绿色金融作为结合信贷服务和环境保护的一种新金融方式,是提升企业污染治理能力的重要因素。基于此,文章以国务院批准设立的绿色金融改革创新试验区为外生政策冲击,采用双重差分法对绿色金融与企业污染排放之间的关系展开系统分析。文章构造了包含绿色金融因素在内的企业污染排放模型,证明了绿色金融发展对企业污染减排的积极作用。研究发现,绿色金融发展能够显著降低企业污染排放规模。绿色金融发展产生的污染减排作用因样本融资约束和污染程度的差异而存在异质性。机制检验显示,绿色金融发展能够缓解企业面临的融资约束,并通过绿色技术创新、清洁能源利用、污染处理设备投资等方面,从企业生产前端管控和生产末端治理上实现污染减排。同时,绿色金融发展存在溢出效应。此外,文章在进行稳健性检验后,发现绿色金融发展对企业污染减排的积极作用依然存在。文章研究表明,绿色金融是推动企业污染治理能力提升的有效方式,是实现经济增长和生态环境建设双赢目标的有效路径。
绿色金融与企业污染治理
摘要
参考文献
1 陈登科. 贸易壁垒下降与环境污染改善——来自中国企业污染数据的新证据[J]. 经济研究,2020,(12):98−114.
2 陈诗一,张建鹏,刘朝良. 环境规制、融资约束与企业污染减排——来自排污费标准调整的证据[J]. 金融研究,2021,(9):51−71.
3 金祥义,张文菲,施炳展. 绿色金融促进了中国出口贸易发展吗?[J]. 金融研究,2022,(5):38−56.
4 金祥义,张文菲. 人工智能与企业污染减排:智能治理的环境效应[J]. 中国人口·资源与环境,2023,(8):138−145. DOI:10.12062/cpre.20230334
5 刘锡良,文书洋. 中国的金融机构应当承担环境责任吗?——基本事实、理论模型与实证检验[J]. 经济研究,2019,(3):38−54.
6 舒利敏,廖菁华. 末端治理还是绿色转型?——绿色信贷对重污染行业企业环保投资的影响研究[J]. 国际金融研究,2022,(4):12−22. DOI:10.16475/j.cnki.1006-1029.2022.04.001
7 苏丹妮,盛斌. 产业集聚、集聚外部性与企业减排——来自中国的微观新证据[J]. 经济学(季刊),2021,(5):1793−1816.
8 王馨,王营. 绿色信贷政策增进绿色创新研究[J]. 管理世界,2021,(6):173−188. DOI:10.3969/j.issn.1002-5502.2021.06.029
9 王修华,刘锦华,赵亚雄. 绿色金融改革创新试验区的成效测度[J]. 数量经济技术经济研究,2021,(10):107−127. DOI:10.13653/j.cnki.jqte.2021.10.006
10 张建鹏,陈诗一. 金融发展、环境规制与经济绿色转型[J]. 财经研究,2021,(11):78−93. DOI:10.16538/j.cnki.jfe.20210918.301
11 Andersen D C. Do credit constraints favor dirty production? Theory and plant-level evidence[J]. Journal of Environmental Economics and Management,2017,84:189−208. DOI:10.1016/j.jeem.2017.04.002
12 Antweiler W,Copeland B R,Taylor M S. Is free trade good for the environment?[J]. American Economic Review,2001,91(4):877−908. DOI:10.1257/aer.91.4.877
13 Boutabba M A. The impact of financial development,income,energy and trade on carbon emissions:Evidence from the Indian economy[J]. Economic Modelling,2014,40:33−41. DOI:10.1016/j.econmod.2014.03.005
14 Cao Y M,Chen S. Rebel on the canal:Disrupted trade access and social conflict in China,1650–1911[J]. American Economic Review,2022,112(5):1555−1590. DOI:10.1257/aer.20201283
15 Chen Y,Cheng L,Lee C C,et al. The impact of regional banks on environmental pollution:Evidence from China’s City commercial banks[J]. Energy Economics,2021,102:105492. DOI:10.1016/j.eneco.2021.105492
16 Cui X,Wang P P,Sensoy A,et al. Green credit policy and corporate productivity:Evidence from a quasi-natural experiment in China[J]. Technological Forecasting and Social Change,2022,177:121516. DOI:10.1016/j.techfore.2022.121516
17 He L Y,Zhang L H,Zhong Z Q,et al. Green credit,renewable energy investment and green economy development:Empirical analysis based on 150 listed companies of China[J]. Journal of Cleaner Production,2019,208:363−372. DOI:10.1016/j.jclepro.2018.10.119
18 He Y P,Sheng P F,Vochozka M. Pollution caused by finance and the relative policy analysis in China[J]. Energy & Environment,2017,28(7):808−823.
19 Hering L,Poncet S. Environmental policy and exports:Evidence from Chinese cities[J]. Journal of Environmental Economics and Management,2014,68(2):296−318. DOI:10.1016/j.jeem.2014.06.005
20 Ibrahim M,Vo X V. Exploring the relationships among innovation,financial sector development and environmental pollution in selected industrialized countries[J]. Journal of Environmental Management,2021,284:112057. DOI:10.1016/j.jenvman.2021.112057
21 Jalil A,Feridun M. The impact of growth,energy and financial development on the environment in China:A cointegration analysis[J]. Energy Economics,2011,33(2):284−291. DOI:10.1016/j.eneco.2010.10.003
22 Kim D H,Wu Y C,Lin S C. Carbon dioxide emissions and the finance curse[J]. Energy Economics,2020,88:104788. DOI:10.1016/j.eneco.2020.104788
23 Qi J,Tang X,Xi X C. The size distribution of firms and industrial water pollution:A quantitative analysis of China[J]. American Economic Journal:Macroeconomics,2021,13(1):151−183. DOI:10.1257/mac.20180227
24 Shahbaz M,Sharma R,Sinha A,et al. Analyzing nonlinear impact of economic growth drivers on CO2 emissions:Designing an SDG framework for India[J]. Energy Policy,2021,148:111965. DOI:10.1016/j.enpol.2020.111965
25 Su C W,Li W H,Umar M,et al. Can green credit reduce the emissions of pollutants?[J]. Economic Analysis and Policy,2022,74:205−219. DOI:10.1016/j.eap.2022.01.016
26 Wu S,Wu L P,Zhao X L. Impact of the green credit policy on external financing,economic growth and energy consumption of the manufacturing industry[J]. Chinese Journal of Population,Resources and Environment,2022,20(1):59−68. DOI:10.1016/j.cjpre.2022.03.007
27 Yuan H X,Zhang T S,Hu K C,et al. Influences and transmission mechanisms of financial agglomeration on environmental pollution[J]. Journal of Environmental Management,2022,303:114136. DOI:10.1016/j.jenvman.2021.114136
28 Zhang J J,Luo Y C,Ding X H. Can green credit policy improve the overseas investment efficiency of enterprises in China?[J]. Journal of Cleaner Production,2022,340:130785. DOI:10.1016/j.jclepro.2022.130785
29 Zhang K,Li Y C,Qi Y,et al. Can green credit policy improve environmental quality? Evidence from China[J]. Journal of Environmental Management,2021,298:113445. DOI:10.1016/j.jenvman.2021.113445
引用本文
金祥义, 张文菲. 绿色金融与企业污染治理[J]. 财经研究, 2024, 50(1): 34-48.
导出参考文献,格式为:
下一篇:去杠杆、银企关系与企业债务结构