The Influence Of The Establishment Of Green Finance Reform Pilot Zone On Green Innovations Of Enterprises

As China’s economy moves to a high-quality development stage" green development has become the bright background of it.And green finance has great potential in promoting China’s green development and helping to achieve the goal of carbon peak and carbon neutrality.The People’s Bank of China announces that it will speed up the sound interaction of top-level design and grass-roots practice to support a green and sustainable development in economy and society.The establishment of the green finance reform and innovation pilot zone is conducive to exploring the effective ways of green finance to promote economic restructuring.This article studies the mechanism and impact of the establishment of pilot zones on green innovation in enterprises,complementing the research on green finance,which has certain reference significance for the innovative development and policy formulation of enterprises.Based on corporate social responsibility theory,competitive strategy theory,externality theory and other theories,and taking A-share listed companies in 2014-2020 as research samples,this paper studies the relationship between the establishment of the pilot zones and the green innovation of enterprises,discusses its impact mechanism with financing constraints as intermediary variables,and conducts heterogeneity tests and robustness test.Conclusions are as followed:(1)The establishment of pilot zones has a positive impact on green innovation of enterprises.(2)Financing constraints play an intermediary role in this influence mechanism,play a partial intermediary role in the overall level and quality of green innovation,and play a masking role in quantity.(3)The establishment of pilot zones has a heterogeneous impact on green innovation.It has a significant positive impact on state-owned enterprises,eastern regions and green enterprises,while has little impact on non-state-owned enterprises,enterprises in the central and western regions and enterprises in highly polluting industries.We can get the following enlightenments:From the institutional level,we should gradually promote the experience promotion and regional expansion of pilot zones and accurately promote enterprises with different property rights,different regions and different industries.From the perspective of market mechanism,we should continue to explore and develop diversified and high-level green financial products and inject long-term market power into the green innovation of enterprises.This paper mainly makes innovations in the following aspects:(1)From the perspective of research,this paper studies the impact of the policy event of the establishment of pilot zones from the micro perspective.(2)In terms of research methods,this paper adopts the difference-in-difference model and introduces the establishment of pilot zones as a quasi-natural experiment.(3)In terms of measurement indicators,this paper uses the number of green patent applications of enterprises to measure the level of green innovation of enterprises,and divides it into the quality and quantity of green innovation.