Can green finance promote the environment-friendly development of enterprises?--Evidence from the green financial innovation reform pilot area

Under the background of the comprehensive implementation of the "two-carbon" policy, the establishment of the green finance reform and innovation pilot zone has promoted the further development of green finance. With the help of the green finance reform and innovation pilot zone set up in 2017, this paper uses the panel data of listed green finance A-share manufacturing companies in 2011-2022 to discuss the impact of green finance pilot policies on the green development and economic benefits of enterprises by using the double difference method. The study finds that the establishment of the green finance pilot zone has significantly improved the level of green technology innovation of enterprises, and its financial effect helps to compensate the potential loss of economic benefits of enterprises. At the same time, the establishment of the green finance pilot zone is more conducive to the green transformation and upgrading of state-owned enterprises and enterprises with high media attention. In terms of the influence mechanism, the policy of green finance pilot zone mainly stimulates the technological innovation of enterprises by alleviating the financing constraints and increasing r & d investment. In view of this, it is suggested that the government should play a guiding role, launch diversified financing channels, stimulate the willingness of non-state-owned enterprises to innovate in green technology, and strengthen the government and market environment regulations, so as to promote the green development of enterprises without damaging their economic performance.