金融经济学研究

如何以高质量的金融改革赋能企业绿色生产力提升，成为应对新质生产力发展需求的研究热点。基于沪深两市A股上市企业2007—2022年数据集，实证检验利率市场化改革对企业绿色生产力的影响。研究发现，利率市场化改革对企业绿色生产力具有显著促进作用。其中，对于重污染企业、具有较好ESG表现企业以及成熟期企业具有更为显著的驱动效应。机制分析发现，利率市场化改革主要通过优化企业投资行为与加速绿色技术创新两个渠道，驱动企业绿色生产力的增长。进一步分析表明，良好的外部政策(要素)禀赋协同是利率市场化政策发挥最大效用的重要条件，在“财政环境支出—环境信息披露政策—政府环境关注”等各要素协同环境中，利率市场化政策能够对企业绿色生产力产生更大的促进作用。建设具有绿色特质的利率优惠机制、因地制宜提升企业发展质效、打通绿色生产力痛点堵点、加强政策(要素)协同实现共同赋能等皆有助于增进利率市场化改革对企业绿色生产力的提升效应。

In response to the needs of enhancing new quality productive forces, how to enable firms to improve their green productivity through high-quality financial reform has become a key research focus.Based on panel data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2022,this study empirically examined the impact of the interest rate liberalization reform on the green productivity of firms.The research findings indicated that interest rate liberalization significantly enhanced the green productivity, and that this effect was particularly pronounced among firms contributing to heavy pollution, firms with strong ESG performance, and those in the maturity stage of development.The mechanism analysis showed that the reform enhanced green productivity growth mainly by optimizing the investment behavior of the firms and accelerating green technology innovation.Further analysis revealed that well-integrated external policies as endowments(factors) were a key condition for maximizing the effectiveness of interest rate liberalization.In an environment where policy factors such as fiscal environmental expenditure, environmental information disclosure policies, and the government's attention toward the environment are well-coordinated, interest rate liberalization has a stronger positive effect on green productivity.A range of policy options can enhance this effect, including offering favorable interest rates to support green attributes, developing localized strategies to improve quality and efficiency in the development of firms, addressing bottlenecks in green productivity growth, and strengthening policy(factor) coordination to achieve synergistic empowerment.