Variable definition and measurement.

In the context of promoting the orderly expansion of capital investment and rational allocation of resources to achieve green and circular economic development. Green finance, as a new engine to promote the sustainability of enterprises, holds significant importance in exploring the positive effect of green finance policies on optimizing the investment decisions of enterprises and guiding them to efficiently utilize their resources to maximize value creation. Using A-share listed companies in Shanghai and Shenzhen from 2012 to 2022 as the research sample, we apply the Difference-in-Differences (DID) method to test the impact of the green finance reform and innovation pilot zones (2017) on the investment efficiency of enterprises in the pilot regions. We also adopt a two-step method to test the mechanisms of financial resource misallocation and agency costs. The study reveals that the green finance policy significantly enhances the investment efficiency of enterprises in the pilot areas. Financial resource misallocation and agency costs are important influence mechanisms. Drawing on resource allocation theory and agency theory, the study concludes that the green finance policy alleviates financial resource misallocation by directing financial resources toward high-efficiency enterprises. Moreover, the policy effectively reduces agency conflicts caused by power separation and information asymmetry, ensuring that enterprises can maximize the benefits of their investments. Heterogeneity analysis shows that non-state-owned enterprises and low-tech innovative enterprises in the pilot areas have disadvantages in terms of capital stock and loan credit, so the policy can improve their investment efficiency effectively. Based on these findings, we recommend that to leverage the positive effects of the green finance policy, it is essential to enhance the guiding role of the government, strengthen market mechanisms, and bolster corporate initiatives. This study complements the research on the economic effects of location-orientated comprehensive green finance policies on enterprises, considering the dual aspects of resource allocation efficiency and corporate governance, and makes up for the shortcomings of the existing literature. The study’s conclusions offer valuable insights for enhancing green finance to support enterprises in achieving efficient production.在推动资本投资有序扩张、优化资源合理配置以促进绿色循环经济发展的背景下，绿色金融（green finance）作为推动企业可持续发展的全新引擎，在探究绿色金融政策对优化企业投资决策、引导企业高效利用资源以实现价值创造最大化的积极作用方面，具有重要意义。本研究以2012至2022年沪深A股上市公司为研究样本，运用双重差分法（Difference-in-Differences, DID）检验2017年设立的绿色金融改革创新试验区对试点地区企业投资效率的影响，并采用两步法检验金融资源错配与代理成本的作用机制。研究结果表明，绿色金融政策可显著提升试点地区企业的投资效率，金融资源错配与代理成本正是其重要的影响路径。本研究基于资源配置理论与代理理论得出结论：绿色金融政策通过将金融资源导向高效率企业，缓解了金融资源错配问题；同时，该政策有效缓解了两权分离与信息不对称引发的代理冲突，保障企业实现投资收益最大化。异质性分析显示，试点地区的非国有企业与低技术创新型企业在资本存量与信贷资质方面处于劣势，因此该政策可有效提升其投资效率。基于上述研究结论，为充分发挥绿色金融政策的积极效用，需强化政府的引导作用、健全市场机制并激发企业的主观能动性。本研究从资源配置效率与公司治理双重维度出发，补充了针对区域性综合绿色金融政策对企业经济影响的相关研究，弥补了现有文献的不足。本研究结论可为完善绿色金融体系以支持企业实现高效生产提供重要参考。