摘要
在全球气候变化日趋严峻的背景下,推动企业绿色转型已成为实现经济高质量发展的必然选择。本文基于2011-2023年中国沪深A股上市公司数据,以产融合作试点城市设立作为准自然实验,运用交叠双重差分法检验了产融合作试点政策对企业绿色转型的影响及作用机制。结果显示,该政策显著推动了企业绿色转型。从作用渠道看,试点政策能够通过发挥资源配置效应、风险分担效应和监督治理效应助力企业加速绿色转型。异质性分析发现,试点政策对企业绿色转型的促进作用在高管绿色认知高、非国有、重污染行业、非资产密集、东部与环境规制强的企业更加显著。进一步分析发现,内外监管能够显著提升试点政策对企业绿色转型的刺激作用,并且产融合作试点政策存在空间溢出效应。本文的研究结论为完善产融合作试点政策提供了有益参考,也为企业实现绿色转型提供了理论依据和实践启示。
Against the backdrop of increasingly severe global climate change,promoting green transformation of enterprises has become an inevitable choice for realizing high-quality economic development.Using A-share panel data spanning 20112023,this study investigates the effect and mechanism of the pilot policy on green transformation of enterprises by using the establishment of a pilot city for production-integration cooperation as a quasi-natural experiment with the overlapping double-difference method.The results show that the policy significantly promotes the green transformation of enterprises.In terms of the channel of action,the pilot policy can help enterprises accelerate their green transformation by exerting resource allocation effect,risk sharing effect and supervision and governance effect.Heterogeneity analysis finds that the pilot policy's facilitating effect on enterprises'green transformation is more significant in enterprises with high executive green perceptions,non-state-owned,heavily polluting industries,non-asset-intensive,and strong eastern and environmental regulations.Extended analysis finds that internal and external regulation can significantly increase the stimulus effect of the pilot policy on green transformation of enterprises,and that there are spatial spillover effects of the pilot policy on production-integration cooperation.The findings of this paper provide useful references for improving the pilot policy of industrial integration and cooperation,as well as theoretical basis and practical inspiration for enterprises to realize green transformation.
作者
徐秋艳
王永吉
王懋楠
QIUYAN XU;YONGJI WANG;MAONAN WANG(School of Economics and Management Shihezi University)
出处
《产业经济评论》
2026年第1期26-49,共24页
Review of Industrial Economics
基金
国家自然科学基金地区项目“新疆光伏产业中战略性关键矿产循环利用潜力评估与提升路径研究”(批准号:72464030)的阶段性成果。
关键词
产融合作试点
绿色转型
资源配置
风险分担
监督治理
Industrial and financial cooperation Pilot
Green Transformation
Resource Allocation
Risk Sharing
Supervisory Governance
