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企业绿色创新是经济绿色发展的微观动力，绿色金融改革有助于引导社会资本投入绿色产业。本文以我国设立绿色金融改革创新试验区为准自然实验，基于上市公司的供应链微观数据探讨绿色金融政策的供应链溢出效应。研究发现，政策激励会沿供应链向下游企业溢出，但无法实现对上游企业的溢出。政策通过商业信用、融资约束、绿色治理机制推动下游企业的绿色创新，并且溢出效应具有企业、行业和地区层面的异质性，对于下游为非国有企业和规模较大、市场集中度较低、地区绿色金融发展水平较高的企业更为显著。本文基于企业层面对绿色金融政策的供应链溢出提供了事实证据，有助于供应链企业间绿色金融资源的优化配置。
Abstract：Green innovation is the micro driving force of green economic development,and green finance reform helps guide social capital to invest in green industries.This paper takes the establishment of green finance reform and innovation pilot zone as a natural experiment,and discusses the supply chain spillover effect of green finance policy based on micro-data of supply chain of listed companies in China.Results show that the policy effect will be transmitted to downstream enterprises along the supply chain,but the spillover effect to upstream enterprises cannot be realized.The policy promotes downstream enterprises green innovation through commercial credit mechanism,financial constraints and green governance.Furthermore,the spillover effect of the policy has heterogeneity at the enterprise,industry and regional levels,which is more significant for the downstream enterprises with private and large scale,low market concentration and high degree of regional green innovation development.This paper provides evidence on the supply chain spillover effect of green finance policies at the enterprise level,which helps to optimize the allocation of finance resources along supply chain enterprises.
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(1)《习近平：发展新质生产力是推动高质量发展的内在要求和重要着力点》，中国政府网，2024年5月31日，https：//www. gov. cn/yaowen/liebiao/202405/content_6954761. htm。
(1)篇幅所限，变量描述性统计留存备索。
(1)篇幅所限，模型有效性及稳健性检验结果未展示，留存备索。
基本信息:
DOI：
中图分类号:F279.2;F274;F832;X196
引用信息:
[1]刘澜飚,刘勇.绿色金融政策、供应链溢出与企业绿色创新 来自绿色金融改革创新试验区的证据[J].金融学季刊,2025,19(01):23-43.
基金信息:
国家自然科学基金重大项目（课题）“间接融资模式下的科技金融体系建设与风险分担机制”（基金号72495155）的资助