【摘要】 本研究以2013-2017年中国制造业领域的上市公司数据为研究对象,从企业层次与政策层次的多层次视角出发,揭示企业环保投入对绿色金融效率的影响机制,验证政策扶持在企业环保投入与绿色金融效率之间的跨层次调节作用。根据跨层回归检验的结果可知:企业环保投入对绿色金融效率存在显著的负向影响,说明企业在环保上所投入的成本越高,其面对的外部融资约束便越低,企业越"环保"越能够获得绿色金融的支持;政策扶持的跨层次调节作用显著,更进一步说明政策扶持力度越大,越能够使企业更好的通过绿色金融的支持,缓解自身环保压力。基于研究结论,建议政府应妥善的通过优化扶持政策、完善配套措施与构建专项监管机制,保证企业能够高效利用绿色金融践行"环保承诺"。更多还原

【Abstract】 Based on the data of listed manufacturing companies in China from 2013 to 2017, this study reveals the " black box" mechanism of the influence of enterprise environmental protection investment on the efficiency of green finance from the perspective of enterprise and government policies. At the same time, it verifies the cross-level regulating effect of policy support on enterprise environmental protection investment and the efficiency of green finance.According to the results of cross-level regression test, it can be known that: First of all, the environmental investment of enterprises has a significant negative impact on the efficiency of green finance, indicating that the higher the cost of environmental investment, the lower the external financing constraints they face. In other words, the more "environmentally friendly" enterprises are, the more support they can get from green finance. Secondly, the cross-level regulation effect of policy support is significant, which further indicates that the stronger the policy support is, the better enterprises can alleviate their environmental pressure through the support of green finance. On the contrary, it is difficult for enterprises to effectively utilize green finance to reduce their environmental cost.Based on the research conclusions, this study suggests relevant authorities to properly implement supporting policies, improve supporting measures and build special regulatory mechanism, so as to ensure that enterprises can effectively utilize green finance and fulfill "environmental commitment".更多还原