Research On The Impact Of Green Financial Reform And Innovation Policy On Corporate Environmental Protection Investment From The Perspective Of Financing Constraint

Since the reform and opening up,my country’s economy has continued to develop rapidly,and the process of industrialization has been steadily advanced.However,the resulting environmental pollution problem has gradually emerged,which has become an important factor hindering the sustainable and healthy development of our society.As the "culprit" of environmental pollution,how to urge enterprises to effectively undertake their own environmental responsibilities has become an important focus in the formulation of my country’s environmental protection policies.However,traditional environmental regulation policies mostly limit the perspective to the decision-making game between the government and enterprises,and do not consider the financial institutions that can effectively influence the business decision-making of enterprises,so that the environmental pollution problem is still a temporary solution.Actively promoting environmental governance is not only an important measure to promote the construction of ecological civilization,but also a "hard bone" that must be gnawed to achieve high-quality economic development.The development of green finance has created a new situation in environmental governance.By incorporating the financial industry’s environmental responsibility into the environmental governance framework,it can influence corporate investment decisions,and thus can prompt companies to increase investment in environmental protection elements.As an important top-level design to generate the endogenous power of green finance,the implementation of the green finance reform and innovation policy in 2017 is an important step in my country’s financial supply-side reform.It has the important reference meaning for improving the green finance operation mechanism and expanding the green finance reform pilot area.Based on the background of the official release and implementation of the green financial reform policy in 2017,this thesis evaluates the effect of the policy on promoting corporate environmental governance from the perspective of environmental protection investment in heavily polluting enterprises.This paper selects A-share listed companies with heavy pollution during the six years from 2014 to 2019 as the research object,and uses the double difference(DID)method to design the model.In order to avoid the endogenous problem caused by heterogeneous economic individuals responding to policy shocks,the fixed effects method is used to test the impact of green financial reform and innovation policy on environmental protection investment of heavily polluting enterprises.The empirical results show that under the impact of the policy,the environmental protection investment level of the heavily polluting enterprises in the pilot area has increased significantly.Compared with the central and western regions,environmental protection investment in the eastern region has increased significantly.In a heterogeneous environment,the nature of state-owned property rights,a good sense of corporate social responsibility,high financial investment in environmental protection and the level of marketization all help to promote corporate environmental governance.Further research finds that financing constraints play a moderating role in the promotion of corporate environmental protection investment by green financial reform and innovation policy,and this moderating effect is more obvious in low-level financing constraint companies and in a higher green financial development environment.Finally,the policy conclusions and suggestions are drawn.Government departments should attach importance to the summarization and promotion of green financial reform policy experience,further improve the top-level design,expand the scope of green financial reform pilot areas,and explore green financial development models with regional characteristics;give full play to the leverage of financial funds to actively promote the improvement of the regional environment,and guide social capital to enter the field of environmental protection.Financial institutions should improve their ability to carry out green financial business and improve the level of green financial services.Government departments will further build a diversified green financial system,expanding green financing channels for enterprises,and easing the pressure on green financing of enterprises.The research content and conclusion of this thesis has a certain role in evaluating the policy effect of the green financial reform and innovation pilot zone,providing reference significance for the analysis of such policies in the future.At the same time,under the conditions of implementing green financial policies,it has the certain guiding role to formulate future green development strategies and financing strategies for heavily polluting enterprises.