绿色金融对企业碳排放的影响机制研究:基于"质"的视角与政策协同OA

Under the"Dual Carbon"goals,how to effectively promote corporate car-bon emission reduction has become a key concern for both academia and policymak-ers.Using panel data of A-share listed companies from 2009 to 2023,this study a-dopts carbon emission intensity as a measure from the perspective of emission qual-ity to systematically examine the emission reduction effect,transmission mecha-nism,and policy synergy of green finance.The results show that:First,green fi-nance significantly reduces corporate carbon emission intensity,and this finding re-mains robust after instrumental variable estimation,propensity score matching(PSM),and a series of robustness tests.Second,green technological innovation serves as an important transmission mechanism through which green finance re-duces corporate carbon emission intensity.Specifically,green finance significantly promotes firms' green technological innovation,thereby contributing to lower car-bon emission intensity.Third,both the carbon emissions trading scheme(ETS)and digital finance further strengthen the emission reduction effect of green finance.In pilot regions of the ETS,the marginal emission reduction effect of green finance in-creases by approximately 1.6 times.Moreover,a higher level of digital finance devel-opment is associated with a stronger emission reduction effect of green finance.The empirical evidence supports the synergistic effects between the carbon market's price-based incentives and green finance's capital allocation function,as well as be-tween digital finance's technological empowerment and green finance's financial support,thereby forming a dual policy synergy mechanism.This study provides new empirical evidence on the micro-level transmission mechanism of green finance and offers policy implications for improving the green finance policy system during the 15th Five-Year Plan period and promoting the low-carbon transformation of enterprises.