金融学院知识库

摘要

2023年作为绿色金融改革创新试验区政策实施五周年，各试验区已经积累了丰富的经验，随着我国对绿色金融发展越来越重视，在这种背景下，污染企业和绿色企业又会对政策有哪些反应？多数学者考察了绿色金融改革创新试验区政策的宏观效应，关于该政策对企业投资效率的影响尚未做深入研究。本文选取2014-2020年上市企业的面板数据，将2017年颁布的绿色金融改革创新实验区政策作为准自然实验，利用双重差分法探究了二者之间的关系，并进一步分析了政策效应的异质性和影响机制。得到以下结论：（1）绿色金融改革创新试验区政策能显著提高上市企业的投资效率。（2）绿色金融改革创新试验区政策对企业投资效率的提升作用具有异质性。主要表现在以下几方面：区域方面，绿色金融改革创新试验区政策能显著提高中部地区企业的投资效率，对于东部地区和西部地区的这种政策效应尚不明显；产权方面，绿色金融改革创新试验区政策能显著提高非国有企业的投资效率，对国有企业影响不明显；企业规模方面，绿色金融改革创新试验区政策能显著提高小规模企业的投资效率，对大规模企业则无明显影响；行业方面，绿色金融改革创新试验区政策能显著提高绿色企业的投资效率，对污染企业影响不显著；金融环境方面，绿色金融试验区政策能显著提高金融环境好的地区的企业投资效率，而对金融环境差的地区企业无明显影响。（3）机制检验发现，绿色金融改革创新试验区政策能够通过缓解企业代理问题来提高企业投资效率；绿色金融改革创新试验区政策能够通过降低企业的融资约束来提高企业投资效率。本研究的意义可能在于：从企业微观视角丰富了绿色金融改革创新试验区政策的效应评估，为试验区政策的调整提供参考价值。

关键词：绿色金融改革创新试验区政策  企业投资效率  代理问题  融资约束

Abstract

In 2023, as the fifth anniversary of the implementation of the green finance pilot zone policy, the pilot zones have accumulated rich experience, as the country pays more and more attention to the development of green finance, in this context, how will polluting enterprises and green enterprises react to the policy? Most scholars have investigated the macro and micro effects of the green finance reform and innovation pilot zone policy, but the impact of the policy on enterprise investment efficiency has not been thoroughly studied. This paper selects the panel data of listed enterprises from 2014 to 2020, takes the green finance reform and innovation pilot zone policy promulgated in 2017 as a quasi-natural experiment, explores the relationship between them by using the method of differential difference, and further analyzes the heterogeneity and influence mechanism of the policy effect. The following conclusions are drawn: (1) The green finance reform and innovation pilot zone policy can significantly improve the investment efficiency of listed enterprises.(2) The effect of green finance reform and innovation pilot zone policies on the improvement of enterprise investment efficiency is heterogeneous. It is mainly reflected in the following aspects: regionally, the green finance reform and innovation pilot zone policy can significantly improve the investment efficiency of enterprises in the central region, but the effect of this policy on the eastern and western regions is not obvious. In terms of property rights, the green finance reform and innovation pilot zone policy can significantly improve the investment efficiency of non-state-owned enterprises, but has no obvious impact on state-owned enterprises. In terms of enterprise scale, the green finance reform and innovation pilot zone policy can significantly improve the investment efficiency of small-scale enterprises, but has no significant impact on large-scale enterprises. In terms of industry, the green finance reform and innovation pilot zone policy can significantly improve the investment efficiency of green enterprises, but has no significant impact on polluting enterprises. In terms of financial environment, the green finance pilot zone policy can significantly improve the investment efficiency of enterprises in areas with good financial environment, but has no obvious influence on enterprises in areas with poor financial environment. (3) The mechanism test found that the green finance reform and innovation pilot zone policy can improve the efficiency of enterprise investment by alleviating the problem of enterprise agency; The green finance reform and innovation pilot zone policy can improve the investment efficiency of enterprises by reducing their financing constraints. The significance of this study may lie in that it enriched the effect assessment of green finance reform and innovation pilot zone policies from the micro perspective of enterprises, and provided reference value for the adjustment of pilot zone policies.

Keywords：Green finance reform and innovation pilot zone policy；Enterprise investment efficiency；agency problem；financing constraints