经济与管理研究2026，Vol.47Issue(5)：50-65,16.DOI:10.13502/j.cnki.issn1000-7636.2026.05.004
绿色金融政策如何影响制造业企业减污降碳协同治理?
How does the Green Finance Policy Affect the Pollution and Carbon Reduction Collaborative Governance of Manufacturing Enterprises?
摘要
Abstract
As the foundation for building a strong country and driving the transition to a green and low-carbon economy,the manufacturing industry faces multiple challenges in the pollution and carbon reduction(PCR)collaborative governance.The green finance policy uses quasi-market financial instruments and compound financial tools to provide important support for solving the dilemma of ecological environment collaborative governance.However,existing research fails to address the financing bottlenecks and path conflicts faced by enterprises in multi-objective environmental governance from the perspective of the combination of the efficient market and the well-functioning government. To fill this gap,this paper focuses on A-share listed manufacturing companies in China from 2011 to 2023 and constructs a quasi-natural experiment based on the implementation of the national green finance reform and innovation pilot zones to systematically evaluate the impact of the green finance policy on corporate PCR collaborative governance.The results show that the green finance policy improves the PCR collaborative governance in manufacturing enterprises.Mechanism analysis indicates that this positive effect is achieved through two mechanisms.On one hand,through the structured factor allocation mechanism,it promotes the coupling and coordination of PCR in governance objectives and means.On the other hand,through the incentive mechanism of green collaborative innovation,it effectively overcomes the path dependence of enterprise end-of-pipe governance and provides continuous institutional support for the PCR collaborative governance.Heterogeneity analysis reveals that the improvement is more prominent in large-scale,high-tech,and energy-intensive manufacturing enterprises,as well as enterprises in non-resource-based cities. The marginal contributions are threefold.First,by integrating multi-dimensional data of enterprise pollution control and carbon emissions,this paper constructs a modified coupling coordination model to accurately describe the dynamic synergy index of the evolution of the corporate PCR system from disorderly conflict to common progress,which provides a new quantitative path for the study of the PCR collaborative governance at the micro level.Second,this paper clarifies how the green finance policy relies on the efficient market and the well-functioning government to drive the PCR collaborative governance in manufacturing enterprises,and expands the research boundary of the collaborative governance effect of green finance.Third,this paper identifies and verifies how the green finance policy achieves multi-objective comprehensive governance effectiveness through the structured factor allocation mechanism and the green collaborative innovation incentive mechanism.Based on these conclusions,this paper provides a theoretical basis and practical references for solving the multi-objective governance dilemma of manufacturing enterprises and optimizing policy design.关键词
绿色金融政策/制造业企业/减污降碳协同治理/要素配置/创新激励Key words
green finance policy/manufacturing enterprise/pollution and carbon reduction collaborative governance/factor allocation/innovation incentive分类
管理科学引用本文复制引用
杨玉珍,杜崇淼,宋跃刚..绿色金融政策如何影响制造业企业减污降碳协同治理?[J].经济与管理研究,2026,47(5):50-65,16.基金项目
国家社会科学基金重大项目"城乡融合与新发展格局战略联动的内在机理与实现路径研究"(21&ZD084) （21&ZD084）
国家社会科学基金一般项目"新质生产力驱动制造业全球价值链系统韧性提升的机制与路径研究"(24BJY103) （24BJY103）
河南省哲学社会科学规划年度项目"创新生态系统视域下河南省战略性新兴产业融合集群发展路径研究"(2024CJJ124) （2024CJJ124）
