| Green finance policies and green innovation activities are important measures and key driving forces for promoting the green transformation of the economy.At present,China’s economy has entered a new normal,and policies with economic growth as the core can no longer meet the requirements of social development,so it is urgent to promote the green transformation of social and economic development.Green finance bridges the capital market and the real economy,which is crucial to promoting the green transformation of enterprises and sustainable economic development.However,in practice,faced with the dilemma of insufficient green funds,how to guide more social funds to invest in green activities has become the key to break through the predicament.In this regard,the Chinese government actively promotes the construction of a green financial system and tries to build a market-oriented green technology innovation system to promote high-quality economic development.Green finance reform and innovation pilot zone is the latest practice of green finance policy system construction,and in this context,this study takes the establishment of the first batch of green finance reform and innovation pilot zones in China as a quasi-natural experiment and uses panel data of A-share listed companies from 2010 to 2021 to conduct the following four parts of study: First,construct a propensity score matching difference-in-differences(PSM-DID)model to identify the net effect of the policy in the pilot zone on enterprise green technological innovation.Second,examine the heterogeneous effects of the policy on enterprises based on their characteristics and regional features.Third,assume that the policy in the pilot zone drives enterprise green technological innovation by "reducing enterprise financing costs" and "easing information constraints" and conduct a mechanism test using a triple difference-in-differences(DDD)model.Fourth,examine the economic and social benefits of enterprise green innovation after the policy in the pilot zone promoted it,attempting to indirectly illustrate the sustainability and effectiveness of the policy in the pilot zone.The study found that the policy in the pilot zone has a significant driving effect on enterprise green technological innovation,but its impact differs among enterprises with different characteristics and in different regions.Specifically,the policy in the pilot zone has a stronger driving effect on non-polluting enterprises,non-state-owned enterprises,and mature enterprises’ green technological innovation.At the same time,the implementation of the policy in the pilot zone has significantly enhanced the green technological innovation vitality of enterprises in the western regions and financially underdeveloped regions,to some extent overcoming the problem of "regional mismatch" in traditional finance and making up for the shortcomings of traditional finance support for green innovation projects.Furthermore,in a strongly regulated environment,the policy in the pilot zone can better exert its driving effect on enterprise green technological innovation.At the same time,the policy drives the green technology innovation of enterprises by easing financing constraints and information constraints,and promotes the green transformation of enterprises in the process,achieving a "win-win" of social performance and economic performance.Based on the research conclusions,it is suggested to seek a balance between the "visible hand" of government intervention and the "invisible hand" of market regulation to promote the green transformation and development of the economy.The government should improve the policy framework,legal system,and financial supervision,and build a green fiscal incentive mechanism to promote the marketization of green finance and the improvement of the environmental information disclosure mechanism.At the same time,focus on policy coordination and systematization,and promote the construction of a market-oriented green technology innovation system to achieve sustainable economic,environmental and social development. |
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