Research On The Impact Of Policy-Based Finance On Green Transformation Of Enterprises

With the increasingly serious global environmental problems,green transformation has gradually become a core issue of concern for countries.Green reform is a key path for enterprises to achieve sustainable development strategies.However,enterprises face many difficulties in the process of achieving this transformation,such as shortage of funds,continuous technological updates,and so on.As a government-led financial tool,policy finance has strong policy guidance and risk bearing capacity,and can effectively support the green transformation of enterprises.The purpose of this study is to explore the impact of policy finance on green transformation of enterprises,with a view to providing reference for policymakers and enterprises.This article studies the impact of policy finance on green transformation of enterprises.Firstly,we analyze the current situation and problems of green supply in policy based financial institutions,and then use panel data of listed companies in China from 2013 to 2021 as a sample.Using an intermediary effect model,we empirically analyze the impact of policy based finance on the level of green transformation of enterprises.After that,we conduct a heterogeneity analysis based on the ownership of enterprises,and obtain that policy based finance is more significant for the level of green transformation of state-owned enterprises.Finally,countermeasures and suggestions are proposed.Research has shown that(1)Policy based finance plays a significant role in promoting the green transformation process of enterprises,reducing their financing costs,helping enterprises expand financing channels,and helping to screen and support green projects.(2)Enterprise technological innovation has a positive impact on enterprise green transformation,which can improve resource utilization efficiency,reduce emissions and pollution,and promote innovation in green products and services.(3)According to the previous empirical results,combined with the ownership attributes of enterprises,the impact of policy credit support on state-owned enterprises is more significant,while the impact on non state-owned enterprises is not significant.Based on previous research findings and issues encountered during the research process,this article finds that China’s policy finance has indeed played a positive role in promoting green transformation of enterprises.However,due to the complexity of enterprise green transformation itself and the limitations of superimposed policy finance in terms of its own funding capacity and sustainable funding sources,the support provided for enterprise green transformation still needs to be improved.In order to further play the role of policy based finance,the following targeted recommendations are proposed: strengthen the construction of the green transformation system for policy based financial services enterprises,increase support for the green transformation of policy based financial services enterprises,provide targeted and accurate policy based financial services,fully play the role of technological innovation in promoting the green transformation of enterprises,and ultimately provide strong support for the construction of a beautiful China.