绿色金融政策能抑制高环境风险企业策略性绿色创新吗？

王俊豪¹　谢倩莹²　张宇力³

（1.浙江财经大学；2.上海中侨职业技术大学；3.南开大学）

摘要：推动高环境风险企业开展实质性绿色技术创新，是构建绿色金融体系、实现经济社会全面绿色转型的重要抓手。本文选取2012—2023年沪深A股上市公司数据，运用双重差分模型，深入探讨绿色金融政策对高环境风险企业策略性绿色创新行为的影响及作用机制。研究发现，绿色金融政策抑制了高环境风险企业的策略性绿色创新倾向。机制分析表明，绿色金融政策主要通过融资约束效应和内外部监管效应发挥对策略性绿色创新行为的硬约束作用。异质性分析结果显示，在环境监管强度、财政透明度、地区绿色金融发展水平及市场化程度较高的地区，以及在私营企业中，上述抑制效应更为突出。本文的研究结论为进一步完善绿色金融制度设计、强化漂绿行为监管、引导社会资本精准赋能企业绿色转型提供了有益的经验启示。

关键词：绿色金融体系；绿色低碳转型；高环境风险企业；策略性绿色创新；融资约束

作者简介：王俊豪，浙江财经大学中国政府监管与公共政策研究院教授、博士生导师，杭州，310018；谢倩莹，上海中侨职业技术大学讲师，通信作者，上海，201514；张宇力，南开大学经济学院博士研究生，天津，300071。

基金项目：国家社会科学基金重大项目“‘双碳’目标下我国新型能源监管体系构建与监管政策优化研究”（23&ZD102）

引用格式：王俊豪，谢倩莹，张宇力. 绿色金融政策能抑制高环境风险企业策略性绿色创新吗？［J］. 经济与管理研究，2026，47（9）：79-95.

Can Green Finance Policy Inhibit Strategic Green Innovation in High Environmental Risk Firms?

WANG Junhao¹, XIE Qianying², ZHANG Yuli³

(1. Zhejiang University of Finance & Economics, Hangzhou 310018;

2. Shanghai Zhongqiao Vocational and Technical University, Shanghai 201514;

3. Nankai University, Tianjin 300071)

Abstract: Against the backdrop of building a green finance system and achieving a comprehensive green and low-carbon transition in the economy and society, green finance policy has become an important institutional tool for aligning financial resource allocation with environmental objectives and promoting corporate green transformation. By embedding environmental considerations into financing decisions, such a policy is expected to improve green innovation quality and guide firms away from symbolic compliance. However, whether the policy genuinely inhibits strategic green innovation remains an empirical question, especially for firms facing high environmental risks.

Using data from A-share listed companies in China from 2012 to 2023 and treating the release of the Guidelines for Establishing the Green Financial System as an exogenous policy shock, this paper employs a difference-in-differences design to identify the policy effect. Firms classified as A-category industries under the Key Performance Indicators for Green Credit Implementation of the former China Banking Regulatory Commission are identified as high environmental risk firms. Strategic green innovation is measured by the share of authorized green patents that remain uncited within the observation window after controlling for patent-age bias. The findings show that green finance policy can inhibit strategic green innovation among high environmental risk firms. This conclusion holds after endogeneity analysis and a series of robustness checks.

Mechanism analyses show that green finance policy operates through two channels. First, it intensifies financing constraints for high environmental risk firms, thereby weakening the resource base that sustains low-quality symbolic innovation. Second, it strengthens external and internal governance by improving information transparency and governance quality, thus reducing firms' incentives for opportunistic green innovation. Further analyses indicate that the policy effect is more pronounced in provincial-level regions with stronger environmental regulation, higher fiscal transparency, more developed green finance, and better marketization, as well as among privately owned firms. In addition, the reduction in strategic green innovation is accompanied by higher subsequent green innovation output.

This paper provides new evidence on how green finance policy shapes firms' green innovation strategies under environmental constraints. It enriches the literature on strategic green innovation by focusing on high environmental risk firms and highlights the governance role of green finance as a policy tool that combines financial constraints with environmental regulation. The findings suggest that policymakers should improve green finance systems, strengthen financing screening and regulatory enforcement, enhance environmental information disclosure, and optimize regional governance conditions, thereby curbing greenwashing and encouraging more substantive and sustained green innovation.

Keywords: green finance system; green and low-carbon transition; high environmental risk firm; strategic green innovation;  financing constraint

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