【摘要】 绿色金融是推动经济社会绿色转型、促进绿色技术创新的重要途径。本文利用我国沪深A股制造业上市公司年度数据，将绿色金融改革创新试验区的设立视为一项准自然实验，运用三重差分模型探讨绿色金融试点政策对企业绿色创新的影响。研究发现，与非试点地区及非污染行业相比，绿色金融试点政策显著提升了试点地区污染行业内企业的绿色创新，这一效应主要来源于绿色金融试点政策对绿色发明专利的激励作用。机制分析表明，绿色金融试点政策既会增加试点地区污染企业的融资约束和媒体报道形成的外部压力，也会促进其加大创新资金与人才投入产生内部激励，从而倒逼企业进行绿色创新。进一步分析发现，绿色金融试点政策显著降低了试点地区污染企业的短期借款和企业投资。这意味着，在有限资金约束下，污染企业调整资金配置方向，将原本用于固定资产、在建工程等方面的资金转移到绿色技术创新领域。异质性分析表明，绿色金融试点政策主要激发了竞争程度较低市场、成熟期污染企业的绿色创新活动。本文为“波特假说”在我国的适用性提供新的证据，也为“双碳”目标实现提供绿色金融改革的实践经验。更多还原

【Abstract】 Green finance is an important way to promote the green transformation of economy and society and promote green technology innovation. Based on the annual data of Shanghai and Shenzhen A-share listed manufacturing enterprises in China, this paper regards the establishment of Green Finance Reform and Innovation Pilot Zone as a quasi-natural experiment, and uses triple difference model to explore the impact of green finance pilot policy on green innovation of enterprises. It is found that compared with non-pilot areas and non-polluting industries, the green finance pilot policy significantly improves the green innovation of enterprises in polluting industries in pilot areas, and this effect mainly comes from the incentive effect of the green finance pilot policy on green invention patents. Mechanism analysis shows that the green finance pilot policy will not only increase the financing constraints and media reports of polluting enterprises in pilot areas to form external pressure, but also push them to increase innovation funds and talent investment to generate internal incentives, thus “forcing” them to make green innovation. It is further found that the green finance pilot policy has significantly reduced the short-term borrowing and investment of polluting enterprises in pilot areas. This means that under the constraints of limited funds, polluting enterprises have adjusted the direction of capital allocation and transferred funds originally intended for fixed assets and projects under construction to the field of green technology innovation. Heterogeneity analysis shows that the green finance pilot policy mainly induces green innovation activities of less competitive markets, and mature polluting enterprises. This paper provides new evidence for the applicability of “Porter hypothesis” in China, and also provides practical experience for the realization of carbon peak and neutrality goal in green finance reform.更多还原