Su Yichen, Cheng Zhonghua
School of Management Science and Engineering, Nanjing University of Information Science & Technology, Nanjing, 210044, China.
China Institute of Manufacturing Development, Nanjing University of Information Science & Technology, Nanjing, 210044, China.
Environ Sci Pollut Res Int. 2023 May;30(22):63136-63147. doi: 10.1007/s11356-023-26518-z. Epub 2023 Mar 24.
Due to their ability to generate green industrial growth, green finance policies are important both in the greening of China's industries and in the promoting of further improvements to its financial system. In this paper, reform pilot zones are used as a quasi-natural experiment with select panel data from 2007 to 2019 taken from 30 provinces in China, and used the DID method to empirically measure the impact of green finance reform on industrial GTFP and its mechanism of action. The findings demonstrate that reforming green finance greatly enhances GTFP of industry during the review period. This result is still valid after carrying out robustness tests. The heterogeneity study finds that the policy plays a large part in fostering GTFP in the middle stage of industrialization but not in the late stage. Further analyses of its transmission mechanism demonstrate that green finance reform mostly fosters industrial green growth through an innovation effect and a structural effect.
由于绿色金融政策具有推动绿色产业增长的能力，其在中国产业绿色化以及促进金融体系进一步完善方面均具有重要意义。本文以改革试验区作为准自然实验，选取2007年至2019年中国30个省份的面板数据，运用双重差分法实证测度绿色金融改革对工业绿色全要素生产率（GTFP）的影响及其作用机制。研究结果表明，绿色金融改革在考察期内大幅提高了工业GTFP。进行稳健性检验后，这一结果依然成立。异质性研究发现，该政策在工业化中期对促进GTFP发挥了较大作用，而在后期作用不明显。对其传导机制的进一步分析表明，绿色金融改革主要通过创新效应和结构效应促进产业绿色增长。
