| Since the reform and opening up,China’s economic development has made remarkable achievements,but the environmental costs behind these achievements can not be ignored.As proposed at the 19 th National Congress of the Communist Party of China,China’s economy needs to achieve high-quality development in the new era.The manufacturing industry as the main carrier of economic development in China,is in a critical period of transformation of new and old kinetic energy and development mode.It become necessary for manufacturing enterprises to practice the concept of green development,use green production equipment,produce green products,and reduce high energy consumption output in the new era.However,on the one hand,in the process of independent research and development of manufacturing enterprises,the high difficulty and high risk of high-tech are likely to lead to the failure of enterprise innovation strategies,which will plunge enterprises into financial risks and inhibit the creating enthusiasm.On the other hand,external financing,as the main financing method of Chinese listed companies,is the main source of funds for enterprises’ green technology transformation and independent research and development.Based on the above two points,as a bridge between the national green development strategy and the green transformation of enterprises,green finance plays a very important role in the enterprise innovation.Also as 19 th National Congress points out,the development of green finance can make substantial economy move to a new stage of development.Then,how does green finance affect the technological transformation of the production process by the manufacturing enterprises to improve the ecological environment and move towards a new stage of development? How does green finance affect the green total factors(GTFP)of the manufacturing enterprises? This has become a very important research issue.In terms of theory,first of all,this paper analyzes the relationship between green finance and green total factor productivity of enterprises by combining the innovation compensation effect,risk management effect,signal transmission effect and green financial positive externalities.Secondly,with the help of enterprise R&D investment,enterprise green technology progress,and enterprise green technology efficiency,the mechanism of green finance influencing the green total factor productivity of enterprises is analyzed.In the empirical aspect,firstly,the green total factor productivity of 994 listed manufacturing companies from 2011 to 2019 is calculated based on super-SBM model and ML index method.Secondly,with the help of fixed effect model and multiple regression method,the impact of green finance on corporate GTFP is tested,and the mechanism between them is tested through the mediation effect.At the same time,according to the attributes of the enterprise,the heterogeneity test was carried out.Finally,in order to ensure the robustness of the empirical results,this paper replaced the measurement methods of green finance and corporate GTFP,added control variables such as enterprise liquidity ratio and corporate financing constraints,etc.Using 2SLS,GMM and other methods to test the robustness.The results were still consistent with the expected conclusions.The results show that: first of all,green finance effects the GTFP of enterprises significantly and positively.Secondly,green finance improves green GTFP by R&D investment,green technology progress and efficiency.And all three of them play a partial mediating role.Thirdly,green finance plays different roles in the GTFP of enterprises due to the different attributes of equity,industry and geographical attributes of enterprises.Non-state-owned enterprises have a greater impact than state-owned enterprises,which indicates that green finance alleviates problems of financing difficulties and high financing costs for non-state-owned enterprises;Through the capital-oriented system,green finance enables financial resources to be biased towards high-tech manufacturing enterprises,which makes the improvement of GTFP is more obvious.Due to the advantages of abundant resources,strong support from national policies,and the degree of enterprise pollution,the impact of green finance on the GTFP of enterprises in the western region of China is greater than that in the central and eastern regions.Finally,based on the research conclusions,many suggestions are put forward on how enterprises can use green finance to improve green total factor productivity. |
