摘要
【目的】发挥绿色金融对制造业企业绿色化转型的撬动引导作用具有重要意义,本文试图从理论分析和实证检验两个层面剖析绿色金融影响制造业企业绿色金融的内在逻辑,以期为增强金融服务实体经济的能力提供有益参考。【方法】本文结合2000—2013年中国工业企业数据库和工业企业污染数据库的匹配样本,从微观层面上深入考察了绿色金融对制造业绿色化转型行为的影响。【结果】(1)绿色金融能够显著降低企业能源消耗强度和污染排放强度,驱动制造业企业绿色化转型;(2)融资约束缓解和技术创新水平提高是绿色金融作用于制造业企业绿色化转型的重要渠道,这两种积极效应进一步会带动企业整体规模扩张和局部减排治理;(3)绿色金融带来的促进效应在不同子样本下表现为非对称特征,对重污染行业企业、资本密集型企业、中小微企业、东部地区企业和非资源型地区企业的绿色化转型效应更大;(4)在有效的金融监管与环境规制下,绿色金融对制造业企业绿色化转型的协同促进作用更加明显。【结论】本文证实了绿色金融在制造业企业绿色化转型进程中发挥的关键作用,也发现激活绿色金融的内在优势后更有利于企业从内部多源头助推绿色化转型,这对于未来继续完善优化绿色金融衍生工具和配套服务设施以及加快发展方式绿色转型提供了可靠的经验证据和政策启示。
[Objective]Green finance can play an important role in guiding the green transformation of manufacturing enterprises.This study aimed to analyze the inherent logic of the impact of green finance on manufacturing enterprises’green transformation based on theoretical analysis and empirical testing,in order to provide useful references for enhancing the ability of the financial sector to serve the real economy and promoting high-quality economic development.[Methods]Based on the matching samples of China’s industrial enterprise database and industrial enterprise pollution database,this study examined the impact of green finance on the green transformation behavior of manufacturing industry at the micro level.[Results]The study found that:(1)Green finance can significantly reduce the intensity of energy consumption and pollution emissions of enterprises,driving the green transformation of manufacturing enterprises;(2)Easing financing constraints and improving technological innovation level are important channels for green finance to affect the green transformation of manufacturing enterprises.These two positive effects will further drive the overall scale expansion of enterprises and local emission reduction governance;(3)The promotion effect of green finance exhibits asymmetric characteristics for different sub-samples,with greater green transformation effects on enterprises in heavily polluting industries,capital intensive and small and medium-sized enterprises,eastern regions,and nonresource-based regions;(4)Under reasonable financial and environmental regulations,the synergistic promotion effect of green finance on the green transformation of manufacturing enterprises is more obvious.[Conclusion]This study confirmed the key role played by green finance in the process of green transformation of manufacturing enterprises,and also found that activating the inherent advantages of green finance is more conducive to green transformation promotion of enterprises from multiple internal sources.This study provides reliable empirical evidence and policy inspiration for further improving and optimizing green finance derivative tools and supporting service facilities,as well as accelerating the green transformation of development models in the future.
作者
刘珊
马莉莉
LIU Shan;MA Lili(School of Economics&Management,Northwest University,Xi’an 710127,China)
出处
《资源科学》
CSSCI
CSCD
北大核心
2023年第10期1992-2008,共17页
Resources Science
基金
国家社会科学基金项目(21BJY084)
西北大学研究生创新项目(CX2023040)。
关键词
绿色金融
制造业企业
绿色化转型
涟漪效应
协同效应
拓展的三部门模型
中国
green finance
manufacturing enterprises
green transformation
ripple effect
synergistic effect
expanded three department model
China
