| In order to promote the development of green finance,China has introduced a series of policy measures in building a green financial system,and established a green finance reform and innovation pilot zone(hereinafter referred to as the pilot zone).In June 2017,seven ministries and commissions,including People’s Bank of China,started the construction of the first batch of pilot zones in eight regions in five provinces.In recent years,each pilot zone has established a "government-guided,market-led" green finance reform and innovation model,and actively explored green finance organization system,green financial market system,green financial product innovation system,and green finance policy support system.This paper first sorts out the relevant literature of green finance(including green credit and green bonds),pilot area policy and green technology innovation,reviews and summarizes the relevant literature on the relationship between green finance policy and green technology innovation,and then expounds the relevant basic theories.This paper points out that the pilot zone mainly guides enterprises to improve their enthusiasm for green innovation through market signals,sets green thresholds to limit the sources of funds for non-green investment of enterprises,and provides financial support for green projects to guide enterprises to change their production methods and improve their green innovation level.Based on the above theoretical basis,this paper analyzes the transmission path of the pilot area policy to the innovation of enterprise green technology,and puts forward a research hypothesis based on this.Then,this paper analyzes the development and implementation effect of the experimental area.Through the above theoretical analysis and actual investigation,this paper takes the formal establishment of the experimental zone in 2017 as the quasi-natural experiment of event construction,selects the number of green invention patent applications of enterprises inside and outside the experimental zone in China from2012 to 2021 and other relevant data,and studies the relationship between the establishment of the experimental zone and the green technology innovation of enterprises based on DID(double difference model).It is found that:(1)on the whole,the establishment of the pilot zone has a significant role in promoting the level of green technology innovation of enterprises;(2)The establishment of the pilot zone has a greater impact on enterprises in non-key pollutant discharge industries than enterprises in key pollutant discharge industries;(3)The establishment of the pilot zone has a more significant role in promoting the green technology innovation level of eastern enterprises;(4)The establishment of pilot zones has a more obvious effect on the promotion of green technology innovation of non-state-owned enterprises.Finally,according to the research conclusions and actual situation,optimization suggestions are put forward: first,continue to promote the experience of the experimental area;The second is to improve the information disclosure and green project identification and evaluation mechanism;The third is to provide green financial services according to local conditions;Fourth,uniformly formulate standardized green innovation evaluation indicators;Fifth,continue to enrich financing channels.At present,the relevant research on the impact of green finance on technological innovation is constantly expanding and extending.Based on the previous research results,this paper further analyzes the impact mechanism of the operation of the experimental area on the innovation of green technology of enterprises by taking the establishment of the experimental area as the policy impact,explores the relationship between the two through empirical testing,and puts forward more targeted policy suggestions for different types of enterprises through heterogeneity analysis,which has certain reference and reference value for future research in related fields. |
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