Department of Business Administration, Liaoning Technical University, Huludao, Liaoning, China.
PLoS One. 2024 Nov 15;19(11):e0313861. doi: 10.1371/journal.pone.0313861. eCollection 2024.
In the context of promoting the orderly expansion of capital investment and rational allocation of resources to achieve green and circular economic development. Green finance, as a new engine to promote the sustainability of enterprises, holds significant importance in exploring the positive effect of green finance policies on optimizing the investment decisions of enterprises and guiding them to efficiently utilize their resources to maximize value creation. Using A-share listed companies in Shanghai and Shenzhen from 2012 to 2022 as the research sample, we apply the Difference-in-Differences (DID) method to test the impact of the green finance reform and innovation pilot zones (2017) on the investment efficiency of enterprises in the pilot regions. We also adopt a two-step method to test the mechanisms of financial resource misallocation and agency costs. The study reveals that the green finance policy significantly enhances the investment efficiency of enterprises in the pilot areas. Financial resource misallocation and agency costs are important influence mechanisms. Drawing on resource allocation theory and agency theory, the study concludes that the green finance policy alleviates financial resource misallocation by directing financial resources toward high-efficiency enterprises. Moreover, the policy effectively reduces agency conflicts caused by power separation and information asymmetry, ensuring that enterprises can maximize the benefits of their investments. Heterogeneity analysis shows that non-state-owned enterprises and low-tech innovative enterprises in the pilot areas have disadvantages in terms of capital stock and loan credit, so the policy can improve their investment efficiency effectively. Based on these findings, we recommend that to leverage the positive effects of the green finance policy, it is essential to enhance the guiding role of the government, strengthen market mechanisms, and bolster corporate initiatives. This study complements the research on the economic effects of location-orientated comprehensive green finance policies on enterprises, considering the dual aspects of resource allocation efficiency and corporate governance, and makes up for the shortcomings of the existing literature. The study's conclusions offer valuable insights for enhancing green finance to support enterprises in achieving efficient production.
在促进资本投资有序扩张和资源合理配置，实现绿色循环经济发展的背景下。绿色金融作为推动企业可持续发展的新引擎，对于探索绿色金融政策对优化企业投资决策的积极作用，引导企业高效利用资源，实现价值创造最大化具有重要意义。本文以 2012 年至 2022 年沪深 A 股上市公司为研究样本，采用双重差分法（Difference-in-Differences，DID）检验绿色金融改革创新试验区（2017 年）对试验区企业投资效率的影响。并采用两步法检验金融资源错配和代理成本的作用机制。研究结果表明，绿色金融政策显著提高了试验区企业的投资效率。金融资源错配和代理成本是重要的影响机制。本文基于资源配置理论和代理理论，得出绿色金融政策通过引导金融资源向高效率企业配置，缓解了金融资源错配。同时，政策有效降低了权力分离和信息不对称导致的代理冲突，确保企业能够最大化投资收益。异质性分析表明，试验区内的非国有企业和低技术创新企业在资本存量和贷款信贷方面处于劣势，因此政策可以有效提高它们的投资效率。基于这些发现，我们建议为了充分发挥绿色金融政策的积极作用，必须增强政府的引导作用，强化市场机制，并推动企业的积极性。本研究补充了关于面向位置的综合绿色金融政策对企业经济效应的研究，考虑了资源配置效率和公司治理的双重方面，弥补了现有文献的不足。本研究的结论为加强绿色金融支持企业实现高效生产提供了有价值的见解。
