| With the rapid economic development since the reform and opening up,the industrialization process has also been rapidly advanced.However,the development model of high energy consumption and high pollution has made China’s ecological burden even heavier,and the constraints of environmental resources have become an important factor restricting high-quality economic development.With the proposal of the "double carbon" goal and the report of the 20 th National Congress of the Communist Party of China,it is further pointed out that "the green transformation of the development mode must be accelerated",in order to achieve a win-win situation for the economy and the environment,the traditional economic development mode must be transformed.The realization of social green and low-carbon transformation and high-quality economic development is inseparable from the participation of enterprises.As a flexible economic entity,enterprises will have an important impact on China’s green development whether their green transformation is successful or not.Green technology innovation combines the two core principles of green development and innovation-driven,which can promote the green transformation of enterprises and improve the green core competitiveness of enterprises.However,green innovation often has the characteristics of long investment cycle,uncertain returns,imperfect information disclosure mechanism,and high evaluation cost.In the process of implementing green innovation,enterprises will encounter obstacles in financing,technology,and management.In this context,the implementation of green finance policy aims to provide financing convenience for green innovation of enterprises and become an important driving force to promote green transformation of enterprises.In June 2017,the State Council selected five provinces(autonomous regions)Zhejiang,Jiangxi,Guangdong,Guizhou,and Xinjiang to build green financial reform and innovation pilot zones with local characteristics.All regions actively explored green financial standards,products and services,and explored green finance suitable for local development.financial road.Since 2017,the first batch of pilot areas have been established for five years.With the gradual implementation and improvement of relevant policies,evaluating the policy effects of pilot areas has become an important topic of discussion for scholars.As an important force to promote the green transformation and upgrading of industries and achieve green and sustainable development,it is of great significance to study the impact of green financial reform and innovation pilot policies on corporate green technology innovation,and to evaluate the impact of policies on the real economy from financial needs and other aspects.Therefore,this paper uses the double difference model to test the intervention effect of the green finance pilot zone policy,and further explores the channel variables of green finance affecting the green innovation of enterprises.Providing policy insights for policy makers to analyze existing initiatives and directions of green finance and green innovation has important theoretical and practical significance for deepening and expanding green finance policies.This paper takes the A-share listed industrial enterprises in China’s Shanghai and Shenzhen stock markets from 2012 to 2020 as the research object,establishes a double difference model,and empirically tests the impact of the green finance pilot zone policy on the green innovation of enterprises and the realization path.According to the empirical results,the following conclusions are drawn:(1)The policy of the pilot zone not only improves the enthusiasm of enterprises for green technology innovation,but also promotes the promotion of green invention patents and green utility model patents.quality".(2)Further studies have shown that the establishment of pilot areas can promote the output of green innovation by alleviating corporate financing constraints and reducing corporate transaction costs.(3)Compared with non-state-owned enterprises,the green innovation effect of state-owned enterprises is more significant;compared with heavily polluting enterprises,environmental protection enterprises are more active in green innovation;compared with enterprises with a lower degree of digitalization,green financial policies are more effective.Improve the green innovation level of enterprises with a high degree of digitalization.The research results of this paper not only provide a rich theoretical basis and practical experience for evaluating the effects of green finance policies,but also provide useful experience and inspiration for exploring differentiated green finance policies in other regions.The innovations of this paper are as follows: First,it broadens the research horizon for evaluating the policy effects of green finance pilot zones.Based on the perspective of micro-enterprises,the effect of policy implementation is evaluated from the perspective of green innovation,which enriches the research content.Second,the impact on different patent types is examined.By subdividing green patents and studying the impact of green finance pilot zone policies on green invention patents and green utility model patents,we can further understand the application trend and development direction of green technology innovation,and provide ideas for future green financial policy formulation.Third,it clarifies the path for the green finance pilot zone policy to improve the green innovation of enterprises,and proves that alleviating the financing constraints of enterprises and reducing transaction costs are important channels to promote the green transformation of enterprises. |
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