绿色金融能否推动普惠经营主体绿色低碳发展OACHSSCD

Based on data from Chinese listed companies between 2012 and 2022,this paper employs a multi-period DID model to examine the impact of pilot zones for green financial reform and innovations' (GFRIPZP)on the green and low-carbon development of SMEs(small and me-dium enterprises)in the piolt zones which are often regarded as key servicing targets of inclusive finance.This paper finds that the GFRIPZP has significantly promoted the green and low-carbon development of SMEs;the government environmental subsidies enhance the impact of GFRIPZP on SMEs' green and low-carbon development;the effect of resource allocation of financial institu-tions doesn't exist in the short term but is to strengthen in the long term;SMEs' environmental awareness can strengthen the positive effect of GFRIPZP on SMEs' green and low-carbon devel-opment,while their technological innovation has a substitutive effect on GFRIPZP reducing SMEs' carbon emission;the effect of GFRIPZP on SMEs is more stronger in the areas with stric-ter environmental regulations,as well as among SMEs characterized by greater media attention,higher internal controls quality and higher production and operation efficiency;moreover the GFRIPZP reduces SMEs' carbon emissions both directly and through production scale adjust-ments.Given this,it is imperative to formulate a green finance system suitable for inclusive busi-nesses entities,and promoting the deep integration of inclusive finance and green finance.