绿色金融和企业环境投资:"扩大规模"还是"提高效率"?
Qu Yang1, Shiyi Ming1, Rongguang Zhang1
1Business School, Chengdu University of Technology, Chengdu, 610059, China.
PloS one
|February 12, 2024
概括
试点区的绿色融资政策提高了企业的环境投资效率,但降低了其规模. 这是由于研发和创新的增加,特别是受益于污染企业.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 公共政策 公共政策
背景情况:
- 中国政府建立了绿色金融改革与创新 (GFRI) 试点区,以促进企业的绿色转型.
- 了解这些GFRI政策对企业环境投资的影响,对于有效的政策设计至关重要.
研究的目的:
- 调查GFRI试点区政策对企业环境投资的影响.
- 确定驱动这些影响的机制,并分析不同类型企业的异质性.
主要方法:
- 使用分级差异差异 (DID) 估计方法.
- 用于强度检查的雇员倾向性得分匹配-DID (PSM-DID).
- 分析了2010年至2020年间819家A股上市企业的数据.
主要成果:
- 在GFRI试点区的企业显示,环境投资效率显著提高.
- 相反,这些地区的企业环境投资规模有所下降.
- 增加的研发支出和技术创新被确定为关键的调解机制.
结论:
- GFRI政策有效地提高了环境投资效率,特别是对于污染企业,但可能会降低整体投资规模.
- 政策影响因企业所有权和环境影响而异.
- 这些发现为推动中国绿色经济的绿色金融政策提供了实证支持.
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