效应。实证结果表明,绿色金融试点政策能够有效推动试点地区企业绿色转型,经过一系列稳健性检验和内生性检验后,该结论依然成立。在绿色金融试点政策的背景下,优化金融资源配置水平,增强地区环境规制以及提高高管持股占比能够显著推进企业绿色转型进程。结果表明:缓解能源供给侧企业的研发风险和减轻能源需求侧企业的融资约束是绿色金融试点政策推进上述两类企业绿色转型的影响渠道。进一步研究发现,绿色金融试点政策对企业绿色转型的推动作用在东部地区和研发强度较高的企业更为显著。研究结论表明,绿色金融试点政策能够为企业绿色转型提供资金支持和风险保障,同时也为优化我国现有绿色金融制度提供参考。Enterprises'green transformation is a key strategy for China to achieve economic high-quality development,promote the optimisation and upgrading of industrial structure,respond to the challenges of global climate change,and realise the‘dual-carbon target'.This paper uses Python to crawl the keywords of‘green transformation'in the enterprises'annual reports to measure the progress of enterprises'green transformation,and innovatively explore the mediating effects of green finance on enterprises'green transformation from the perspective of energy supply and demand.The empirical results show that the green finance pilot policy can effectively promote the green transformation of enterprises in the pilot area,and the results still hold after a series of robustness tests and endogeneity tests.Under the background of the green finance pilot policy,improving the level of financial resource allocation,regional environmental regulation and executive shareholding's proportion can significantly promote the process of corporate green transformation.The mechanism suggests that mitigating the R&D risk of energy supply-side enterprises and reducing the financing constraints of energy demand-side enterprises are the channels through which green finance pilot policy can influence the green transformation of the above two types of enterprises.Further research finds that the promotion effect of green finance pilot policy on the green transformation of enterprises is more significant in the eastern region and enterprises with higher R&D intensity.Our findings suggest that green finance pilot policy can provide financial support and risk protection for enterprises'green transformation,and offering insights for optimising the existing green finance system in China.

关 键 词：绿色金融试点政策 企业绿色转型 能源供需 双重差分模型 金融资源配置 

分 类 号：F830.2[经济管理—金融学]