中国人口·资源与环境2025，Vol.35Issue(1)：99-110,12.DOI:10.12062/cpre.20240725
政策传递视角下绿色金融对长江经济带制造业减排的影响
Impact of green financial policies on the emission reduction of manufacturing industry in the Yangtze River Economic Belt from the perspective of policy transmission
摘要
Abstract
In the context of achieving carbon peak and carbon neutrality goals,manufacturing enterprises urgently need to leverage green finance to overcome institutional and efficiency challenges in order to achieve synergistic development of the environment and the economy.This study employed panel data from manufacturing companies listed on the Shanghai and Shenzhen A-share markets,using the'pilot zones for green financial reform and innovations'as a policy shock.Based on the difference-in-differences(DID)model and the difference-in-difference-in-differences(DDD)model,the study systematically examined the impact and mechanisms of green finan-cial policies on the emission reduction of manufacturing in the Yangtze River Economic Belt from the perspective of policy transmis-sion.The findings revealed that:① Green financial policies significantly reduced pollution emissions from manufacturing enterprises in the Yangtze River Economic Belt.This conclusion held after a series of robustness tests.② The emission reduction effect of this policy was more pronounced in the lower reaches of the Yangtze River Economic Belt.Furthermore,the emission reduction effect of enterpris-es with high environmental regulation intensity and non-state-owned enterprises exhibited better emission reduction outcomes than that of enterprises with low environmental regulation intensity and state-owned enterprises.③ Mechanistically,the fiscal incentives provid-ed by policy-making entities enhanced the inhibitory effect of green financial policies on pollution emissions in the manufacturing in-dustry.Meanwhile,resource allocation by policy transmission entities weakened the inhibitory effect of green financial policies on pollu-tion emissions in manufacturing,showing a phenomenon where the constraining effect outweighed the incentivizing effect.Additionally,strategic innovation arbitrage behaviors by policy feedback entities served as the key drivers for enterprises to achieve emission reduc-tion.④ Further research indicated that green financial policies produced positive environmental improvement and economic growth ef-fects,but the social welfare effects were not fully realized.In light of these findings,policy-making entities should focus on improving the green financial policy system,promoting successful experiences from pilot zones,and further enhancing social welfare.Policy trans-mission entities should deepen the reform of credit mechanisms within financial institutions,implement differentiated and dynamic credit strategies,and create a favorable investment and financing market environment.Furthermore,policy feedback entities should ac-celerate breakthroughs in substantive innovation technologies,selectively adopt the most effective green transformation models,and ful-ly release the dividends of green financial policies.This study contributes to the theoretical development of the existing analysis frame-work for green financial policies while providing empirical evidence and policy insights to support the green and efficient development of the manufacturing industry in practice.关键词
绿色金融政策/制造业/污染减排/长江经济带Key words
green finance policy/manufacturing industry/pollution reduction/Yangtze River Economic Belt分类
经济学引用本文复制引用
刘婷婷,周兵..政策传递视角下绿色金融对长江经济带制造业减排的影响[J].中国人口·资源与环境,2025,35(1):99-110,12.基金项目
重庆市社科联项目"企业金融化活动对企业创新的影响研究"(批准号:2019WT42) （批准号:2019WT42）
重庆市自然科学基金项目"实体企业金融化的地区同群效应研究:生成机制、经济后果及治理"(批准号:cstc2021jcyj-bshX0186) （批准号:cstc2021jcyj-bshX0186）
重庆工商大学重点科研平台开放项目"绿色金融政策驱动成渝地区双城经济圈协同创新能力研究"(批准号:KFJJ2022043). （批准号:KFJJ2022043）
