The Effect Of Green Financial Policy On Green Corporate Investment Behavior

In 1982,policies and policies related to green finance could be promulgated.During the period of economic adjustment and adjustment of the national economy,the decision to strengthen the work of environmental protection and environmental protection work was promulgated.In 1984,In 2015,in 2015,the understanding of finance at this stage mainly focused on the restrictions on loans to polluting enterprises..Among them,most of the published policies on green and green finance are focused on "green" or the support of green and green industries.In 2015,the policy has changed year by year,and the direction has changed in 2015.In 2015,the "Overall Plan for the Civilization System" and the issuance of green bonds were issued in 2015."Issuance" Issuance Issuance Issuance Issuance Issuance Issuance Issuance Issuance Issuance Issuance of green policies and policies from punishment to change incentives incentives incentives incentives incentives incentives incentives investment support.Investment is a necessary means to achieve the survival and development of enterprises,an important way to realize technological innovation,improve the core competitiveness of enterprises,and realize economies of scale,and it is also a peripheral organ for the realization of micro effects of financial policies.An important aspect of studying China’s green financial policy today is to study the impact of green financial policy on green corporate investment.What is the impact of green financial policy on green corporate investment? Has China’s green financial policy promoted corporate innovation,mergers and acquisitions,and improved corporate investment efficiency? This is the main content of this study.The implementation of green finance policy will have an important impact on the investment behavior of enterprises.First of all,the green financial policy can serve as an important mechanism to improve corporate governance and reduce the agency costs of corporate managers.The introduction of the "Opinions" and its series of documents can make the society’s supervision function of green financial enterprises significantly stronger than other enterprises,which is reflected in the clear direction and long-term sustainability.Secondly,the green financial policy can reduce the financing cost of green enterprises and ease the financing constraints of green enterprises.Again,green financial policies can reduce information asymmetry in the market and improve the efficiency of capital and resource allocation.Finally,some studies have found that the green financial policy can make the debt maturity mechanism of green enterprises reasonably optimized,thereby improving the investment level of enterprises.With the gradual establishment of my country’s ecological civilization construction and green financial system,on the one hand,it is necessary to actively promote the transformation of the economy from extensive growth to green growth,and on the other hand,it is necessary to guide the economy to increase green technology innovation and industrial transformation and upgrading.The Institution Advantage Theory(Institution Advantage Theory)of comparative economics proposed by Douglas North and Barry Weingast pointed out that the difference in economic development is not only determined by the endowments such as resources owned by the economy,It is also influenced by the regimes in place in the economy.Based on the institutional advantage theory of comparative economics,this paper takes enterprise investment efficiency,enterprise mergers and acquisitions and enterprise innovation as the research objects.These three were chosen for the following reasons: First of all,the enterprise investment efficiency index is a mature standard for measuring the effectiveness of enterprise investment,and changes in enterprise investment efficiency reflect the overall effect of green financial policies on enterprise investment.Secondly,in the investment behavior of enterprises,both extensional investment and connotative investment are necessary for the sustainable development of enterprises.Enterprises can obtain more resources and market share through extensional investment,thereby expanding scale and increasing influence;while connotative investment is the key for enterprises to improve their core market competitiveness,which acts on the basics and serves the long-term development of enterprises.Mergers and acquisitions are the main investment behavior for companies to achieve extensional growth,and innovation is the main investment behavior for companies to achieve connotative growth.Taking mergers and acquisitions and innovation as the perspectives,and studying the impact of green financial policies on corporate investment behaviors from two aspects of extensional growth and endogenous growth,it is possible to sort out the impact path of green financial policies on corporate investment behaviors in a relatively complete and logical way.This study consists of two parts,the introduction and the main text,each part is as follows:The introduction part expounds the background and research significance of the full text,and gives the research ideas and general framework.The main text includes six chapters:The second chapter is the theoretical basis and literature review.This chapter first sorts out the relevant theories of enterprise investment,and explains the principal-agent theory,internal cash flow theory and institutional environment that may affect enterprise investment.Then,starting from the corporate governance effect,financing constraint effect,signaling effect,and risk-taking effect of the green financial policy,this chapter systematically reviews the relevant literature on the economic consequences of the green financial policy,and analyzes the existing research results and shortcomings.The evaluation and analysis are carried out,highlighting the value of the research question in this paper.The third chapter mainly completes the following two tasks.The first is to sort out China’s green financial policy,and regard the 2015 "Opinions" and its series of documents as a turning point in China’s green financial policy from restricting