Research On The Impact Of Green Finance Policies On The Financial Performance Of Green Enterprise

Developing green industry is a key measure to promoting green development and highquality economic growth.However,green project has the characteristics of large initial investment,long return cycle and great uncertainty,which makes green enterprises have to face various constraints and hinders the development of green industry.The resource allocation function of green finance can optimize industrial structure,which is an important impetus to realize green economic development.However,the existing research is lack of micro mechanism analysis and empirical analysis on the green finance supporting green industry.As the micro subject of green industry,the behavior choice and financial performance of green enterprises are directly related to the development of green industry.Firstly,this paper selects green credit guidelines issued in 2012 as the representative of green financial policy and uses double difference method to test the effect of green financial policy.Secondly,it constructs green finance development index system and calculates the green finance development level of each province from 2009 to 2019,then uses the fixed effect model to analyze the impact of green finance development on the financial performance of green enterprises.On this basis,robustness test,mechanism test and heterogeneity analysis are carried out.The results show that:(1)Green financial policy can significantly promote the performance of green enterprises.It affects enterprise performance through two ways: one is alleviating the level of financing constraint,the other is improving the lack of investment.(2)The impact of green financial policy on green enterprises’ financial performance is heterogeneous.Compared with state-owned enterprises,green financial policy plays a more significant role in promoting the financial performance of non-state-owned enterprises.(3)The development level of green finance in China is on the rise,while the development level of eastern region’s green finance is higher than that in the central and western regions.(4)Green finance development can effectively promote the financial performance of green enterprises.Technology innovation acts as a mediating variable in the impact of green financial development on enterprise performance.Through resource allocation,risk control and competitive incentive effect,green finance can improve enterprise innovation,which affects financial performance.(5)There is heterogeneity of green finance development on green enterprises’ financial performance.It plays a more significant positive role in smallscale enterprises,clean energy enterprises and enterprises with fewer government subsidies.Based on the background of green development and economic transition,this paper explores the impact and mechanism of green financial policy on the financial performance of green enterprises,and puts forward corresponding suggestions according to the research conclusions,which is the point to evaluate green financial policy scientifically and advance the sustainable development of green industry.