金融学院知识库

  绿色金融通过引导各类金融主体通过市场化手段支持生态保护，是金融发展的五大篇文章的重要组成部分，也是贯彻国家五大发展理念重要的金融服务工具。发展绿色金融有助于推动绿色资金合理流动，助力绿色转型，培育新质生产力，赋能高质量发展。现阶段生态软约束和发展硬道理矛盾冲突难以避免，金融业与实体经济的矛盾尚未充分理顺，在新时期要通过把稳政策发力点、金融机构协调配合点、企业绿色产能转换点，精准施策和有效监管相配合，持续优化政策效能，让绿色金融更高效更公平的支绿、支小、支实体经济。本文从政策逻辑和数据演绎出发，整理2011-2022年上市企业面板数据并通过准自然实验等系列方法，探索绿色金融政策对企业全要素生产率的作用机制和影响效果，其中研究重点是三大作用机制。本文的潜在创新点是研究视角，从金融与经济发展基本理论出发，采用准自然实验框架下的系列方法，在研究过程中深入考虑政策实施背景中的历史遗留二元体制、资金配置所有制歧视问题，以期为微观效应的研究打开一扇窗。

  研究结果表明预算软约束问题损失绿色金融政策转型发展效果，具体结论如下（1）绿色金融政策实现明显的污染控制，污染企业全要素生产率明显下降，政策效果主要体现在短期，不具有长期政策黏性。绿色政策净效应来自对污染企业的严格限制，对绿色企业影响不显著。（2）绿色金融政策加剧了所有制歧视、规模歧视问题，国有中大型企业获得明显的转型发展支持、非国有中小型企业遭受典型的发展抑制。政策约束背景下，企业将资金注入金融领域，损失了主业发展效能。（3）绿色金融政策对TFP影响的作用渠道有待畅通，主要体现在创新激励不明显，资源配置不对称，对漂绿企业不合理配置三个方面。必须注意的是，绿色金融政策出发点是好的，政策实施过程出现诸多问题并不意味着不发展绿色金融，研究结论强调要通过明确政策细则、配套绿色统计与评价体系、鼓励多元主体参与、提高绿色资产流动性等手段，将冲突点转化为合作点，将遵循成本转化为绿色转型激励，通过营造公平、高效、可持续的绿色发展环境助力实现生产发展和生态良好的双赢。

  Green finance supports ecological protection by guiding all kinds of financial entities to support ecological protection through market-oriented means, which is an important part of the five articles of financial development and an important financial service tool for implementing the five national development concepts. The development of green finance can help promote the reasonable flow of green funds, help green transformation, cultivate new quality productivity, and empower high-quality development. At this stage, the ecological soft constraints and the development of hard contradiction conflict is difficult to avoid, the financial industry and the real economy of the contradiction has not yet been fully rationalized, in the new period to be through the stable policy force point, financial institutions to coordinate with the point, the enterprise green production capacity conversion point, accurate policy and effective supervision and coordination, and continue to optimize the effectiveness of the policy, so that the green finance is more efficient and more equitable support for the green, support for the small, support for the real economy. Starting from the policy logic and data deduction, this paper collates the panel data of listed enterprises from 2011 to 2022 and explores the role mechanism and impact effect of green finance policy on enterprise total factor productivity through a series of methods such as quasi-natural experiment, in which the research focuses on three major role mechanisms. The potential innovation of this paper is the research perspective, which starts from the basic theory of financial and economic development, adopts a series of methods under the framework of quasi-natural experiment, and considers in depth the historical legacy of dual system in the background of the policy implementation and the problem of ownership discrimination in the allocation of funds in the process of the study, in order to open a window for the study of the micro effect.

  The research results show that the budget soft constraint problem loss of green financial policy transformation and development effect, the specific conclusions are as follows (1) green financial policy to achieve obvious pollution control, total factor productivity of polluting enterprises decreased significantly, the policy effect is mainly reflected in the short term, does not have long-term policy viscosity. The net effect of green policy comes from the strict restriction of polluting enterprises, and the impact on green enterprises is not significant. (2) Green financial policy exacerbates the problem of ownership discrimination and scale discrimination, state-owned medium and large enterprises get obvious support for transformation and development, non-state-owned small and medium-sized enterprises suffer from typical development inhibition. Under the background of policy constraints, enterprises inject funds into the financial sector and lose the development effectiveness of their main business. (3) The role of green financial policy on the impact of TFP channels to be smooth, mainly reflected in the innovation incentive is not obvious, asymmetric allocation of resources, the bleaching of green enterprises is not a reasonable allocation of three aspects. It must be noted that the green financial policy starting point is good, the policy implementation process of many problems does not mean that the development of green finance, the conclusion of the study emphasizes the need to clarify the policy rules, supporting the green statistics and evaluation system, encouraging the participation of multiple main bodies, improve the liquidity of green assets and other means of conflict points into cooperation points, the cost of following the transformation of green incentives to follow the cost of green transformation, through the creation of a fair, efficient, and sustainable green development environment to help The conclusion emphasizes the need to transform conflict points into cooperation points by clarifying policy rules, supporting a green statistics and evaluation system, encouraging participation by multiple actors, and improving the liquidity of green assets.