【摘要】 绿色保险是绿色金融体系的重要分支,兼具环境风险管理和市场监督作用,其相关政策的实施是否有利于企业的绿色创新,目前鲜有研究对此进行充分论证。文章利用手工整理的政策文件和2003—2022年A股上市公司数据,以绿色保险政策——环境污染责任保险（以下简称“环责险”）制度为准自然实验,采用多时点双重差分模型检验绿色保险对企业绿色创新的影响。研究发现,相较于非重污染企业,环责险制度的实施能够显著提升重污染企业的绿色创新水平,这种促进作用主要体现在国有企业、小规模企业、环保执法力度较小的地区和强制性规制时期。机制分析表明,环责险制度能够基于保险工具的环境风险评估、环境风险防范及污染事故理赔功能,通过提高企业环境信息披露质量、强化企业绿色环保意识、降低企业代理成本和提升企业风险承担水平四种渠道促进企业绿色创新水平的提升。进一步分析发现,环责险制度与绿色信贷政策相辅相成,两者能协同促进企业绿色创新,但环责险对企业绿色创新质量的提升仍显不足。文章揭示了绿色保险政策影响企业绿色创新的内在逻辑,为政府推动绿色保险高质量发展和构建多元化绿色金融服务体系提供了政策启示。更多还原

【Abstract】 Green finance can effectively enhance the incentives of enterprises for green innovation, thus promoting high-quality economic development. However, compared with financial products such as green credit and green bonds, green insurance still has a broad space for development in China’s green financial system. Therefore, green insurance, as an important branch of green finance, has attracted great attention from the Chinese government in recent years. Is the implementation of relevant policies conducive to corporate green innovation? Few studies have fully demonstrated this.Based on the quasi-natural experiment of environmental pollution liability insurance system(EPLI), this paper uses the multi-time DID model to test the impact of green insurance on corporate green innovation. The results show that compared with non-heavy-polluting enterprises, EPLI significantly promotes the green innovation of heavy-polluting enterprises, which is mainly reflected in state-owned enterprises, small-scale enterprises, areas with lower environmental protection law enforcement, and a mandatory regulation period.Mechanism testing shows that based on the important role of insurance tools in environmental risk assessment,environmental risk prevention, and pollution accident claim settlement, EPLI can promote corporate green innovation through four channels: improving the quality of corporate environmental information disclosure,strengthening the awareness of corporate green environmental protection, reducing corporate agency costs, and enhancing corporate risk-taking level. Further analysis shows that EPLI and green credit policy complement each other, and they synergistically promote corporate green innovation, but the improvement of green innovation quality by EPLI is still insufficient.This paper has the following contributions:(1) From the long-term perspective, it enriches the research on the relationship between EPLI and the green economic transformation of enterprises.(2) From the perspective of insurance, it clarifies the mechanism of EPLI affecting corporate green innovation.(3) It identifies the synergistic effect between EPLI and green credit policy, and deepens the research on the path of enabling enterprise green transformation by the green insurance policy.更多还原