作　者：李戎 刘璐茜
关键词：绿色金融；企业绿色创新；双重差分模型；债务结构
摘　要：

在碳中和战略背景下，绿色金融如何助力企业绿色创新，推动社会转型成为关键课题。以2017年绿色金融改革创新试验区政策作为准自然实验，利用2012-2019年中国沪深A 股上市公司的绿色专利数据探索绿色金融对企业绿色创新是否有显著影响及其作用机制，可以发现：绿色金融改革创新试验区对企业绿色创新有显著的促进作用，在企业特征异质性层面，这一政策对非污染企业、大规模企业与国有企业的促进作用更显著；在金融环境异质性层面，这一政策对银行竞争程度更弱地区的企业促进作用更显著。在作用机制方面，绿色金融通过提高企业长期借款占比，改善企业债务结构来促进企业绿色创新，暂时没有得到融资成本渠道的相关证据。应不断完善绿色金融体系，促进绿色金融在社会绿色转型、碳中和目标实现与长期生态文明建设中发挥重要作用。

 

Green Finance and Enterprises' Green Innovation

Li Rong，Liu Luxi（Renmin University of China）

 

Abstract In the context of carbon neutrality strategic objectives, it has become an important issue for green finance to promote enterprises' green innovation and social green transition. This study explored whether green finance has a significant impact on green innovation of enterprises and further examined its mechanisms based on the policy of pilot zones for green finance reforms and innovations in 2017 and the green patent data of the listed companies of Shanghai and Shenzhen A-shares in China from 2012 to 2019. It has been found that the policy of pilot zones plays a significant role in promoting green innovation of enterprises.  More significantly, this policy promotes non-polluting enterprises, large-scale enterprises, and state-owned enterprises in terms of firm characteristic heterogeneity and enterprises in areas with weaker bank competition with regard to finance environment heterogeneity. In terms of mechanism, we found that green finance promotes green innovation by increasing the proportion of long-term debts and improving the debt structure of enterprises, and there is no evidence of decreasing financing costs. It is suggested that we should constantly improve the green financial system and encourage green finance to play an important role in social green transition, carbon neutrality goal realization and the development of long-term ecological civilization.

Key words   green finance；green innovation of enterprises；differences-in-difference model；debtstructure

 

■  作者简介 李 戎，经济学博士，中国人民大学财政金融学院副教授；北京 100872； 刘璐茜（通讯作者），中国人民大学财政金融学院博士研究生。

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