highpollution and high-energy-consuming enterprises to encouraging the development of green enterprises.Second,on the basis of combing China’s green financial policies and existing green enterprise classification standards and methods,the database of China’s green listed companies was innovatively constructed,laying the foundation for the next step to study the impact of green financial policies on corporate investment.Chapter Four examines the impact of green finance policies on corporate investment efficiency.This chapter first empirically tests the impact of green financial policies on the overall investment efficiency,underinvestment and overinvestment of enterprises.Furthermore,the potential impact mechanism of green financial policy on corporate investment efficiency is examined from two aspects: improving corporate risk-taking and easing financing constraints.Finally,it examines the impact of corporate internal ownership structure and institutional environment supervision on the incentive effect of green finance policies.Chapter Five examines the impact of green finance policies on corporate mergers and acquisitions.This chapter first empirically tests the impact of green financial policies on the probability and scale of mergers and acquisitions.Next,it further explores the heterogeneous impact of the three aspects of executive personal characteristics,institutional environment differences,and property rights heterogeneity on the positive relationship between green finance and corporate mergers and acquisitions.Finally,the performance of green corporate M&A performance is examined.Chapter Six studies the impact of green finance policy on corporate innovation.This chapter first empirically tests the impact of green financial policies on corporate innovation output and innovation input.Further,the impact of property rights heterogeneity,fund shareholding and regional differences on the positive relationship between green finance policy and corporate innovation are discussed respectively.The seventh chapter is the research conclusion and policy suggestion part of this paper.Based on the theoretical analysis and empirical testing of the previous chapters,this chapter summarizes the conclusions and policy implications of the full text,puts forward relevant policy suggestions,points out the limitations of this study,and looks forward to possible future research directions.The main research conclusions of this paper can be summarized as follows:(1)After the 2015 "Opinions" and its series of documents were issued,the green financial policy shift can significantly promote the innovation of green enterprises.First,green enterprises have more green patents after the policy than before the policy.Secondly,after considering the heterogeneity of property rights of green enterprises,it is found that the difference in the nature of property rights of actual controllers will have differences in the incentive effect of green financial policies on enterprise innovation.The empirical test shows that this incentive effect is more obvious in non-state-owned enterprises.Therefore,the relevant policy design for state-owned enterprises’ green technology innovation incentives needs to be further improved.Thirdly,institutional shareholding will affect the incentive effect of green financial policies on corporate innovation.This incentive effect is mainly reflected in green enterprises with a relatively high shareholding ratio of funds.Therefore,actively promoting the growth of institutional investors represented by fund holdings is conducive to the innovative development of green enterprises.Finally,regional differences will also affect the incentive effect of green financial policies on corporate innovation.Regional differences often contain differences in institutional environments,differences in regional cultures,and market segmentation.The test found that the incentive effect of green financial policy on enterprise innovation is more obvious in the eastern region.This shows that we should formulate regionally differentiated green financial policies.(2)Green financial policies will affect the mergers and acquisitions of green enterprises.Compared with non-green enterprises,green enterprises with green financial policies have a higher tendency and scale of mergers and acquisitions.Moreover,green enterprises with a larger proportion of green business scale have greater tendency and scale of mergers and acquisitions.Further,we examine the effects of property rights heterogeneity,institutional environment differences,and executive personal characteristics on the incentive effects of green finance policies.Specifically,the heterogeneity of property rights will significantly affect the incentive effect of green financial policies on corporate mergers and acquisitions.The empirical results show that the incentive effect is more obvious in non-stateowned enterprises.The difference in the institutional environment will also have an impact on the incentive effect of the green financial policy.Through empirical studies,it can be found that in provinces with a better legal environment,the incentive effect of the green financial policy on corporate mergers and acquisitions is more obvious.In addition,this paper studies the incentive effect of green financial policies from the perspective of the personal characteristics of corporate executives,and finds that the incentive effect of green financial policies is more significant in companies with older executives and longer tenures.