绿色金融政策对绿色技术创新的影响及机制研究——基于绿色金融改革创新试验区的准自然实验

摘要/Abstract

摘要： 为了进一步促进中国经济社会发展绿色转型升级，国务院于2017年6月宣布设立绿色金融改革创新试验区。该试验区的设立能否促进企业绿色技术创新？以及通过何种机制发挥作用？本文基于2008—2019年中国沪深A股上市公司的绿色专利数据，采用双重差分法对上述问题进行了深入研究。研究发现，试验区设立显著促进了企业绿色技术创新数量和质量，且结论经过一系列稳健性检验后仍然成立。动态效应检验表明，试验区设立对企业高质量的绿色技术创新活动具有长期推动作用。进一步研究发现，试验区设立通过缓解融资约束和强化环境规制两个渠道对绿色技术创新产生正向影响。前者对绿色技术创新的数量和质量均有显著推动效果，而后者的作用主要体现在创新质量上。异质性分析方面，试验区设立对绿色技术创新的作用在不同产权性质企业、不同污染程度行业以及不同类型行业企业中存在显著差异。本文结论对中国进一步完善绿色金融政策体系提供了经验证据和政策启示。

关键词: 绿色金融, 改革创新试验区, 绿色技术创新, 融资约束, 环境规制

Abstract: China announced the establishment of green finance reform and innovation pilot zones in 2017. Does the establishment of the pilot zone contribute to enterprise green technological innovation? And through which pathways? Based on green patent data of China's A-share listed companies during 2008-2019, this paper adopts the difference-in-differences (DID) approach to investigate the above-mentioned questions. Results show that the establishment of the pilot zones significantly promotes both the quantity and quality of enterprise green technological innovation. After a series of robustness checks, the conclusions are still consistent. Dynamic analyses demonstrate that the pilot zones have a long-term promotion effect on high-quality green technological innovation. Further analyses find that the pilot zones could affect both the quantity and quality of green technological innovation through alleviating financing constraints. In contrast, the pilot zones only affect the quality of green technological innovation through reinforcing environmental regulation. Heterogeneity analyses suggest that the promotion effect of the pilot zones differs across firms with different ownership structures, in industries with varying intensities of pollution, and in various types of industries. These findings provide empirical evidence and policy implications for China to improve the green finance policy system.

Key words: green finance, reform and innovation pilot zone, green technology innovation, financing constraints, environmental regulation

时省, 张亚. 绿色金融政策对绿色技术创新的影响及机制研究——基于绿色金融改革创新试验区的准自然实验[J]. 管理评论, 2024, 36(1): 107-118.

Shi Xing, Zhang Ya. Impact of Green Finance Policy on Green Technological Innovation and the Mechanism Underlying the Impact—A Quasi-natural Experiment Based on Reform and Innovation Pilot Zone[J]. Management Review, 2024, 36(1): 107-118.

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