绿色金融改革创新试验区政策与企业绿色生产力

崔皓¹　路征¹　李华民²

（1. 四川大学；2. 广东金融学院）

摘要：绿色金融改革创新试验区政策作为中国支持绿色金融发展的一项重要举措，是加快绿色生产力形成与发展的基础性金融制度支撑。新质生产力作为以创新驱动为核心、深度融合绿色发展理念的先进生产力形态，其本质特征在于通过绿色技术创新、资源循环利用和环境绩效改善推动高质量发展。本文选取2012—2024年沪深A股上市公司数据，实证检验试验区政策对企业绿色生产力的影响机理。研究发现，试验区政策对企业绿色生产力发展具有正向驱动作用。机制分析表明，试验区政策通过财务约束缓解、风险平滑、预期引导机制赋能企业绿色生产力。异质性分析发现，在非国有企业、高科技企业、外部关注度高与内部经营更为稳健的企业中，试验区政策的助推作用更为明显。特别地，政府环境保护支出能够与绿色金融改革创新试验区政策协同发力，共同驱动企业绿色生产力发展。本文的研究结论为优化金融供给侧结构性改革、完善政策协同配合提供了新启示。

关键词：绿色金融；绿色金融改革创新试验区；政策协同；企业绿色生产力；政府环境保护支出

作者简介：崔皓，四川大学经济学院博士研究生，成都，610065；路征，四川大学经济学院教授，通信作者；李华民，广东金融学院华南金融创新研究院教授，广州，510521。

基金项目：国家自然科学基金青年科学基金项目“金融科技对企业数字化转型的效应评估、机制分析与策略优化研究”（72202046）

引用格式：崔皓，路征，李华民. 绿色金融改革创新试验区政策与企业绿色生产力[J]. 经济与管理研究，2026，47（7）：62-77.

Green Finance Reform and Innovation Pilot Zone Policy and Corporate Green Productive Forces

CUI Hao¹, LU Zheng¹, LI Huamin²

(1. Sichuan University, Chengdu 610065;

2. Guangdong University of Finance, Guangzhou 510521)

Abstract: In China’s transition toward high-quality development, green productive forces have become a key micro-level foundation for coordinating technological progress, resource conservation, and ecological improvement. Enterprises are the core vehicles of this process, but cultivating green productive forces usually requires high investment, entails uncertainty, and has long payback periods. The national Green Finance Reform and Innovation Pilot Zone (GFRIPZ) policy addresses these challenges by improving green financial infrastructure, expanding green financial instruments, strengthening environmental information sharing, and linking corporate environmental performance with financing conditions. Whether this institutional innovation promotes the development of corporate green productive forces, through which channels it operates, and whether it forms synergy with local environmental governance require systematic examination.

Using A-share listed firms in China from 2012 to 2024 as the research sample, this paper examines the effect of the GFRIPZ policy on corporate green productive forces. It measures corporate green productive forces from new-quality labor, new-quality means of labor, new-quality objects of labor, new technology development, and optimized factor combination, capturing firms’ technological upgrading and ecological reconstruction. The results show that the GFRIPZ policy promotes the development of corporate green productive forces. This conclusion remains valid after a series of robustness checks. Mechanism tests indicate that the GFRIPZ policy operates through three channels: alleviates financial constraints by broadening green financing channels, reducing financing costs, and improving access to long-term funds; smoothing operational risks by reducing information asymmetry, strengthening risk-sharing arrangements, and supporting long-term green investment; and guiding long-term expectations by releasing credible institutional signals, reshaping market evaluation criteria, and encouraging managers to incorporate green development into strategic decisions. The interaction effect analysis reveals that government environmental protection expenditure can enhance the effect of the GFRIPZ policy. Heterogeneity analysis shows stronger effects for non-state-owned enterprises, high-tech firms, firms receiving greater external attention, and firms with more stable internal operations.

This paper contributes to the literature by constructing a firm-level indicator of green productive forces, extending the analysis of green financial policy beyond the financing constraint perspective to risk smoothing and expectation guidance, and identifying the synergy between green financial reform and government environmental protection expenditure. The findings suggest improving green financial infrastructure, strengthening environmental information disclosure and risk-sharing mechanisms, and coordinating fiscal and financial policies to create a stable institutional environment for corporate green productive forces.

Keywords: green finance; Green Finance Reform and Innovation Pilot Zone; policy coordination; corporate green productive forces; government environmental protection expenditure

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