Research On The Effect Of Green Finance Policy On Pollution Reduction

Since the reform and opening up in 1978,China has experienced rapid urbanization and industrialization.In 2012,China’s carbon emissions reached 9.21 billion tons,accounting for about 30% of global carbon emissions,and in 2021,China’s total energy consumption will exceed 5.2 billion tons of standard coal,an increase of 5 percentage points over last year.Climate change caused by high energy consumption and high emissions has aggravated the deterioration of the ecological environment,and how to curb "global warming" has become an important topic of concern around the world.In the report of the 19 th National Congress,it is mentioned that the reform of ecological civilization should be accelerated and green financial policies should be adopted to promote the green development of the country.The report of the 20 th National Congress once again emphasizes the need to reduce carbon emissions,reduce pollution,expand ecological coverage and promote green and low-carbon development in the future.The proposed "green financial policy" is an important step for China to cope with environmental changes and protect the ecological blue sky.Green finance not only has the role of environmental regulation,but also takes into account the functions of the financial market.The implementation of green finance can limit the financing of enterprises that do not meet the pollution emission standards and help them to be low-carbon and environmentally friendly.Therefore,it is of great practical significance and value to systematically study the pollution reduction effect of green finance policy and its mechanism of action.This paper clarifies the causes and influencing factors of pollution generation by combing the literature related to green financial policy and pollution emission reduction.On the basis of relevant theories and research hypotheses,we use the data of A-share listed companies from2007 to 2020,and construct a panel double difference model to explore the effects and mechanisms of green financial policy on pollution emission reduction of enterprises based on the green credit policy implemented in 2012 as a quasi-natural experiment,and explore the heterogeneity of pollution emission reduction effects of green financial policies.It is found that green financial policy can reduce the pollution emissions of enterprises,and the findings still hold through a series of robustness tests.The mechanism test reveals the path of green financial policy on pollution reduction,mainly from the source,through the purchase of environmentally beneficial equipment or green technological innovation for cleaner production,thus guiding enterprises to green development and curbing pollutant emissions.The effect of green finance policy on pollution reduction of different enterprises shows significant asymmetric effects,mainly in the form of better implementation for non-state enterprises,enterprises with high intensity of environmental regulations and enterprises with highly educated managers.Based on the above theoretical analysis and empirical results,the following suggestions are made: First,optimize market-based emission reduction policies and combine multiple policies with each other to form a synergy.Second,apply policy to enterprises to optimize the implementation effect of green financial policy.Third,strengthen the role of innovation incentives to obtain greater emission reduction effects.Fourth,strengthen regional financial marketization and provide more opportunities to participate in green credit.