| 绿色金融能否推动普惠经营主体绿色低碳发展？——来自上市中小企业的经验证据 |
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| 引用本文：张正平1,2，谭秋云1.绿色金融能否推动普惠经营主体绿色低碳发展？——来自上市中小企业的经验证据[J].财经理论与实践,2026,(2):2-10 |
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| 中文摘要:基于2012—2022年中国上市企业数据，运用多期DID模型进行实证分析，研究绿色金融试验区政策对中小企业（普惠金融的重要服务对象）绿色低碳发展的影响。研究发现：绿色金融试验区政策显著地推动了中小企业绿色低碳发展；政府环保补助强化了绿色金融试验区政策对中小企业绿色低碳发展的促进作用；金融机构资源配置的作用在短期内无效但长期有增强效应；中小企业环保意识强化了政策效果，其技术创新对绿色金融改革试验区政策有替代作用；在环境规制更强的地区，以及媒体关注度更高、内部控制质量更高、生产经营效率更高的中小企业中，绿色金融试验区政策对中小企业绿色低碳发展的促进作用更加强烈；进一步，绿色金融试验区政策不仅降低了中小企业碳排放总量，还降低了企业营业收入，产生了实质性的碳减排效应。鉴于此，应构建契合普惠经营主体特点的绿色金融体系，助力普惠金融与绿色金融深度融合发展。 |
| 中文关键词:普惠金融 绿色金融 绿色金融试验区政策 中小企业 绿色低碳发展 |
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| Does Green Finance Promote Green and Low-carbon Development of Inclusive Business Entities?—Empirical Evidence from Listed SMEs in China |
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| Abstract:Based on data from Chinese listed companies between 2012 and 2022, this paper employs a multi-period DID model to examine the impact of pilot zones for green financial reform and innovations’ (GFRIPZP) on the green and low-carbon development of SMEs (small and medium enterprises) in the piolt zones which are often regarded as key servicing targets of inclusive finance.This paper finds that the GFRIPZP has significantly promoted the green and low-carbon development of SMEs; the government environmental subsidies enhance the impact of GFRIPZP on SMEs’ green and low-carbon development; the effect of resource allocation of financial institutions doesn’t exist in the short term but is to strengthen in the long term; SMEs’ environmental awareness can strengthen the positive effect of GFRIPZP on SMEs’green and low-carbon development, while their technological innovation has a substitutive effect on GFRIPZP reducing SMEs’ carbon emission; the effect of GFRIPZP on SMEs is more stronger in the areas with stricter environmental regulations, as well as among SMEs characterized by greater media attention, higher internal controls quality and higher production and operation efficiency; moreover the GFRIPZP reduces SMEs’ carbon emissions both directly and through production scale adjustments. Given this, it is imperative to formulate a green finance system suitable for inclusive businesses entities, and promoting the deep integration of inclusive finance and green finance. |
| keywords:inclusive finance green finance green finance reform and innovation pilot zone SMEs green and low-carbon development |
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