| In order to improve the current environmental pollution problems accompanying the rapid economic development,China is gradually improving the green financial system to promote the green transformation of economic development.As a new attempt to stimulate the endogenous development momentum of green finance,the implementation of the green financial reform and innovation pilot zone policy in 2017 is an important practice for China to achieve sustainable economic development and explore the replicable experience of green financial policies.As the integration of green transformation and technological innovation,green technology innovation is an important measure to break the shackle of "economic growth-environmental damage" and achieve the goal of "win-win" for both environmental protection and economic development.However,at present,the distance between the financial support for green technology innovation and the green development goal in China is still very far,and green innovation and green investment face long investment cycles,uncertain returns and unsound information disclosure,which hinder the green transformation process of China’s economic development.Therefore,based on the establishment of the pilot zone for green financial reform and innovation,this thesis evaluates the implementation effect of the green financial pilot zone policy from the perspective of enterprises’ green innovation,providing empirical evidence for enterprises to improve their green innovation level and thus achieve green transformation with the policy,and also laying the theoretical foundation for further promotion and improvement of the policy in the future.The specific research contents are as follows: firstly,this thesis compares and reviews the literature on green financial policies and green innovation of enterprises at home and abroad,and summarizes the research ideas and research methods;secondly,on the basis of Porter’s hypothesis,signaling,sustainable development and other major theories,we analyze the theories by combining the above-mentioned literature review and current research,and then put forward the research hypothesis of this thesis.Then,using the implementation of the green financial reform and innovation pilot zone policy in 2017 as a quasi-natural experiment,a double difference model is established to explore whether green financial policies have a significant impact on corporate green innovation using the green patent data of Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 and the corresponding data of corporate characteristics,and to test the green credit and R&D investment in We also examine the mediating role of green credit and R&D investment.Further,based on the heterogeneity of enterprise characteristics,group regressions are conducted for enterprises with different ownership nature,different scale sizes and different pollution levels to test whether there are differences in the impact of green finance pilot zone policies on enterprises with different characteristics.The empirical results show that(1)the green financial reform and innovation pilot zone policy significantly improves the green innovation level of enterprises in the pilot area,indicating that the implementation of the green financial pilot zone policy has achieved significant results,which is in line with the expectation of green transformation of economic development by boosting enterprises’ green technological innovation.(2)The analysis of the mechanism of action found that the green financial pilot zone policy can improve the green innovation level of enterprises by increasing the scale of green credit in the pilot area or by stimulating enterprises to increase their R&D investment,and both of them play a part in the mediating effect.(3)Heterogeneity analysis finds that there are differences in the effects of green finance pilot zone policies on enterprises with different characteristics,among which state-owned enterprises,large-scale enterprises and environmentally friendly enterprises receive more significant promotion effects.(4)After various robustness tests such as parallel trend hypothesis test and placebo test,the above results still hold,indicating that the effect of the green finance pilot zone policy is robust.Based on the above test results,this thesis proposes relevant countermeasures:(1)further improve the construction program of green financial reform and innovation pilot zone and promote it in a wider scope.(2)Establish a multi-level green financing model and encourage the active participation of social capital.(3)Develop a differentiated green financial system and classify policies according to the heterogeneity of enterprises.(4)Guide enterprises to green innovation,strengthen their environmental awareness and achieve green development. |
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