科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (8): 135-144.DOI: 10.19571/j.cnki.1000-2995.2025.08.013

• 论文 • 上一篇    下一篇

绿色金融对企业全要素生产率的影响机制研究

张质彬1,张涵2,熊爱华3   

  1. 1.山东工商学院经济学院，山东 烟台264005；
    2. 山东社会科学院经济研究所， 山东 济南250014；
    3. 山东财经大学工商管理学院， 山东 济南250014

  • 收稿日期:2024-10-08 修回日期:2025-05-14 出版日期:2025-08-20 发布日期:2025-08-14
  • 通讯作者: 张质彬
  • 基金资助:
    国家社会科学基金面上项目：“生产全过程视阈下数智化驱动企业减污降碳协同的机制及对策研究”（24BJY120，2024.10—2027.12）；山东省高等学校哲学社会科学研究面上项目：“绿色金融赋能山东省制造业低碳高质量发展的机制与政策研究”（2024ZSMS311，2024.06—2025.05）；山东省社科联2024年度人文社会科学项目：“数字化转型视角下山东省商业银行绿色信贷业务的盈利能力与风险特征研究”（24BJJ192，2024.06—2024.12）。

Research on the influence mechanism of green finance on the total factor productivity of enterprises

Zhang Zhibin1, Zhang Han2, Xiong Aihua3   

  1. 1. School of Economics, Shandong Technology and Business University, Yantai 264005, Shandong, China; 
    2. Economic Research Institute, Shandong Academy of Social Sciences, Jinan 250014, Shandong, China; 
    3. School of Business Administration, Shandong University of Finance and Economics, Jinan 250014, Shandong, China
  • Received:2024-10-08 Revised:2025-05-14 Online:2025-08-20 Published:2025-08-14

摘要：     全要素生产率（TFP）的提升是推动企业实现新质生产力跃升的关键动力。在“双碳”目标背景下，绿色金融作为金融体系的重要创新，其对企业TFP的影响机制尚未得到充分揭示。本文基于2009—2020年沪深A股非金融类上市公司数据，使用固定效应模型与中介效应模型，实证检验了绿色金融对企业全要素生产率的影响及作用机制。研究发现：（1）绿色金融显著促进企业TFP提升；（2）信息透明度与绿色创新在绿色金融影响企业TFP的过程中发挥显著中介作用，而融资约束的中介作用存在异质性；（3）绿色金融对国有企业与高污染企业的TFP促进效应更为明显，显示出政策工具的差异化影响。本文从微观视角揭示了绿色金融推动企业高质量发展的内在机制，丰富了绿色金融经济后果与TFP影响因素的研究体系，为实现绿色发展与实体经济协同增效提供了理论支持与政策参考。

关键词: 绿色金融, 全要素生产率, 高质量发展, 异质性

Abstract:    Enhancing total factor productivity (TFP) is a fundamental driver of high-quality and innovation-driven development of enterprises. In the context of China′s "carbon peaking and carbon neutrality" strategy, green finance has emerged as a pivotal financial innovation. However, its impact on firms′ TFP and the underlying transmission mechanisms remain underexplored. Drawing on the panel data of non-financial A-share listed companies in Shanghai and Shenzhen from 2009 to 2020, this study employed the fixed effects and mediation models to empirically examine the effects of green finance on corporate TFP. The results showed that: (1) green finance significantly improves firm-level TFP; (2) information transparency and green innovation serve as effective mediators in this relationship, whereas the mediating effect of financing constraints is heterogeneous across firms; and (3) the productivity-enhancing effects of green finance are more prominent among state-owned and heavily polluting enterprises, indicating differentiated policy impacts. This study will contribute to the literature on the real economic consequences of green finance and the determinants of productivity, and offer theoretical and policy implications for promoting synergy between green transformation and sustainable economic growth.

Key words: green finance, total factor productivity, highquality development, heterogeneity