绿色金融政策、新质生产力与企业行为  

Green Finance Policy,New Quality Productivity,and Corporate Behavior

作　　者：雷学 张才华 Lei Xue;Zhang Caihua(School of Management,Shanghai University,Shanghai 200444,China;School of Economics and Trade,Guangzhou Xinhua University,Guangzhou 510520,China)

机构地区：[1]上海大学管理学院,上海200444 [2]广州新华学院经济与贸易学院,广州510520

出　　处：《工业技术经济》2025年第5期43-52,共10页Journal of Industrial Technology and Economy

基　　金：广东省特色重点学科建设项目“公共管理”(项目编号:2020STSZD01);2021年广东省重点建设学科科研能力提升项目“后疫情时代广东中小企业的危机应对机制及政策研究”(项目编号:2021ZDJS141);2022年广东省重点建设学科科研能力提升项目“金融支持广东实体经济高质量发展的路径和对策研究”(项目编号:2022ZDJS150)。

摘　　要：在全球气候变化加剧和可持续发展迫切性日益凸显的背景下,绿色金融作为支持可持续发展的重要工具,其政策效果备受关注。绿色金融政策如何影响企业的可持续发展能力,特别是企业的新质生产力,是一个亟待研究的关键问题。本文基于制度理论和社会资本理论,探讨了绿色金融改革创新试验区政策对企业新质生产力的影响及其潜在机制。基于2012~2023年中国A股上市公司的面板数据,本文发现绿色金融改革创新试验区政策显著促进了企业新质生产力的发展,这一影响主要通过提高企业管理层的环境关注度和增强企业在行业网络中的中心性地位来实现。此外,耐心资本作为一种长期导向的投资策略,显著增强了绿色金融政策、环境关注度和网络中心性对新质生产力的正向影响。本文不仅丰富了绿色金融与企业创新的交叉研究,深化了对长期投资在企业可持续发展中作用的理解,还为政策制定者和企业领导者在推进绿色金融创新和企业可持续发展方面提供了实践指导。In the context of intensifying global climate change and the growing urgency of sustainable development,green finance has emerged as a crucial tool for supporting sustainability,with its policy effects garnering significant attention.This study aims to investigate how green finance policies influence enterprisessustainable development capabilities,particularly their new quality productivity.Grounded in institutional theory and social capital theory,we examine the impact of green finance reform and innovation pilot zone policies using a difference-in-differences model.Our analysis of panel data from Chinese A-share listed companies from 2012 to 2023 reveals that these policies significantly promote the development of enterprisesnew quality productivity.This effect is primarily achieved through enhancing managements environmental awareness and strengthening enterprisescentrality in industry networks.Furthermore,we find that patient capital,as a long-term oriented investment strategy,significantly reinforces the positive impact of green finance policies,environmental awareness,and network centrality on new quality productivity.These findings not only enrich the cross-disciplinary research on green finance and corporate innovation but also deepen our understanding of long-term investments role in corporate sustainable development.The study concludes by offering practical guidance for policymakers and corporate leaders in advancing green finance innovation and promoting sustainable corporate development.

关 键 词：绿色金融政策 新质生产力 制度理论 社会资本理论 环境注意力 网络中心度 耐 心资本 可持续发展 

分 类 号：F832[经济管理—金融学]