Green Finance Policy,Green Innovation And Enterprise Performance

In order to support the concept of green development proposed by the 18 th CPC National Congress,vigorously developing green finance has become an important support for green development.the Standing Committee of The State Council promulgated the pilot policy of pilot zone for green finance reform and innovation in 2017.As the main target of this policy and the main force of national innovation and economic development,whether corporations can take into account environmental effects and economic effects in the green transformation is the key to the comprehensive promotion of green finance pilot policy.For this reason,the different-difference model and the mediate effect model will be used to quantitatively analyze the impact and mechanism of green finance pilot policy on corporate performance and green innovation of listed companies in this thesis,and I I will analyze the heterogeneity of corporations with different features.In this thesis,1447 listed corporations from 2013 to 2019 were selected as the research objects for analysis and research.Firstly,based on the Porter hypothesis,the theoretical framework of green finance pilot policy,green innovation and enterprise performance was constructed theoretically,and the internal theoretical logic was explored by analyzing the relationship between the three.Then,according to Wen and Ye(2014)’s new mediation effect test process,this thesis studies the impact of pilot green finance policy on enterprise performance,the impact of pilot green finance policy on green innovation and the mediating role of green innovation in the course of the impact of pilot green finance policy on enterprise performance,and makes further analysis through sub-sample test.Finally,according to the empirical results,the conclusions are drawn and the relevant suggestions are put forward.The empirical results show that the pilot policy of green finance reform has a significant negative effect on enterprise performance,but can promote corporations to effectuate green innovation;Green innovation has an mediate effect between green finance pilot policy and corporate performance.The pilot policy of green finance has no significant impact on the performance of state-owned corporations and large enterprises,but has a significant negative impact on the performance of non-state-owned enterprises and small and medium-sized corporations.Moreover,compared with enterprises with low market competimediatetion,corporations with fierce market competition suffer more negative impact on the performance of pilot policy.From the micro level,this thesis expands the research on the effect of pilot zone for green finance reform and innovation,and provides theoretical reference and practical reference value for differentiated formulation of green finance policy,promotion and realization of green innovation and economic efficiency.