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| 绿色金融政策能否助推高碳企业绿色转型？ ——基于多期DID和三重差分法的经验研究 |
| Can green finance policies help high-carbon enterprises transform into green? ——Empirical research based on multi-stage DID and triple difference method |
| 投稿时间：2024-07-18 修订日期：2024-09-14 |
| DOI： |
| 中文关键词: 绿色金融政策 高碳企业 绿色转型 融资约束 企业社会责任 |
| English Keywords:green finance policy high-carbon enterprises green transformation financing constraints corporate social responsibility |
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| 中文摘要: |
| 基于2017年与2019年绿色金融改革创新试验区设立这一准自然试验，利用2014-2021年A股上市高碳企业绿色专利申请数作为高碳企业绿色转型的衡量标准，通过多期DID和三重差分法实证考察绿色金融政策对高碳企业绿色转型的影响。研究结果表明，绿色金融政策能够助推高碳企业绿色转型；缓解企业融资约束和提高企业社会责任是该政策助推高碳企业绿色转型的两个重要渠道。从异质性分析来看，该政策对国有企业、CEO有绿色经历企业的以绿色实用新型专利为代表的绿色转型助推作用更为显著。研究结论为绿色金融政策的制定和高碳企业的绿色转型提供了理论依据，为“双碳”目标的早日实现注入了可持续动力。 |
| English Summary: |
| Based on the quasi-natural experiment established in the Green Finance Reform and Innovation Pilot Zone in 2017 and 2019, the number of green patent applications of high-carbon enterprises listed on the A-share market from 2014 to 2021 was used as the measurement standard for the green transformation of high-carbon enterprises, and the impact of green finance policies on the green transformation of high-carbon enterprises was empirically investigated through multi-period DID and difference-in-difference method. The results show that green finance policies can promote the green transformation of high-carbon enterprises. Easing corporate financing constraints and improving corporate social responsibility are two important channels for the policy to promote the green transformation of high-carbon enterprises. From the perspective of heterogeneity analysis, the policy has a more significant effect on the green transformation represented by green utility model patents for state-owned enterprises and enterprises with green experience. The conclusions of this study provide a theoretical basis for the formulation of green finance policies and the green transformation of high-carbon enterprises, and inject sustainable impetus into the early realization of the "dual carbon" goal. |
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