绿色金融政策的就业效应OA

With the increasing urgency of addressing climate change and the growing severity of climate risks,green finance has be-come an important driving force supporting the low-carbon transformation of the economy and society.The"greening"optimization of fi-nancial resources also affects firm labor demand.Based on panel data for A-share listed companies from 2011 to 2023,this study took the construction of pilot zones for green finance reform and innovation(PZGFRI)as a quasi-natural experiment and used the difference-in-differences model to examine the employment effects of green finance policies and their underlying mechanisms.The results showed that:① The PZGFRI policy significantly increased firms'net labor demand.This conclusion remained robust after a series of robust-ness tests,including parallel trend tests,placebo tests,changing the clustering method,data winsorization,and endogeneity processing using the instrumental variable method.② Mechanism tests indicated that the employment growth of the PZGFRI policy stemmed from the end-of-pipe treatment effect in polluting enterprises,while the innovation-driven"Porter effect"did not play a role.Moreover,the end-of-pipe treatment effect of increased labor demand in polluting enterprises was mainly reflected in the installation of end-of-pipe equipment,rather than in the upgrading of production equipment.③ Heterogeneity analysis revealed that employment growth effects of the PZGFRI policy were more pronounced in the eastern region,capital-intensive enterprises,and polluting industries,while the impact of corporate ownership was not significant.④ Research on changes in employment structure found that,on the one hand,the PZGFRI policy increased labor demand in positions such as production,sales,technology,and general management,but reduced labor demand in other positions with strong substitutability,such as human resources,administration,and customer service.On the other hand,the PZGFRI policy had a varying degree of enhancing effect on the labor demand at different skill levels.In addition,this study also found that the PZGFRI policy could increase labor compensation in polluting industries and,to a certain extent,maintain fairness during the transition process.