Research On The Impact Of Green Financial Policy On Enterprise Total Factor Productivity

With global warming.increasing climate change and increasing carbon emissions,green finance policy as a sustainable development strategy not only has great theoretical value,but also provides us with feasible solutions.On June 14,201 7,the State Council decided to establish green finance reform and innovation pilot zones in five provinces(regions)of Zhejiang.Jiangxi,Guangdong,Guizhou and Xinjiang to promote sustainable economic development.In this context,this thesis will explore the impact of green finance pilot zone policies on the total factor productivity of enterprises through theoretical analysis and empirical research,in order to provide more effective development opportunities for enterprises.This thesis first sorts out the development status of green finance in China and the development effectiveness of green finance reform and innovation pilot zone,and then expounds the theoretical support of green finance pilot zone policies affecting enterprise production efficiency,and thirdly,selects the data of A-share listed industrial enterprises in the five provinces(regions)in the pilot area from 2013 to 2020 as a sample,uses the double difference method for empirical analysis,and further conducts heterogeneity analysis,mechanism test and regulatory effect test.Comprehensively investigate the impact of green finance pilot zone policies on total factor productivity of enterprises.The main conclusions of this thesis are as follows:first,the implementation of the green finance pilot zone policy will significantly reduce the total factor productivity of enterprises in the pilot zone;Second,the policy effects of green finance pilot zones will differ significantly depending on the industry,region and nature of enterprises.Third,the green finance pilot zone policy currently produces an "institutional constraint" effect,and the improvement of the market environment will alleviate the policy’s inhibitory effect on total factor productivity.Based on this,this thesis puts forward the following policy suggestions:First.based on the actual situation,the government should adopt differentiated strategies based on the heterogeneity of enterprises in the pilot area.Second,financial institutions should improve debt financing mechanisms and information disclosure mechanisms.Third,establish a long-term green mechanism and explore different green finance models.