Influence Of Green Financial Policy On Investment And Financing Activities Of Environmental Protection Enterprises

Environmental protection enterprises are the backbone of green development.Their positive externalities,combined with the characteristics of large capital investment and long return cycle,make the contradiction between the supply and demand of funds for environmental protection enterprises prominent.Green finance is the driving force for the development of green economy.It must shoulder the responsibility and mandate given by the times and inject the concept of green,low-carbon and sustainable development into the construction of the contemporary financial system.Based on previous research results,this paper takes the 2017 green finance reform and innovation pilot zone policy as a quasi-natural experiment,selects 64 environmental protection listed companies from 2013 to 2021 as research samples,builds a DID model,and concludes that green finance has a significant positive impact on the investment and financing activities of environmental protection enterprises,and has different degrees of impact on enterprises of different sizes and attributes.At the same time,it effectively reduces the financing constraints of environmental protection enterprises and promotes investment and financing activities.In order to verify the robustness of the results,this paper conducts parallel trend test and PSM-DID test,and the results are verified.Then,considering the problem of enterprise heterogeneity,this paper discusses the impact of different enterprise characteristics on the effect of green financial policies from the aspects of enterprise size,enterprise ownership attributes and enterprise financing constraints.Finally,this paper gives the conclusion of the article,and puts forward policies and suggestions for the development of green finance at the government level,the enterprise level,and the public level,and systematically explores the impact of green finance on the investment and financing activities of environmental protection enterprises from multiple angles.The research value of this paper lies in the use of a cross analysis method combining quantitative and qualitative analysis,based on theoretical knowledge and supported by sufficient data analysis,to demonstrate the impact of green finance on investment and financing of environmental protection enterprises,and provide a diversified way of thinking for such issues.From the perspective of environmental protection enterprises,systematic analysis of micro enterprises with the knowledge learned can deepen such problems.Build DID model,and adopt multi period DID and PSM-DID verification in the robustness test.Different from the single period DID model used more in previous studies,it further solves the endogenous problem caused by non-random grouping,greatly improves the robustness and reliability of the conclusions,so as to reduce the error rate of empirical results.