摘要
在“双碳”战略背景下,如何借助绿色金融推动中国企业绿色高质量发展转型是一个值得研究的议题。本文利用上市公司工业企业数据,检验了绿色金融改革创新试验区对产能利用率的影响及其机制。研究发现:绿色金融改革创新试验区显著提升了企业产能利用率,经稳健性检验和内生性处理后该研究结论仍然成立。进一步的机制研究表明,绿色金融改革创新试验区是通过金融资源配置影响企业产能利用率的,具体而言,一方面通过资金导向和信息传递作用引导企业增加技术改造投资和绿色创新投资,进而提升产能利用率;另一方面通过设立门槛限制企业融资,倒逼企业提高资源利用效率,从而促进产能利用率的提升。异质性分析结果表明,在非国有、成立时间较短、市场化程度较低和环境规制强度较高地区的企业中,绿色金融改革创新试验区对企业产能利用率的提升效应更为明显。上述结论为推进企业绿色转型,助推实现“双碳”目标和经济高质量发展双赢提供了一定的参考。
In the context of the"dual carbon"strategy,how to employ green finance to promote the green and high-quality development and transformation of Chinese enterprises is a topic worth studying.This article uses data from industrial enterprises of listed companies to examine the impact and mechanism of green finance reform and innovation pilot zones on capacity utilization.Research has found that the green finance reform and innovation pilot zone has significantly improved the utilization rate of enterprise production capacity.After robustness test and endogeneity treatment,the research conclusion is still valid.Further mechanism research shows that the green finance reform and innovation pilot zone affects the capacity utilization rate of enterprises through the allocation of financial resources.Specifically,on the one hand,it forces enterprises to increase investment in front-end governance,digital transformation and other technological transformation,as well as green innovation investment,to improve capacity utilization rate.On the other hand,it also reduces the total amount of financing to improve resource utilization efficiency,thereby promoting the improvement of capacity utilization rate.The results of heterogeneity analysis indicate that the green finance reform and innovation pilot zone has a more significant effect on improving the capacity utilization rate of enterprises in non-state-owned areas,with shorter establishment time,lower marketization level,and higher environmental regulation intensity.The above conclusions provide certain policy references for promoting green transformation of enterprises,promoting the"dual carbon"strategy,and achieving the"win-win"goal of high-quality economic development.
作者
刘和旺
彭律
郑世林
LIU Hewang;PENG Lv;ZHENG Shilin(Business School,Hubei University,Wuhan 430062,China;Open Economy Research Centre of Hubei Province,Wuhan 430061,China;Institute of Quantitative&Technological Economics,Chinese Academy of Social Sciences,Beijing 100732,China)
出处
《中南财经政法大学学报》
CSSCI
北大核心
2023年第5期134-148,共15页
Journal of Zhongnan University of Economics and Law
基金
国家社会科学基金一般项目“‘双碳’目标下资源型城市工业绿色转型与稳增长协同路径研究”(22BJL049)。
关键词
绿色金融
产能利用率
金融资源配置
Green Finance
Capacity Utilization
Financial Resource Allocation
作者简介
刘和旺(1972-),男,安徽安庆人,湖北大学商学院教授,湖北省开放经济研究中心研究员;通讯作者:彭律(1997-),男,湖北武汉人,湖北大学商学院博士生;郑世林(1975-),男,山东日照人,中国社会科学院数量经济与技术经济研究所研究员。
