绿色金融与企业污染治理

绿色金融与企业污染治理

Green Finance and Firm Pollution Control

《财经研究》2024年50卷第1期 页码：34-48 online：2024年1月3日

作者

中：金祥义 , 张文菲

英：Jin Xiangyi, Zhang Wenfei

作者单位：兰州大学 经济学院，甘肃 兰州 730000

摘要及关键词

摘要：绿色金融作为结合信贷服务和环境保护的一种新金融方式，是提升企业污染治理能力的重要因素。基于此，文章以国务院批准设立的绿色金融改革创新试验区为外生政策冲击，采用双重差分法对绿色金融与企业污染排放之间的关系展开系统分析。文章构造了包含绿色金融因素在内的企业污染排放模型，证明了绿色金融发展对企业污染减排的积极作用。研究发现，绿色金融发展能够显著降低企业污染排放规模。绿色金融发展产生的污染减排作用因样本融资约束和污染程度的差异而存在异质性。机制检验显示，绿色金融发展能够缓解企业面临的融资约束，并通过绿色技术创新、清洁能源利用、污染处理设备投资等方面，从企业生产前端管控和生产末端治理上实现污染减排。同时，绿色金融发展存在溢出效应。此外，文章在进行稳健性检验后，发现绿色金融发展对企业污染减排的积极作用依然存在。文章研究表明，绿色金融是推动企业污染治理能力提升的有效方式，是实现经济增长和生态环境建设双赢目标的有效路径。

关键词：绿色金融；企业污染排放；生态环境建设；双重差分模型

Summary: In order to promote environmental protection and pollution reduction, and achieve the path of green and low-carbon economic transformation and development, the Chinese government has identified carbon peaking and carbon neutrality goals as a key deployment area for future economic development. Green finance is an emerging financial mode, which can provide financial support and services for environmental protection and sustainable development, promote the financing and development of firms’ green projects, boost the green transformation of firms in production and operations, and provide scientific support solutions for reducing firm pollution emissions. Based on the above, this paper takes the Green Finance Reform and Innovation Pilot Zone approved by the State Council as an exogenous policy impact, and uses the DID method to conduct a systematic analysis of the relationship between green finance and firm pollution emissions. In theory, this paper constructs a firm pollution emission model that includes green finance factors, proving the positive role of green finance development in firm pollution reduction. Empirical research finds that the development of green finance significantly reduces the scale of firm pollution emissions. Furthermore, the pollution reduction effect generated by the development of green finance is heterogeneous due to differences in sample financing constraints and pollution levels. Mechanism testing shows that the development of green finance alleviates the financing constraints faced by firms, and achieves pollution reduction through green technology innovation, clean energy utilization, and investment in pollution treatment equipment from the front-end control and the end governance of firm production. At the same time, there is a spillover effect in the development of green finance, with the spillover scope limited to within 200 kilometers. The study indicates that green finance is an effective way to promote the improvement of firm pollution control capabilities. Green finance can rely on green credit institutional arrangements to guide firms to carry out green technology innovation through diversified, high-level, and in-depth green credit services, thereby improving credit resources to support firms with strong green innovation potential, and then achieving multi-faceted production pollution control for firms. Therefore, encouraging banks and other financial institutions to vigorously implement green finance policies is necessary for China’s future economy to move towards a green and low-carbon development path.

Key words: green finance; firm pollution emissions; ecological environment construction; DID model

其他信息

DOI：10.16538/j.cnki.jfe.20231016.402

收稿日期：2023-07-20

基金项目：国家自然科学基金青年项目（72203083）；甘肃省基础研究计划—软科学专项（23JRZA373）；甘肃省哲学社会科学规划一般项目（2022YB022）；中央高校基本科研业务费专项基金（2023lzujbkydx031）

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