(3)The green financial policy has effectively improved the investment efficiency of green enterprises.Specifically,the impact of green financial policies on corporate investment efficiency mainly comes from the mitigation of insufficient corporate investment.First of all,from the perspective of corporate governance and signal effect,green financial policy can improve the risk-taking level of green enterprises,which is one of the potential mechanisms for green financial policies to affect the investment efficiency of green enterprises.The inhibitory effect of green financial policy on corporate inefficiency investment and the mitigation effect on corporate underinvestment are more significant in companies with lower levels of risk taking.Secondly,the relief of green financial policy on financing constraints of green enterprises is another potential mechanism for green financial policy to affect the investment efficiency of enterprises.In addition,the company’s internal ownership structure will affect the incentive effect of green financial policies.In enterprises with a high degree of equity concentration,the impact of green finance on corporate investment efficiency is not significant.Finally,more independent directors and more institutional investor holdings can form a relatively sound external supervision of listed companies,which is conducive to the green financial policy to better stimulate the investment efficiency of green enterprises.To sum up,the research conclusions of this paper confirm that the green financial policy with the 2015 Opinion as a turning point can effectively promote the innovation of green enterprises,increase the scale of mergers and acquisitions of green enterprises,optimize the investment efficiency of green enterprises,and enrich the green financial policy.Related research on the impact of corporate investment behavior.First,innovations in research perspectives.First of all,although many domestic and foreign scholars have studied the policy effects of green finance policies,most of the existing research chooses to study the policy effects of green finance policies from the perspective of restriction and inhibition.There is little in-depth analysis of the incentive effects of green finance policies,especially at the micro-enterprise level.As the cells of the micro-economy,enterprises will have more urgent needs for technological innovation,resource integration and resource optimization in the face of economic transformation and structural upgrading in the new era.This paper selects corporate innovation,mergers and acquisitions,and investment efficiency as research perspectives.It not only summarizes the micro-level policy incentive effects of current green finance policies,but also provides reference for the formulation of further green finance policies.Secondly,the existing research perspectives on enterprise innovation in my country mostly focus on R&D investment,but ignore the green innovation output represented by patents.This paper combines the nature of property rights,institutional investor shareholding and regional differences as different aspects of the heterogeneity test,and deeply analyzes the impact of green financial policies on corporate innovation behavior.Thirdly,the existing literature seldom chooses to start with the differences in the institutional environment and the personal characteristics of executives when examining the influencing factors of corporate mergers and acquisitions.This paper introduces the institutional environment and personal characteristics of executives into the research framework of corporate green mergers and acquisitions,and examines the differential impact of green financial policies on corporate mergers and acquisitions under different institutional environments and personal characteristics of executives.Finally,this paper examines the potential impact mechanism of green financial policies on corporate investment efficiency from two aspects: enhancing risk taking and easing financing constraints,providing a new perspective for understanding the incentive effect of green financial policies.Second,the innovation of research methods.First of all,due to the availability of data,the current research on the incentive effect of green financial policies is mostly concentrated on the macro-economy,industry,and industry levels,and there is a lack of research on micro-enterprise entities.In order to study the incentive effect of green financial policy,this paper establishes a green listed company database according to the green main business income of listed companies on the basis of combing and summarizing the existing green industry screening methods.The establishment of the database of green listed companies makes it feasible and normative to study the incentive effect of green financial policies on microenterprise entities.Secondly,this paper uses the continuity of the proportion of green business of green listed companies over the years,takes the green degree of green listed companies as a continuous variable,tests the reliability of the conclusions of this paper from different levels,and examines the impact of green financial policies on enterprises with different green degrees heterogeneity.Thirdly,this paper uses a longer sample interval and more research methods to ensure the robustness of the research results.In order to alleviate the interference of factors that do not change with time at the individual level of the enterprise on the regression results,this paper uses a fixed effect model to estimate the regression coefficients.In order to accurately estimate the intertemporal effect of the incentive effect of green finance policy,this paper uses the double difference method.Third,this article discovers and explores the law of capital flow in my country’s transition period from the perspective of green financial policy,especially focusing on the scale of capital flow driven by policies.It has been verified that China’s stimulating green financial policy after 2015 has significantly improved the investment efficiency of Chinese listed companies,and the above-mentioned investment has also been evaluated from two aspects of corporate extensional investment(mergers and acquisitions)and corporate connotative investment(innovation).The improvement of efficiency has been more comprehensively verified and researched on the internal mechanism.This enriches and supplements the literature and discussion on the incentive effect of my country’s green finance policy.To sum up,the research in this paper enriches and expands the related research on the impact of green financial policies on corporate resource allocation decisions,and provides empirical evidence for investors,company managers and policy makers to understand the incentive effects of green financial policies.Incentive policy and its understanding of corporate investment behavior have certain reference significance.