绿色金融改革创新试验区政策与绿色资本跨区域流动——基于绿色企业异地投资视角
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引用本文:王雪1,许文婷2,鞠方2.绿色金融改革创新试验区政策与绿色资本跨区域流动——基于绿色企业异地投资视角[J].财经理论与实践,2025,(3):10-17
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作者单位
王雪1,许文婷2,鞠方2 (1.湘潭大学 商学院湖南 湘潭 411105 2.湖南大学 金融与统计学院湖南 长沙 410082) 
中文摘要:依据2014-2022年A股上市公司异地投资数据,考量绿色金融改革创新试验区政策对绿色资本跨区域流动的影响。结果显示:绿色金融改革创新试验区政策主要通过优化信贷资源配置、降低制度性交易成本,促进绿色资本跨区域流动,且对规模较大、同省异地投资、投资经验较丰富企业,以及绿色金融发展水平较高、绿色创新氛围较佳、生态环境质量较优的城市更显著。鉴于此,应完善政策推广与体系构建,强化企业分类引导与支持,推进区域绿色金融协同发展,完善制度与环境建设。
中文关键词:绿色金融  绿色资本跨区域流动  绿色企业异地投资
 
Green Finance Reform and Innovation Pilot Zone Policy and Cross-Regional Flow of Green Capital—Based on the Perspective of Green Firm’s Cross-Regional Investment
Abstract:Based on the data of cross-regional investments made by A-share listed companies from 2014 to 2022, this study examines the impact of green finance pilot policies on the cross-regional flow of green capital. The findings indicate that green finance pilot policies significantly promote the cross-regional flow of green capital, primarily through the optimization of credit resource allocation and the reduction of institutional transaction costs. Heterogeneity tests show that this promotional effect is more pronounced for larger companies, companies making out-of-town investments within the same province, companies with richer investment experience, as well as cities with higher levels of green finance development, better green innovation atmosphere, and superior ecological environment quality. In light of these findings, it is recommended to improve policy promotion and system construction, strengthen classified guidance and support for enterprises, advance the coordinated development of regional green finance, and perfect institutional and environmental development.
keywords:green finance  cross-regional flow of green capital  cross-regional investment of green firms
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