摘要
2017年绿色金融改革创新试验区试点政策的出台标志着中国绿色金融改革的落地与实施。本文利用2014—2018年全国税收调查数据,采用双重差分法,评估了绿色金融改革创新试验区试点政策对重污染企业污染排放的影响。结果表明,绿色金融改革创新试验区的设立有效抑制了试点地区内重污染企业的污染排放。机制分析发现,绿色金融改革创新试验区通过金融资源的重新配置,提高了重污染企业的融资难度与融资成本,但未能有效倒逼重污染企业通过技术进步、能源效率改善和末端污染治理的强化达到污染减排目标,而是通过重污染企业生产规模的缩减降低了污染排放,即从短期看,“波特假说”不成立。异质性分析发现,绿色金融改革创新政策的治污效果在大企业、环保执法力度较弱地区的企业及金融发展水平较高地区的企业中更为明显。本文回应了发展绿色金融能否促进企业污染减排这一基本问题,为中国绿色金融改革及经济发展方式绿色转型提供了经验证据与政策参考。
China's economy has shifted from high-speed growth to high-quality development,and energy conservation,emission reduction,and pollution control have become the only way to achieve high-quality economic development.In order to promote the green and low-carbon development of enterprises and enhance their environmental awareness,China has begun to explore green finance reform.The introduction of the pilot policy of the green finance reform and innovation pilot zone in2017 marks the implementation of China's green finance reform.However,existing studies have mainly examined the impact of green finance reform on enterprise innovation and production efficiency,and it is not clear whether green finance reform can promote enterprise pollution reduction.Using the data of the national tax survey from 2014 to 2018,this paper empirically evaluates the impact of pilot policies in the green finance reform and innovation pilot zone on pollution emissions of heavily polluting enterprises.The results showed that the establishment of green finance reform and innovation pilot zone effectively inhibited the pollution emissions of heavily polluting enterprises in the pilot area.The mechanism analysis found that the green finance reform and innovation pilot zone enhanced the financing difficulty and financing cost of heavily polluting enterprises through the allocation of financial resources,but failed to effectively force heavily polluting enterprises to achieve pollution reduction through technological progress,energy efficiency improvement,and the strengthening of terminal pollution control.Instead,waste gas was less emitted by reducing the production scale of heavily polluting enterprises.Heterogeneity analysis showed that the pollution control effect of green finance reform and innovation policies is more obvious in large enterprises,regions with weak environmental law enforcement,and regions with high financial development levels.The results of this paper show that while steadily promoting the expansion of the green finance reform and innovation pilot zone,we should pay attention to the huge impact of green finance reform on the production efficiency of heavily polluting enterprises in the short term.In the subsequent expansion of pilot areas,more clear constraint mechanisms,incentive mechanisms,and technological transformation plans should be formulated for heavily polluting industries in combination with regional and industry characteristics,so as to guide heavily polluting enterprises to transform and upgrade and achieve a “win-win” situation of environmental and economic benefits.From the perspective of financial resource allocation,this paper enriches the mechanism of promoting enterprise pollution reduction by green finance reform and at the same time responds to the basic question of whether the development of green finance can promote enterprise pollution reduction,providing empirical evidence and policy reference for China's green finance reform and green transformation of economic development mode.
作者
崔惠玉
王宝珠
徐颖
CUI Hui-yu;WANG Bao-zhu;XU Ying(School of Public Finance & Taxation,Dongbei University of Finance & Economics)
出处
《中国工业经济》
CSSCI
北大核心
2023年第10期118-136,共19页
China Industrial Economics
基金
国家自然科学基金面上项目“小微企业纾困解难减税政策:效果评估、政策协同与优化设计”(批准号72373017)
辽宁省“兴辽英才”计划项目“构建以国内大循环为主体、国内国际双循环相互促进新发展格局的财税政策研究”(批准号XLYC2005016)。
关键词
绿色金融
绿色发展
绿色金融改革创新试验区
企业污染减排
green finance
green development
green finance reform and innovation pilot zone
enterprise pollution reduction
作者简介
崔惠玉,东北财经大学财政税务学院教授,经济学博士;通讯作者:王宝珠,东北财经大学财政税务学院硕士研究生,电子邮箱:wang06231998@163.com;徐颖,东北财经大学财政税务学院博士研究生。
