绿色金融政策如何影响制造业企业减污降碳协同治理？

——基于国家级绿色金融改革创新试验区的准自然实验

杨玉珍　杜崇淼　宋跃刚

（河南师范大学）

摘要：协同推进减污降碳已成为中国新发展阶段经济社会发展全面绿色转型的必然选择。本文使用2011—2023年污染治理与碳排放多维微观数据测度中国制造业企业减污降碳协同治理水平，使用渐进双重差分模型考察绿色金融政策如何发挥减污降碳综合治理效能。研究结果显示，绿色金融政策提升了制造业企业减污降碳协同治理水平。从作用机制来看，绿色金融政策一方面通过要素结构化配置机制提升企业能源效率，进而推动减污降碳在治理目标、手段等方面耦合协同；另一方面通过绿色协同创新激励机制克服企业末端治理路径依赖，从而为减污降碳协同治理提供制度支撑。异质性分析结果表明，绿色金融政策的协同治理提升效应对于非资源型城市、大规模、高技术和高能耗制造业的企业更加突出。本文的研究结论为绿色金融助力美丽中国建设提供了理论依据与实践参考。

关键词：绿色金融政策；制造业企业；减污降碳协同治理；要素配置；创新激励

作者简介：杨玉珍，河南师范大学商学院教授、博士生导师，新乡，453007；杜崇淼，河南师范大学商学院博士研究生；宋跃刚，河南师范大学商学院教授、博士生导师。

基金项目：国家社会科学基金重大项目“城乡融合与新发展格局战略联动的内在机理与实现路径研究”（21&ZD084）；国家社会科学基金一般项目“新质生产力驱动制造业全球价值链系统韧性提升的机制与路径研究”（24BJY103）；河南省哲学社会科学规划年度项目“创新生态系统视域下河南省战略性新兴产业融合集群发展路径研究”（2024CJJ124）

引用格式：杨玉珍,杜崇淼,宋跃刚.绿色金融政策如何影响制造业企业减污降碳协同治理?——基于国家级绿色金融改革创新试验区的准自然实验[J].经济与管理研究,2026,47(5):50-65.

How does the Green Finance Policy Affect the Pollution and Carbon Reduction Collaborative Governance of Manufacturing Enterprises?

—A Quasi-Natural Experiment Based on the National Green Finance Reform and Innovation Pilot Zones

YANG Yuzhen, DU Chongmiao, SONG Yuegang

(Henan Normal University, Xinxiang 453007)

Abstract: As the foundation for building a strong country and driving the transition to a green and low-carbon economy, the manufacturing industry faces multiple challenges in the pollution and carbon reduction (PCR) collaborative governance. The green finance policy uses quasi-market financial instruments and compound financial tools to provide important support for solving the dilemma of ecological environment collaborative governance. However, existing research fails to address the financing bottlenecks and path conflicts faced by enterprises in multi-objective environmental governance from the perspective of the combination of the efficient market and the well-functioning government.

To fill this gap, this paper focuses on A-share listed manufacturing companies in China from 2011 to 2023 and constructs a quasi-natural experiment based on the implementation of the national green finance reform and innovation pilot zones to systematically evaluate the impact of the green finance policy on corporate PCR collaborative governance. The results show that the green finance policy improves the PCR collaborative governance in manufacturing enterprises. Mechanism analysis indicates that this positive effect is achieved through two mechanisms. On one hand, through the structured factor allocation mechanism, it promotes the coupling and coordination of PCR in governance objectives and means. On the other hand, through the incentive mechanism of green collaborative innovation, it effectively overcomes the path dependence of enterprise end-of-pipe governance and provides continuous institutional support for the PCR collaborative governance. Heterogeneity analysis reveals that the improvement is more prominent in large-scale, high-tech, and energy-intensive manufacturing enterprises, as well as enterprises in non-resource-based cities.

The marginal contributions are threefold. First, by integrating multi-dimensional data of enterprise pollution control and carbon emissions, this paper constructs a modified coupling coordination model to accurately describe the dynamic synergy index of the evolution of the corporate PCR system from disorderly conflict to common progress, which provides a new quantitative path for the study of the PCR collaborative governance at the micro level. Second, this paper clarifies how the green finance policy relies on the efficient market and the well-functioning government to drive the PCR collaborative governance in manufacturing enterprises, and expands the research boundary of the collaborative governance effect of green finance. Third, this paper identifies and verifies how the green finance policy achieves multi-objective comprehensive governance effectiveness through the structured factor allocation mechanism and the green collaborative innovation incentive mechanism. Based on these conclusions, this paper provides a theoretical basis and practical references for solving the multi-objective governance dilemma of manufacturing enterprises and optimizing policy design.

Keywords: green finance policy; manufacturing enterprise; pollution and carbon reduction collaborative governance; factor allocation; innovation incentive

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