金融学院知识库

       随着我国“双碳”战略目标的提出和生态文明建设总体规划的持续推进，经济发展的绿色低碳转型成为当前阶段的重点任务。而企业作为经济发展的微观主体，其绿色低碳转型的程度决定着我国“双碳”战略目标的整体推进进程。绿色金融作为社会资金配置的调节器，可以有效引导资金流入企业的绿色技术创新环节，以支持企业绿色技术创新水平的不断提升。随着我国绿色金融的不断发展，其对企业绿色技术创新的支持力度不断加大，满足了多数企业绿色转型与可持续发展的需求。那么，我国的绿色金融是否显著推动了企业绿色技术创新水平，实现这一作用的机制又是什么，它在不同特征的企业中作用效果又是否存在差异？
       带着这些问题，本文首先梳理了绿色金融与企业绿色技术创新的相关文献，并详细分析了我国绿色金融与企业绿色技术创新的发展现状。其次梳理了绿色金融与企业绿色技术创新的相关理论，并基于上述梳理的理论，分析出绿色金融对企业绿色技术创新影响的机制。实证部分以我国沪深A股1381个企业2012年-2019年的面板数据为基础，运用双重差分模型实证检验了绿色金融对企业绿色技术创新的影响，并运用中介效应模型深入分析了这种影响的作用机制，最后对样本按照企业规模、企业所有权性质、企业所属行业分类进行了异质性检验。得到如下结论：第一，绿色金融会正向推动企业的绿色技术创新，但对于企业绿色技术创新数量的推动作用大于质量的推动作用，这一回归结果通过了七种稳健性检验，表明该回归结果较稳健；第二，绿色金融对企业绿色技术创新的推动作用主要通过增加企业研发投入水平、降低企业融资成本、优化企业债务结构得以实现；第三，绿色金融对企业绿色技术创新的推动作用在规模较大企业、国有企业、非重污染企业中较大，在规模较小企业、非国有企业、重污染企业中较小。
       基于上述分析与实证结论，本文提出如下对策建议：加大推广绿色金融改革创新试验区经验，完善绿色金融政策的事后监督评价机制，借助绿色金融力量提升企业绿色技术创新质量，激发重污染企业的绿色技术创新动力，强化绿色金融影响企业绿色技术创新的机制渠道。

    With the proposal of China's "carbon peaking and carbon neutrality" strategic goal and the continuous promotion of the overall plan of ecological civilization construction, the green and low-carbon transformation of economic development has become a key task in the current stage. As the micro subject of economic development, the degree of green and low-carbon transformation of enterprises determines the overall progress of China's "carbon peaking and carbon neutrality" strategic goal. As a regulator of social capital allocation, green finance can effectively guide capital to flow into enterprises' green technology innovation, so as to support the continuous improvement of enterprises' green technology innovation level. With the continuous development of green finance in China, its support for green technological innovation of enterprises is increasing, which meets the needs of green transformation and sustainable development of most enterprises. Then, does China's green finance significantly promote the level of enterprise green technology innovation, what is the mechanism to achieve this effect, and whether there are differences in its effects among enterprises with different characteristics?
    With these problems in mind, this paper first sorts out the relevant literature on green finance and enterprise green technology innovation, and analyzes the development status of green finance and enterprise green technology innovation in China in detail. Secondly, the relevant theories of green finance and enterprise green technology innovation are sorted out, and based on the above theories, the influence mechanism of green finance on enterprise green technology innovation is analyzed. In the empirical part, based on the panel data of 1381 companies from listed company in chinese A stock market from 2012 to 2019, the impact of green finance on enterprise green technology innovation is empirically tested by using the differences-in-differences model, and the mechanism of such impact is deeply analyzed by using the mediation model. Finally, the heterogeneity of the sample is tested according to the enterprise size, ownership nature and industry classification of the enterprise. The following conclusions are drawn: First, green finance will positively promote the green technology innovation of enterprises, but the promotion of the quantity of green technology innovation of enterprises is greater than the promotion of quality. This regression result has passed seven robustness tests, indicating that the regression The results are relatively stable; Second, the role of green finance in promoting corporate green technology innovation is mainly achieved by increasing the level of corporate R&D investment, reducing corporate financing costs, and optimizing corporate debt structure; Third, the role of green finance in promoting corporate green technology innovation is larger in larger-scale enterprises, state-owned enterprises and non-heavy polluting enterprises, and smaller in smaller-scale enterprises, non-state-owned enterprises and heavily polluting enterprises.
  Based on the above analysis and empirical conclusions, this paper puts forward the following countermeasures and suggestions: increase the promotion of green finance reform and innovation pilot zone’s experience, improve the post-supervision and evaluation mechanism of green finance policy, improve the quality of enterprise green technology innovation with the help of green finance power, stimulate the green technology innovation power of heavily polluting enterprises, strengthen the mechanism channel of green finance affecting enterprise green technology innovation.