绿色金融对煤炭产业链韧性的影响研究——基于绿色金融改革创新试验区的准自然实验
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引用本文:朱宁1,孙曾昊1,许艺煊2.绿色金融对煤炭产业链韧性的影响研究——基于绿色金融改革创新试验区的准自然实验[J].财经理论与实践,2024,(6):27-34
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朱宁1,孙曾昊1,许艺煊2 (1.中南大学 商学院湖南 长沙 4100832.中国社会科学院 财经战略研究院北京 100006) 
中文摘要:基于双重差分模型,以绿色金融改革创新试验区为准自然实验,选取2014—2020年省级煤炭产业链数据,探究绿色金融对煤炭产业链韧性的影响。研究显示:绿色金融的发展通过环境规制、融资约束和加强信息披露倒逼煤炭产业链上的企业增强其创新能力,进而提高了煤炭产业链整体韧性。比较产业链上、中、下游的影响差异发现,绿色金融主要通过创新补偿效应促进了煤炭产业链下游韧性的提升,对中上游则由于成本遵循效应并没有实现预期的促进效果。鉴于此,绿色金融政策的制定应融合创新激励机制,并紧密依据各产业链及节点行业的具体状况,实施差异化策略。
中文关键词:绿色金融改革创新试验区  产业链韧性  双重差分  中介效应
 
Research on the Impact of Green Finance on the Resilience of Coal Industry Chain —Based on the Quasi-natural Experiment of Green Finance Reform and Innovation Pilot Zone
Abstract:Based on the difference in differences model and the quasi-natural experiment of green finance reform and innovation pilot zone, the provincial coal industry chain data from 2014 to 2020 were selected to explore the impact of green finance on the resilience of the coal industry chain. The research shows that the development of green finance forces the enterprises in the coal industry chain to enhance their innovation ability through environmental regulations, financing constraints and strengthening information disclosure, and then improves the overall resilience of the coal industry chain. By further comparing the differences between the middle and lower reaches of the industrial chain, it is found that green finance mainly promotes the resilience of the downstream of the coal industrial chain through the innovation compensation effect, and does not achieve the expected promotion effect for the middle and upper reaches due to the cost compliance effect. In view of this, the formulation of green finance policies should integrate innovation incentive mechanisms, and implement differentiation strategies closely based on the specific conditions of each industry chain and node industries.
keywords:green finance reform and innovation pilot zone  industrial chain resilience  double difference  mediation effect
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