Department of Economics and Applied Statistics, Faculty of Business and Economics, Universiti Malaya, Kuala Lumpur, Malaysia.
PLoS One. 2022 Dec 1;17(12):e0278128. doi: 10.1371/journal.pone.0278128. eCollection 2022.
The Chinese central government established eight pilot zones in five provinces for green finance reform and innovations (GFRI) in 2017. The pilot zones promote green finance development and explore the propagable and reproducible experiences regarding mechanisms and institutions. Adopting a sample of China's listed companies from 2012 to 2021, this paper constructed a quasi-natural experiment and investigated the GFRI policy's effect on firms' total factor productivity (TFP) using the difference-in-differences (DID) method to verify the implementation effect of the GFRI policy. Furthermore, heterogeneity analysis and mechanism analysis were conducted to identify the guidance effect and deep mechanisms of the GFRI policy. The empirical results demonstrated that firms' TFP in pilot zones increased substantially after implementing the GFRI pilot policy, confirming that the policy had a strong incentive effect. The corresponding promoting effect was particularly significant for non-state-owned companies, the eastern and central regions, and firms in the growth stage. Further mechanism analysis revealed that the GFRI pilot policy can stimulated firms' TFP by promoting technological innovation and improving resource allocation efficiency. This paper's empirical findings are essential in improving relevant policies and expanding the pilot zones.
中国中央政府于 2017 年在五个省份设立了八个绿色金融改革创新试验区。这些试验区旨在促进绿色金融发展，并探索可推广和可复制的机制和制度经验。本文采用 2012 年至 2021 年中国上市公司的样本，构建了一个准自然实验，使用双重差分（DID）方法研究了绿色金融改革创新政策对企业全要素生产率（TFP）的影响，以验证绿色金融改革创新政策的实施效果。此外，还进行了异质性分析和机制分析，以识别绿色金融改革创新政策的引导作用和深层机制。实证结果表明，试验区企业的 TFP 在实施绿色金融改革创新试验区政策后显著提高，证实了该政策具有很强的激励效应。对于非国有企业、东部和中部地区以及处于成长期的企业，相应的促进效应尤为显著。进一步的机制分析表明，绿色金融改革创新试验区政策可以通过促进技术创新和提高资源配置效率来刺激企业的 TFP。本文的实证结果对于完善相关政策和扩大试验区具有重要意义。
