长江流域资源与环境 >> 2025, Vol. 34 >> Issue (2): 239-251.doi: 10.11870/cjlyzyyhj202502001

• 区域可持续发展 •    下一篇

绿色金融改革创新试验区政策如何影响企业绿色创新——基于创新资源再配置视角

陈浩1,黄小洪1*, 张文萱2, 张钰3   

  1. (1. 中南财经政法大学经济学院, 湖北 武汉 430073; 2. 中南财经政法大学金融学院, 湖北 武汉 430073; 3. 安徽大学经济学院, 安徽 合肥 230601)
  • 出版日期:2025-02-20 发布日期:2025-02-28

How Green Finance Reform and Innovation Pilot Zone Policy Affects Green Innovation in Enterprises: Based on the Reallocation of Innovation Resources Perspective

CHEN Hao1, HUANG Xiao-hong1, ZHANG Wen-xuan2, ZHANG Yu 3   

  1. (1. School of Economics, Zhongnan University of Economics and Law, Wuhan 430073,China; 2. School of Finance, Zhongnan University of Economics and Law, Wuhan 430073,China;  3. School of Economics, Anhui University, Hefei 230601,China)
  • Online:2025-02-20 Published:2025-02-28

摘要: 绿色金融改革创新试验区政策已陆续在试点地区稳步推行,有效助力我国构建牢固、多元的绿色金融体系,为中国式现代化提供坚实的金融支撑与保障。基于2011~2021中国沪深A股数据,使用多时点DID模型评估绿色金融改革创新试验区政策效果,实证研究发现:(1)绿色金融改革创新试验区建设显著推动当地企业绿色创新,且相对于清洁型企业而言,重污染企业并未产生更多的绿色创新成果。(2)处于产业升级型和资源开发型试验区、国有企业、现金流状况良好的企业受到更强的绿色创新激励,且其创新活动主要聚焦于实质性的绿色创新。(3)绿色金融改革创新试验区建设通过缓释企业融资约束、优化债务结构,进而激发企业绿色创新动力。进一步研究发现,绿色金融改革创新试验区建设对企业绿色创新的促进作用源自企业内部创新资源的再配置效应。该文为持续推进绿色金融改革创新试验区建设走深向实,实现人与自然和谐共生的现代化发展提供了重要经验证据。

Abstract: The green finance reform and innovation pilot zone policy has been steadily implemented in the pilot areas, effectively helping China to build a solid and diversified green financial system, and providing a solid financial support and guarantee for Chinese path to modernization. Based on the 2011-2021 Chinese A-share data, a time-varying DID model was used to evaluate the policy effectiveness of the green finance reform and innovation pilot zone. Empirical research found that: (1) the construction of the green finance reform and innovation pilot zone significantly promotes local enterprises' green innovation, and compared to clean enterprises, heavily polluting enterprises did not produce more green innovation achievements. (2) Enterprises located in industrial upgrading and resource development pilot zones, state-owned enterprises, and those with good cash flow conditions receive stronger incentives for green innovation, and their innovation activities mainly focus on substantive green innovation. (3) The construction of the green finance reform and innovation pilot zone aims to alleviate financing constraints and optimize debt structure for enterprises, thereby stimulating their green innovation drive. Further research has found that the promotion effect of the construction of green finance reform and innovation pilot zones on enterprise green innovation stems from the reallocation effect of internal innovation resources. This article provides important empirical evidence for continuously promoting the construction of green finance reform and innovation pilot zones, and achieving modern development of harmonious coexistence between humans and nature.

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