金融学院知识库

2020 年 9 月，习近平总书记在联合国大会上首次提出 2030 年前二氧化碳排
放达到峰值，力争 2060 年前实现碳中和，展现了我国积极应对气候变化，走绿
色可持续经济发展道路的决心。绿色金融作为市场型环境规制的手段，要旨是构
建信贷奖惩，引导污染类和高碳排放类企业绿色转型升级。社会责任作为衡量企
业治理的重要指标，是企业可持续发展潜力的外在表现，绿色金融会影响企业的
融资需求和投资导向，但究竟会在多大程度上对污染类企业的公司治理产生实质
性的影响，需要我们从理论和实践等多个角度进行深入检验。
本文首先对有关绿色金融与企业社会责任的文献进行梳理，以信息不对称、
信号传递和资源松弛为理论研究基础，分析绿色金融对重污染企业社会责任履行
的影响机制；其次在对我国绿色金融和企业履行社会责任分别进行现状分析的基
础上，以 2017 年首批绿色金融改革创新试验区及其政策为准自然实验，构建倾
向性得分匹配—双重差分模型，同时选取沪深两市 A 股 418 家重污染企业的
3344 个数据为样本，检验绿色金融对企业社会责任履行的总体影响，并运用中
介效应模型探讨融资约束在绿色金融影响重污染企业社会责任履行过程中的作
用，同时还探讨了绿色金融对不同产权性质和不同地区市场化程度下重污染企业
社会责任履行影响效果的差异性。
研究结果显示：第一，绿色金融对重污染企业社会责任履行有显著的促进作
用；第二，基于中介效应分析，发现融资约束在绿色金融影响重污染企业社会责
任履行的过程中起着部分中介作用；第三，基于产权差异性，发现绿色金融对非
国有重污染企业社会责任履行的促进作用更显著；第四，基于地区市场化程度差
异性，发现绿色金融对市场化程度低的地区重污染企业社会责任履行的促进作用
更显著。基于上述理论研究和实证研究结果，本文最后从政府、金融机构、企业
三个角度提出了有针对性的对策建议，包括深化绿色金融政策实施、强化绿色金
融监管体系、加强绿色信贷吸引力、主动提升环保意识等，以促进绿色金融更好
的发挥减碳降碳的引导作用。

In September 2020, General Secretary Xi first proposed at the United Nations General Assembly that carbon dioxide emissions should reach a peak by 2030 and strive to achieve carbon neutrality by 2060, demonstrating China's determination to actively respond to climate change and take the path of green and sustainable economic development. As a means of market-oriented environmental regulation, Green Finance aims to build credit rewards and punishments and guide the green transformation and upgrading of polluting and high carbon emission enterprises. As an important indicator of corporate governance, social responsibility is the external expression of the sustainable development potential of enterprises. Green finance will affect the financing needs and investment orientation of enterprises, but to what extent it will have a substantive impact on the corporate governance of polluting enterprises, we need to conduct in-depth tests from the perspectives of theory and practice.

Firstly, this paper combs the literature on green finance and corporate social responsibility, and analyzes the impact mechanism of Green Finance on the performance of heavy pollution corporate social responsibility based on the theoretical research of information asymmetry, signal transmission and resource relaxation; Secondly, based on the analysis of the current situation of China's green finance and corporate social responsibility, taking the first batch of green finance reform and innovation pilot zones and their policies in 2017 as quasi natural experiments, a propensity score matching double difference model is constructed. At the same time, 3344 data of 418 heavily polluting enterprises in a shares of Shanghai and Shenzhen are selected as samples to test the overall impact of Green Finance on the performance of corporate social responsibility, It also uses the intermediary effect model to explore the role of financing constraints in the process of green finance affecting the performance of heavy pollution corporate social responsibility. At the same time, it also discusses the difference of the impact of Green Finance on the performance of heavy pollution corporate social responsibility under different property rights and different regional marketization degrees.

The results show that: first, green finance can significantly promote the performance of heavy pollution corporate social responsibility; Secondly, based on the analysis of intermediary effect, it is found that financing constraints play a partial intermediary role in the process of green finance affecting the performance of social responsibility of heavily polluting enterprises; Third, based on the difference of property rights, it is found that green finance plays a more significant role in promoting the social responsibility performance of non-state-owned heavy pollution enterprises; Fourth, based on the difference of regional marketization degree, it is found that green finance plays a more significant role in promoting the performance of social responsibility of heavily polluting enterprises in areas with low marketization degree. Based on the above theoretical and empirical research results, this paper finally puts forward targeted countermeasures and suggestions from the perspectives of government, financial institutions and enterprises, including deepening the implementation of green financial policies, strengthening the green financial supervision system, strengthening the attraction of green credit, and actively raising the awareness of environmental protection, so as to promote green finance to better play the guiding role of carbon reduction.