财经问题研究

为应对日益严峻的生态环境挑战，中国持续强化环保补贴政策，以引导企业绿色转型。本文基于2013—2020年中国沪深A股上市公司数据，系统考察环保补贴对企业绿色转型的影响及其作用机制。研究发现，环保补贴能够驱动企业绿色转型，这一结论在经过内生性检验和系列稳健性检验后依然成立。机制检验表明，这一促进作用主要通过缓解融资约束和优化资源配置两条路径实现。异质性分析表明，环保补贴的促进作用在高市场化地区企业、非国有企业和非重污染企业中更为明显。进一步分析表明，环保补贴对绿色转型水平较低企业的促进作用更强，环保补贴有助于缩小企业间绿色转型水平的差距。本文研究结论为优化环保补贴结构、提升政策精准性提供了实证依据。

The rapid development of the industrial economy has led to excessive consumption of natural resources. The world is facing new challenges, such as climate change, resource depletion, ecological imbalance, and environmental pollution. To address the increasingly severe environmental problems, the government has implemented environmental subsidy policies to guide enterprises toward green transformation, aiming to achieve green and high-quality economic development. However, existing research primarily focuses on the impact of government subsidies on corporate green innovation, while there is a lack of in-depth exploration on how environmental subsidies, which are characterized by their environmental protection orientation, affect corporate green transformation.This paper examines the impact of environmental subsidies on corporate green transformation and its underlying mechanisms, using data from Chinese A-share listed companies from 2013 to 2020. The findings reveal that environmental subsidies significantly promote corporate green transformation. Mechanism tests indicate that environmental subsidies facilitate green transformation by alleviating corporate financing constraints and optimizing resource allocation efficiency. Heterogeneity analysis shows that the promoting effect of environmental subsidies is more pronounced in enterprises in regions with higher marketization levels, non-state-owned enterprises, and non-heavy polluters. Further analysis demonstrates that compared to enterprises at higher quantiles of green transformation, environmental subsidies have a greater promoting effect on those at lower quantiles, thereby narrowing the gap in green transformation levels among different enterprises.This paper contributes to existing literature in the following aspects. First, it distinguishes environmental subsidies with an environmental protection orientation from general government subsidies and specifically analyzes the impact of environmental subsidies on corporate green transformation, thereby deepening research on government subsidies. Second, it explores the mechanisms through which environmental subsidies influence corporate green transformation from the perspectives of financing constraints and resource allocation efficiency, providing a new theoretical framework for subsequent research. Third, through heterogeneity analysis, it reveals the differential impacts of environmental subsidies on corporate green transformation under varying regional marketization levels, enterprise ownership types, and pollution levels, offering new evidence for optimizing environmental subsidy policies.