School of Economics and Trade, Hunan University, Changsha, China.
College of Economics and Management, Nanjing Agricultural University, Nanjing, China.
Environ Sci Pollut Res Int. 2022 Jul;29(32):48477-48490. doi: 10.1007/s11356-022-19228-5. Epub 2022 Feb 22.
Green finance aims to intervene in investment and financing behaviors through financial means, so as to promote upgrading of heavily polluting industries. Whether it can reduce illegal pollution discharge behaviors is the focus of this paper. This paper is to explore the impact of green finance on illegal emissions of heavy polluting firms. Taking green finance pilot zones (GFPZ) in 2017 as a quasi-natural experiment, the paper measures illegal emission behaviors based on day-night difference of PM at the nearest atmospheric monitoring points and tests the impact of GFPZ on illegal emissions based on triple difference model (DDD). The results show that GFPZ inhibits illegal emissions. Influence path result shows that GFPZ reduces illegal emissions by increasing financing constraint, green innovation, and fulfilling social responsibility. At the same time, this paper also notes that regulatory distance has an interference effect on GFPZ. GFPZ aggravates illegal emission as heavy polluting firms - financial institution's distance is more than 40 km. GFPZ curbs illegal pollution more significantly as heavy polluting firms - environmental protection bureau distance is within 30 km. This paper aims to reveal the guiding effect of green finance on emission behavior of polluting firms and provide policy references for reducing emission and promoting green finance.
绿色金融旨在通过金融手段干预投资和融资行为，从而促进重污染产业的升级。其能否减少重污染企业的非法污染排放行为是本文关注的焦点。本文旨在探讨绿色金融对重污染企业非法排放的影响。以 2017 年绿色金融试验区（GFPZ）为准自然实验，基于最近大气监测点的昼夜 PM 差异衡量非法排放行为，并基于三重差分模型（DDD）检验 GFPZ 对非法排放的影响。结果表明，GFPZ 抑制了非法排放。影响路径结果表明，GFPZ 通过增加融资约束、绿色创新和履行社会责任来减少非法排放。同时，本文还指出，监管距离对 GFPZ 有干扰作用。当重污染企业与金融机构的距离超过 40 公里时，GFPZ 会加剧非法排放。当重污染企业与环境保护局的距离在 30 公里以内时，GFPZ 对非法污染的抑制作用更为显著。本文旨在揭示绿色金融对污染企业排放行为的引导作用，为减排和促进绿色金融提供政策参考。
