School of Management, Hainan University, Haikou, China.
Institute of Finance & Banking, Chinese Academy of Social Sciences, Beijing, China.
Front Public Health. 2021 Nov 19;9:794195. doi: 10.3389/fpubh.2021.794195. eCollection 2021.
In the post-epidemic era, green finance plays a more significant role in supporting the "green recovery" of the economy, so it is necessary to evaluate the implementation effect of previous green financial policies. In 2017, the green finance reform and innovation pilot zone set up in five provinces and autonomous regions made an exploration in the development of green finance. From the perspective of micro-enterprises, can this policy play a beneficial policy effect in the long run? Based on the quasi-natural experiment of green finance pilot, using the data of A-share listed companies, this paper empirically tests the impact of pilot policies on the long-term value of green enterprises in pilot areas. It is found that, compared with non-pilot zones, the green finance pilot enables a significant increase in the Tobin Q-measured value of green enterprises in the pilot zones. Heterogeneity analysis shows that green finance pilot has a more significant impact on non-state-owned enterprises, enterprises in traditional industries, large enterprises, and enterprises in the eastern region of China. Green finance pilot zone can achieve better policy effects in areas with stronger environmental impact regulation and higher financial development levels. The mechanism test shows that the green finance pilot affects the long-term value of green enterprises through the capital market effect improving the stock trading activity of enterprises and through the real effect improving the operational efficiency and profitability of enterprises. From the perspective of micro-enterprises, this paper enriches the research on the development effect of green finance and provides theoretical support for the effect evaluation of green finance pilot policies.
在后疫情时代，绿色金融在支持经济“绿色复苏”方面发挥着更为重要的作用，因此有必要评估以往绿色金融政策的实施效果。2017 年，在五个省（区）设立的绿色金融改革创新试验区，对发展绿色金融进行了探索。从微观企业的角度来看，这项政策能否在长期发挥有益的政策效应？本文基于绿色金融试验区的准自然实验，利用 A 股上市公司数据，实证检验了试验区的政策对绿色企业长期价值的影响。研究发现，与非试验区相比，绿色金融试验区使试验区绿色企业的托宾 Q 值显著增加。异质性分析表明，绿色金融试验区对非国有企业、传统产业企业、大企业和东部地区企业的影响更为显著。在环境影响监管较强和金融发展水平较高的地区，绿色金融试验区能够取得更好的政策效果。机制检验表明，绿色金融试验区通过资本市场效应（提高企业股票交易活跃度）和实体经济效应（提高企业运营效率和盈利能力）影响绿色企业的长期价值。从微观企业的角度来看，本文丰富了绿色金融发展效应的研究，为绿色金融试验区政策的效果评估提供了理论支持。
