河北环境工程学院学报

基于2013—2023年A股上市公司数据,将绿色金融改革创新试验区的设立视为准自然实验,采用多时点双重差分模型考察绿色金融试点政策对企业碳排放的影响。研究发现:试点政策显著抑制试点区域内全样本、非重污染企业整体碳排放水平,但对重污染企业效果不显著;政策通过缓解融资约束、促进绿色技术创新降低了非重污染企业碳排放,却加剧了重污染企业融资约束、抑制其绿色技术创新。异质性分析表明,当商业信用水平较低或资金使用效率较高时,试点政策对全样本和非重污染企业碳减排效果显著,但对重污染企业均无显著影响。

Based on the data of A-share listed companies from 2013 to 2023, this study regards the establishment of green finance reform and innovation pilot zones as a quasi-natural experiment and employs a multi-time-period difference-in-differences(DID) model to examine the impact of green finance pilot policies on corporate carbon emissions. The findings reveal that the pilot policies significantly suppress the carbon emission levels of the full sample and non-heavy polluting enterprises within the pilot areas, but the effect is inconspicuous on heavy polluting enterprises. Specifically, the pilot policies significantly reduce carbon emissions of non-heavily polluting enterprises by alleviating the degree of financing constraints and facilitating green technology innovation. However, for heavy polluting enterprises, the pilot policies increase their financing constraints and suppress green technological innovation. Heterogeneity analysis indicates that when the level of corporate commercial credit is relatively low or the efficiency of capital utilization is relatively high, the pilot policies exert a significant inhibitory effect on carbon emissions for the fullsample and nonheavy polluting enterprises, yet still show no significant impact on heavy polluting enterprises in either case.