| The green finance Pilot Zone is the first of its kind in China.It is a policy and institutional arrangement with Chinese characteristics.In June 2017,The State Council stipulated the establishment of green finance pilot zones with unique characteristics for a period of five years in Zhejiang,Jiangxi,Guangdong,Guizhou and Xinjiang.In November 2019,the Green Finance Pilot Zone in Gansu Province was added.Although some achievements have been made in the development of pilot zones in recent years,the development level of green finance still needs to be improved.On the one hand,green projects have positive externalities,and financial institutions lack sufficient motivation to develop green finance.On the other hand,energy enterprises need a large amount of capital to carry out green technology innovation,and are affected by financing constraints,so energy enterprises have low innovation willingness.How to better perfect the construction of the green finance experimental area and promote the green technological innovation of energy enterprises is the key of our economic high-quality development in the new era.Explore the influence of green finance pilot zone on green technology innovation of energy enterprises and put forward related research hypotheses;Secondly,we comb out the policy effect of the green finance experimental zone and analyze the exogenous impact.Then,the data of Shanghai and Shenzhen A-share listed energy companies from 2010 to 2021 were selected to construct A multi-period DID econometric model,and the PSM-DID method was used to empirically study the influence mechanism of green finance pilot zone on green technology innovation of energy enterprises.At the same time,heterogeneity analysis was conducted according to the types of green patents,the nature of enterprises,the size of enterprises and the degree of pollution of enterprises.Systemic GMM estimation was used to deal with the endogeneity problem.The robustness test was conducted by variable substitution method,replacement model method,placebo test method and random generation experimental method.Finally,financing constraint variables are constructed to explore the specific conduction path of green finance pilot zone affecting green technology innovation of energy enterprises and form research results.The results show that: First,the benchmark regression results show that the green finance pilot zone improves the green technology innovation level of energy enterprises.Secondly,the heterogeneity analysis shows that the green innovation level of state-owned and foreign-funded energy enterprises is improved more significantly than that of private energy enterprises.The level of green innovation of large energy enterprises is more significant than that of small and medium-sized energy enterprises.Non-heavily polluting energy enterprises have improved their green technology innovation more significantly than polluting energy enterprises.Thirdly,the transmission mechanism analysis shows that the green finance pilot zone promotes the green innovation level of energy enterprises by easing financing constraints.For policy makers,these conclusions provide a reference for differentiated formulation of green finance policies.From the conclusion of this paper,the government should formulate appropriate policies and measures according to the nature,scale and pollution degree of current energy enterprises to improve the overall green innovation level of energy enterprises,help energy enterprises realize green transformation and adapt to the future market environment.The innovation points of this paper are mainly reflected in the following aspects:First,in theory,this paper takes the green finance pilot zone as the explanatory variable to analyze its impact on the enterprise green technology innovation and carries out empirical analysis,enriching the theoretical research on the green finance pilot zone and enterprise green technology innovation.Second,in terms of research objects,this paper chooses energy enterprises that are more closely related to green environmental protection as research objects,which makes the research more accurate and explanatory.Accordingly,this paper puts forward the following policy suggestions: First,we should improve the construction of green finance pilot zones and develop pilot zones with their own characteristics.Second,differentiated green financial products should be designed for different types of energy enterprises.Third,expand financing channels for energy enterprises and raise the level of green technology innovation. |
