Research On The Impact Of Green Finance Policy On High-quality Development Of Enterprises

The high-quality development of enterprises is not only the foundation of high-quality economic development,but also a key factor in promoting sustainable social development.At the same time,the implementation of green financial policies plays an important role in promoting green development of enterprises.By providing incentives such as financing support,preferential loans,and tax reduction policies for green development of enterprises,green financial policies can stimulate the inherent vitality of the market,promote green innovation,and alleviate corporate financing constraints,thereby laying the foundation for achieving green development goals.At present,the research on green finance policy mainly focuses on its economic and environmental effects.The impact of green financial policies on the high-quality development of enterprises is also a topic worthy of further research.At the same time,the implementation of green finance policies also requires further strengthening of supervision and evaluation to ensure that their role in promoting high-quality development of enterprises is maximized.Therefore,the research object of this article is micro level enterprises,aiming to explore the impact of green finance policies on high-quality development of enterprises,and propose reasonable suggestions to promote the formulation of green finance policies.At the same time,this article will also contribute to the high-quality development of enterprises.This article takes listed companies from 2000 to 2021 as the research object,and uses empirical and theoretical methods to verify the impact of green finance policies on the highquality development of enterprises through the green finance reform and innovation pilot zone policy.Firstly,from a theoretical perspective,after sorting out the literature and related concepts on high-quality development and green finance policies of enterprises,high-quality development of enterprises is defined as three aspects: efficient development of enterprises,social value creation,and enterprise value creation.Then,the role of green finance policies in influencing high-quality development of enterprises is further analyzed;Secondly,this thesis empirically verifies the impact of green finance policies on high-quality development of enterprises by establishing a dual difference model,and conducts a series of robustness tests,such as parallel trend tests,alternative variable tests,and placebo tests;Then,this thesis tests the intermediary effect of green finance policies on the high-quality development of enterprises,and tests the robustness of the intermediary effect through Bootstrap confidence interval estimation;Subsequently,considering the heterogeneous impact of green finance policies on the high-quality development of enterprises,this article analyzes the heterogeneity from four aspects: the location of the enterprise,its attributes,its size,and the level of regional economic development;Finally,based on the research results,suggestions are made for green finance policies that affect the high-quality development of enterprises.The empirical results show that:(1)The policy of the Green Finance Reform and Innovation Pilot Zone promotes the high-quality development of all samples of enterprises and non heavily polluting enterprises,but only the non heavily polluting enterprises can pass all the robustness tests;(2)The intermediary effect of confidence intervals through stepwise regression and Bootstrap methods indicates that the green finance reform and innovation pilot zone policy can improve the overall factor productivity of non heavily polluting enterprises by improving their technological innovation,while the green finance reform and innovation pilot zone policy can improve the social value and economic added value of non heavily polluting enterprises by reducing financing constraints;(3)In the analysis of the heterogeneity impact of enterprises in different regions,the policy of the green finance reform and innovation experimental zone can promote the high-quality development of non heavily polluting enterprises in the eastern region,but has no impact on the high-quality development of non heavily polluting enterprises in the central and western regions;In the heterogeneity impact analysis based on different enterprise attributes,the green finance reform and innovation experimental zone policy can promote the high-quality development of non heavily polluting state-owned enterprises,but has no impact on non state-owned enterprises;In the heterogeneous impact analysis based on different scale enterprises,the green finance reform and innovation experimental zone policy can promote the total factor productivity and social responsibility of non heavily polluting large-scale enterprises,but has no impact on the economic value added of non heavily polluting large-scale enterprises,but can promote the economic value added of non heavily polluting small-scale enterprises;In the heterogeneous impact analysis based on the level of economic development in different regions,the green finance reform and innovation experimental zone policy can promote the high-quality development of non heavily polluting enterprises in economically developed regions;There is no impact on enterprises in economically underdeveloped areas.The innovation in this article is mainly reflected in two aspects: First,in terms of research objects,this article studies the impact of green finance policies on high-quality development of enterprises,and on this basis,discusses the concept and definition of high-quality development of enterprises.Based on existing literature research,this article defines high-quality development of enterprises as efficient development,social value creation,and enterprise value creation.In terms of research methods,this article takes the green finance reform and innovation pilot zone policy as the starting point to conduct in-depth analysis of its impact on the highquality development of enterprises,providing empirical evidence for the impact of green finance policies on the high-quality development of enterprises;Secondly,this article explores the role of green finance policies in the high-quality development of enterprises from the perspective of enterprise technological innovation and financing constraints.Through in-depth analysis of the impact mechanism of enterprise technological innovation and financing constraints on the high-quality development of enterprises,combined with the results of empirical research,it clarifies the mitigation effect of green finance policies on enterprise technological innovation and financing constraints,thereby improving the competitiveness and innovation ability of enterprises.At the same time,the research results of this article provide an empirical basis for optimizing the high-quality development mode of enterprises and implementing differentiated green finance policy regulation.The research conclusions of this article are conducive to improving green financial policies and promoting high-quality development while promoting green development for enterprises.