当代金融研究2026，Vol.9Issue(6)：55-69,15.DOI:10.20092/j.cnki.ddjryj.2026.06.005
绿色金融对企业碳排放的影响机制研究:基于"质"的视角与政策协同
Research on the Impact Mechanism of Green Finance on Carbon Emissions of Enterprises:Based on the Perspective of"Quality"and Policy Coordination
摘要
Abstract
Under the"Dual Carbon"goals,how to effectively promote corporate car-bon emission reduction has become a key concern for both academia and policymak-ers.Using panel data of A-share listed companies from 2009 to 2023,this study a-dopts carbon emission intensity as a measure from the perspective of emission qual-ity to systematically examine the emission reduction effect,transmission mecha-nism,and policy synergy of green finance.The results show that:First,green fi-nance significantly reduces corporate carbon emission intensity,and this finding re-mains robust after instrumental variable estimation,propensity score matching(PSM),and a series of robustness tests.Second,green technological innovation serves as an important transmission mechanism through which green finance re-duces corporate carbon emission intensity.Specifically,green finance significantly promotes firms' green technological innovation,thereby contributing to lower car-bon emission intensity.Third,both the carbon emissions trading scheme(ETS)and digital finance further strengthen the emission reduction effect of green finance.In pilot regions of the ETS,the marginal emission reduction effect of green finance in-creases by approximately 1.6 times.Moreover,a higher level of digital finance devel-opment is associated with a stronger emission reduction effect of green finance.The empirical evidence supports the synergistic effects between the carbon market's price-based incentives and green finance's capital allocation function,as well as be-tween digital finance's technological empowerment and green finance's financial support,thereby forming a dual policy synergy mechanism.This study provides new empirical evidence on the micro-level transmission mechanism of green finance and offers policy implications for improving the green finance policy system during the 15th Five-Year Plan period and promoting the low-carbon transformation of enterprises.关键词
绿色金融/企业碳排放/绿色技术创新/政策协同Key words
Green Finance/Corporate Carbon Emissions/Green Technology Innova-tion/Policy Synergy分类
管理科学引用本文复制引用
何育静,王哲尧..绿色金融对企业碳排放的影响机制研究:基于"质"的视角与政策协同[J].当代金融研究,2026,9(6):55-69,15.基金项目
江苏省社会科学基金经济专项课题"江苏县域城乡融合对共同富裕的影响机制和研究对策"(24CSB001). （24CSB001）
