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近年来，企业漂绿现象层出不穷，严重阻碍了我国经济绿色转型进程。为探究绿色金融政策对企业漂绿行为的影响，基于2011—2021年中国沪深A股上市公司的面板数据，将2016年发布的《关于构建绿色金融体系的指导意见》作为一个准自然实验，采用双重差分模型和调节效应模型实证研究绿色金融政策对企业漂绿行为的影响效应及其影响路径。结果表明：绿色金融政策的实施显著增加了重污染企业的漂绿行为；重污染企业的策略性创新活动越多、面临的融资约束越强、股权集中程度越高，企业进行漂绿行为就越多。进一步分析发现，企业产权性质、企业规模和企业所在地都会影响政策的实施效果，政策对国有企业、中小规模企业以及东部地区企业漂绿行为的影响更为显著。研究结论可为进一步优化绿色金融政策提供理论依据，对推进绿色金融体系健康发展具有重要意义。
Abstract：In recent years, the phenomenon of corporate greenwashing has emerged endlessly, which has seriously hindered the process of economic green transformation. In order to explore the impact of green financial policies on corporate greenwashing behavior, this paper takes China's “Green Financial System Establishment Guidelines”(Guidelines in 2016) implemented in 2016 as a quasi-natural experiment. We have studied the impact of this policy on corporate greenwashing behavior and its influence path based on the difference-in-difference(DID) method and the moderating effect model. Employing the data of Chinese A-share listed firms for the period 2011—2021, our results show that highly polluting firms increased their greenwashing behavior significantly after the implementation of green financial policy. What's more, heavily polluting firms with the more strategic innovations activities, stronger financing constraints, and higher ownership concentration exhibited a greater increase in greenwashing behaviors. Further analysis revealed that state-owned firms, small and medium-sized firms, and firms located in eastern China were more affected by this policy. The conclusion of this paper provides a theoretical basis for further optimizing green financial policies and provides significant enlightenment for promoting the healthy development of the green financial system.
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基本信息:
DOI：10.13790/j.ncwu.sk.2024.068
中图分类号:F832;X196
引用信息:
[1]薛新红,程嘉星.绿色金融政策对中国上市企业漂绿行为的影响研究[J].华北水利水电大学学报(社会科学版),2024,40(06):28-39.DOI:10.13790/j.ncwu.sk.2024.068.
基金信息:
安徽省哲学社会科学规划项目(AHSKY2020D37); 安徽财经大学研究生科研创新基金项目(ACYC2022393)