【摘要】 在实现碳达峰、碳中和目标背景下，制造业企业亟须借助绿色金融突破制度和效率窘境以实现环境和经济的协同发展。该研究采用沪深A股制造业上市企业面板数据，以“绿色金融改革创新试验区”作为政策冲击，基于双重差分模型和三重差分模型，在政策传递视域下系统剖析了绿色金融政策对长江经济带制造业减排的影响及其作用机理。研究发现：(1)绿色金融政策显著降低了长江经济带制造业企业污染排放，在进行一系列稳健性检验后，研究结论仍然成立。(2)该政策的减排作用主要凸显在长江经济带下游地区，且对高环境规制强度组企业、非国有企业的减排效果优于低环境规制强度组企业、国有企业。(3)从机理来看，政策制定主体的财政激励增强了绿色金融政策对制造业污染排放的抑制作用；政策传导主体的资源配置减弱了绿色金融政策对制造业污染排放的抑制作用，存在约束作用高于激励作用的现象；政策反馈主体的策略性创新套利行为是企业减排的关键动因。(4)进一步研究表明，绿色金融政策产生了积极的环境改善效应和经济增长效应，但社会福利效应并未完全显现。鉴于此，政策制定主体应完善绿色金融政策体系，推广试验区成功经验，进一步提高社会福利水平；政策传导主体应深化信贷机制改革，实行有差异的动态授信策略，创造优良的投融资市场环境；政策反馈主体应加快实质性创新技术攻关，择优选取最佳绿色转型模式，充分释放绿色金融政策红利。该研究在理论上完善了绿色金融政策现有分析框架，在实践上为制造业绿色高效发展提供了微观证据和政策启示。更多还原

【Abstract】 In the context of achieving carbon peak and carbon neutrality goals, manufacturing enterprises urgently need to leverage green finance to overcome institutional and efficiency challenges in order to achieve synergistic development of the environment and the economy.This study employed panel data from manufacturing companies listed on the Shanghai and Shenzhen A-share markets, using the ‘pilot zones for green financial reform and innovations’ as a policy shock. Based on the difference-in-differences(DID) model and the difference-in-difference-in-differences(DDD) model, the study systematically examined the impact and mechanisms of green financial policies on the emission reduction of manufacturing in the Yangtze River Economic Belt from the perspective of policy transmission. The findings revealed that:(1) Green financial policies significantly reduced pollution emissions from manufacturing enterprises in the Yangtze River Economic Belt. This conclusion held after a series of robustness tests.(2) The emission reduction effect of this policy was more pronounced in the lower reaches of the Yangtze River Economic Belt. Furthermore, the emission reduction effect of enterprises with high environmental regulation intensity and non-state-owned enterprises exhibited better emission reduction outcomes than that of enterprises with low environmental regulation intensity and state-owned enterprises.(3) Mechanistically, the fiscal incentives provided by policy-making entities enhanced the inhibitory effect of green financial policies on pollution emissions in the manufacturing industry. Meanwhile, resource allocation by policy transmission entities weakened the inhibitory effect of green financial policies on pollution emissions in manufacturing, showing a phenomenon where the constraining effect outweighed the incentivizing effect. Additionally,strategic innovation arbitrage behaviors by policy feedback entities served as the key drivers for enterprises to achieve emission reduction.(4) Further research indicated that green financial policies produced positive environmental improvement and economic growth effects, but the social welfare effects were not fully realized. In light of these findings, policy-making entities should focus on improving the green financial policy system, promoting successful experiences from pilot zones, and further enhancing social welfare. Policy transmission entities should deepen the reform of credit mechanisms within financial institutions, implement differentiated and dynamic credit strategies, and create a favorable investment and financing market environment. Furthermore, policy feedback entities should accelerate breakthroughs in substantive innovation technologies, selectively adopt the most effective green transformation models, and fully release the dividends of green financial policies. This study contributes to the theoretical development of the existing analysis framework for green financial policies while providing empirical evidence and policy insights to support the green and efficient development of the manufacturing industry in practice.更多还原