Research On The Influence Of Green Financial Policy On Investment Behavior Of Green Enterprises

Under the influence of traditional extensive economic growth modes such as high pollution and high energy consumption,environmental pollution,ecological deterioration and resource depletion have become increasingly prominent problems,which have gradually become an important factor restricting economic development.As the core of modern economy,finance plays an important role in the allocation of resources.Green finance can reduce the allocation of funds in industries with high pollution and high energy consumption,and invest more in green industries such as environmental protection,resource conservation and clean energy,which is the direct driving force of green development.However,as a developing country,China's green finance has a late start and is faced with such problems as insufficient supply,lack of incentives and term mismatch.Green finance in the construction period is essentially a policy guidance and institutional arrangement promoted by the government.As the undertaking subject of green investment,the investment behavior of green enterprises will directly affect the development of green industry.However,green enterprises have been investing inefficiently,such as under-investment and over-investment.On the one hand,there are its own reasons,but the reason of the supply of financial services is the key to the problem.Therefore,under the strategic background of green development,studying the impact of green finance policy on the investment behavior of green enterprises is the key to evaluate the implementation effect of green financial policy,increase the effective supply of green capital and support the healthy development of green industry.Based on the above background,this paper first discusses the internal mechanism of the influence of green financial policy on the investment behavior of green enterprises.Secondly,using the data of companies listed on the Shenzhen and Shanghai stock exchange from 2012 to 2017,a difference-in-differences(DID)model wasconstructed to test the impact of green financial policies on the investment behavior of green enterprises,which mainly involves investment level and investment efficiency.Finally,the paper further studies the difference of the influence of green financial policy on the investment behavior of green enterprises under different property rights.The results show that :(1)The green financial policy effectively increases the investment expenditure of green enterprises,whose investment level is higher than that of non-green enterprises.Furthermore,it is found that different property rights of enterprises will affect the effect of green financial policies on the investment level of green enterprises.Compared with state-owned green enterprises,green financial policies have a greater impact on the investment level of non-state-owned green enterprises.(2)The investment efficiency of green enterprises is low,and there are two kinds of inefficient investment situations:under-investment and over-investment.The green financial policies significantly reduce the under-investment of green enterprises,but at the same time significantly increase the over-investment of green enterprises.In general,the role of green financial policy in increasing the over-investment of green enterprises is greater than its role in reducing the under-investment of green enterprises,therefore,green financial policies have reduced the Investment efficiency.This article further finds that the different nature of corporate property rights will affect the effect of green financial policies on the efficiency of green corporate investment,compared with the state-owned green enterprises,in non-state-owned green enterprises,green financial policies have a stronger role in reducing its under-investment,a stronger role in increasing its over-investment,and a stronger role in reducing its investment efficiency.Under the background of the era of green development,this paper,from the perspective of enterprise investment behavior,conducts a quantitative research on the implementation effect of domestic green financial policies and provides micro-empirical data,which provides reference for government departments to make better green financial policies.