金融学院知识库

    深入推进生态文明建设和绿色低碳发展是2023年中央经济工作会议提出的九大重点任务之一。绿色低碳是生态文明建设和推动高质量发展的重要驱动力。促进企业绿色转型是实现经济可持续发展的重要手段。近年来，我国出台了很多绿色金融政策支持经济绿色转型。因此研究绿色金融政策是否推动了企业绿色转型，可以助力金融在经济社会绿色转型中发挥重要作用。

    本文首先分析绿色金融政策对棕色企业绿色转型的作用机制，其次构建双重差分模型研究了绿色金融政策对企业绿色转型的影响，从实证角度验证了绿色金融政策对棕色企业绿色转型的推动作用。然后进一步探讨了融资约束在绿色金融政策与企业绿色转型之间的中介效应，发现绿色金融政策通过降低企业的融资约束促进了企业绿色转型。本文认为：（1)绿色金融政策的实施，有效地推动了棕色企业的绿色转型，企业积极响应政府号召主动调整企业战略，以实现绿色转型；（2）在比较不同所有权性质和地区的企业时，绿色金融政策在推动国有企业和东部地区企业的绿色转型方面，相较于非国有企业和中西部地区企业，其促进作用更为突出；（3）对我国绿色金融政策对企业绿色转型的影响以及企业融资约束的中介作用进行了实证分析。研究结果表明，绿色金融政策发展降低了企业的融资约束，有助于推动企业绿色转型升级，并且企业融资约束确实对二者关系具有中介效应，与预期假设一致。

    最后，本文基于实证研究结果提出了一系列针对性的政策建议，以进一步促进我国绿色金融的发展：首先，应完善绿色金融体系以加强企业绿色转型机制；其次，需要因地制宜地制定政策以促进地区经济的协调发展；最后，还需完善“转型金融”相关的制度措施以提供更有力的支持。

     Further promoting the construction of ecological civilization and green and low-carbon development is one of the nine key tasks proposed by the Central Economic Work Conference in 2023. Green and low-carbon is an important driving force for ecological civilization construction and high-quality development. Promoting the green transformation of enterprises is an important means to achieve sustainable economic development. In recent years, China has introduced many green financial policies to support the green transformation of the economy. Therefore, studying whether green finance policies promote the green transformation of enterprises can help finance play an important role in the green transformation of economy and society.

     This paper first analyzes the action mechanism of green finance policy on the green transformation of brown enterprises, and then builds a differentially differential model to study the impact of green finance policy on the green transformation of brown enterprises, and verifies the promoting role of green finance policy on the green transformation of brown enterprises from an empirical perspective. Then, it further discusses the intermediary effect of financing constraints between green finance policies and enterprises' green transformation, and finds that green finance policies promote enterprises' green transformation by reducing enterprises' financing constraints and improving financing convenience. This paper holds that: (1) The implementation of green finance policy effectively promotes the green transformation of brown enterprises, and enterprises actively respond to the call of the government to adjust their corporate strategies to achieve green transformation; (2) When comparing enterprises with different ownership nature and regions, green finance policy plays a more prominent role in promoting the green transformation of state-owned enterprises and enterprises in eastern China than non-state-owned enterprises and enterprises in central and western China; (3) Empirical analysis is made on the impact of China's green financial policy on the green transformation of enterprises and the intermediary role of corporate financing constraints. The research results show that the development of green finance policies reduces the financing constraints of enterprises and improves the convenience of financing for enterprises, which is conducive to promoting the green transformation and upgrading of enterprises. Moreover, the financing constraints of enterprises do have an intermediary effect on the relationship between the two, which is consistent with the expected hypothesis.

   Finally, based on the empirical research results, this paper puts forward a series of targeted policy recommendations to further promote the development of green finance in China: First, the green finance system should be improved to strengthen the green transformation mechanism of enterprises; Secondly, it is necessary to formulate policies according to local conditions to promote the coordinated development of regional economy. Finally, it is necessary to improve the institutional measures related to "transformation finance" to provide more powerful support.