Quasi-natural experiment set up in green finance reform and innovation pilot zone

The research sample is China's A-share listed enterprises from 2014 to 2020. According to the "Listed Companies Environmental Protection Verification Industry Classification Management List" issued by the Ministry of Environmental Protection in 2008, combined with the industry classification standard of the China Securities Regulatory Commission in 2012, 16 industrial enterprises belonging to coal, mining, textile and other industries are classified as heavy polluters. The heavy polluting enterprises in the five provinces of Zhejiang, Jiangxi, Guangdong, Guizhou and Xinjiang were set as the experimental group, and the heavy polluting enterprises in other provinces were set as the control group. In addition, this paper excluded ST, PT and other enterprise samples, financial industry samples and samples with missing data, and finally obtained 308 enterprises with 2156 observed values. The experimental group consisted of 78 heavily polluting enterprises with 546 observed values. All samples were indentified by 1% up and down to eliminate outliers. The main data in this paper comes from the National Tai 'an Database (CSMAR), corporate social responsibility reports, corporate annual reports, etc.