How does Green Finance Reform Affect Enterprise Green Technology Innovation? Quasi-natural Test Based on Pilot Zones for Green Finance Reform and Innovations

This paper uses A-share listed enterprises from 2011 to 2018 as a sample to examine the impact of the establishment of GFRI on corporate green technological innovation.
Source: CSMAR & IncoPat.
(1) Dependent Variables
Enterprise green technology innovation, expressed in terms of the number of green patent applications filed by enterprises.
(2)Independent Variables
Year is a dummy variable for the occurrence of the policy and Treat is a dummy variable for GFRI, which takes 1 if the enterprise is registered in the pilot region and 0 otherwise.
(3) Control Variables
Enterprise size: the logarithm of the enterprise's total assets at the end of the year.
Enterprise age: statistical year - year of enterprise establishment + 1.
Tobin's Q ratio: the ratio of the market value of a enterprise to its replacement capital value.
Gearing ratio: a ratio of end of period liabilities to end of period total assets.
Return on assets: divide a enterprise's net profit by its total assets.

本研究选取2011年至2018年间A股上市公司作为样本，旨在探究绿色金融研究所（GFRI）成立对企业绿色技术创新的影响。数据来源于CSMAR与IncoPat数据库。

(1) 因变量
企业绿色技术创新，以企业所提交的绿色专利申请数量衡量。

(2) 自变量
年份作为政策发生的虚拟变量，Treat作为GFRI的虚拟变量，若企业注册于试点区域则取值为1，否则为0。

(3) 控制变量
企业规模：年末企业总资产的对数。
企业年龄：统计年份减去企业成立年份再加1。
托宾Q比率：企业市场价值与其重置资本价值的比率。
资产负债率：期末负债总额与期末总资产之比。
资产收益率：企业净利润除以其总资产。