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改革开放以来，我国经济迅猛发展，取得了举世瞩目的成绩，成为世界经济增长的引擎。然而，多年来“粗放型”快速增长方式引发的资源短缺、环境污染、生态退化等问题日益严重。如何改变经济增长与环境保护目标相互排斥的现状，实现经济发展与环境保护目标的协同发展成为我国当前面临的一个重要问题。

绿色金融改革创新试验区政策是近年来我国在绿色金融事业发展上的一次重要尝试。国务院先后在浙江、广东、江西、贵州、新疆5省（区）以及甘肃省设立了绿色金融改革创新试验区。该政策事关我国产业绿色升级，有效推动了信贷资源由污染型部门向清洁型部门流动。本文运用经济学、管理学等学科的相关知识和理论，研究绿色金融政策改革创新试验区政策对企业技术创新的影响。

本文首先从理论与经验证据角度剖析环境政策对企业技术创新可能的影响，探究本文研究的理论意义与创新点；其次从现实角度，分析中国绿色金融、绿色金融改革创新试验区的发展现状，提出本文研究的现实意义；最后根据本文研究主题，搭建理论框架、提出理论假说，根据文献综述与理论假说提出的问题，开展实证研究。

本文基于2012—2021年间中国沪深两市A股上市公司数据，以2017年6月实施的绿色金融改革创新试验区政策为准自然实验，采用三重差分模型分析该政策实施前后、试验区相对于非试验区、高污染行业相对于低污染行业企业技术创新水平的差异。首先通过相关性分析检验本文选取变量不存在严重的共线性问题，可以进行下一步的回归；其次回归结果表明，相较于试验区低污染企业和非试验区企业，该政策显著抑制了试验区高污染企业的创新数量和创新质量，即绿色金融改革创新试验区政策没有起到倒逼高污染企业技术创新的作用，这一结果通过了平行趋势检验和一系列稳健性检验；然后通过异质性分析发现，该政策对国有和非国有企业的影响存在差异，对国有高污染企业技术创新的抑制作用主要体现在创新数量上，对非国有高污染企业的创新数量和创新质量都表现出显著抑制作用，对数字化转型程度较低和东部地区的高污染企业技术创新的抑制作用更强；最后展开中介机制分析，结果表明该政策通过缩减试验区高污染企业的债务融资规模和提高其风险规避水平，进而抑制了该类企业的技术创新。

以上结论对于完善绿色金融改革创新试验区政策、促进信贷资源的合理流动具有一定的参考价值，本文根据以上研究结果，提出发展绿色金融与提升企业技术创新水平的相关对策，总结本文研究的不足之处，提出展望。本文研究的不足之处在于：第一，我国中小微企业占企业总量比例达99%，受数据限制本研究仅以上市公司作为研究对象，对中国整体企业发展的指导意义不足；第二，绿色金融改革创新试验区政策的颁布时间为2017年6月，政策实施时间还较短，研究结论可能对该政策的评价有失偏颇；第三，该政策在地区、行业、企业层面均可能存在影响，本文研究视角仅以企业层面作为展开，缺乏对宏观影响的进一步分析。针对上述不足本文提出展望：第一，以中国中小微企业为研究样本，研究该政策对其影响是否与上市公司存在差异；第二，在未来当该政策实施年份变得更长时需要重新评价该政策的效果；第三，从行业、地区层面分析该政策的整体效果。

Since the reform and opening up, China's economy has developed rapidly and made remarkable achievements, becoming the engine of world economic growth. However, the problems of resource shortage, environmental pollution and ecological degradation caused by the "rough" mode of rapid growth over the years have become increasingly serious. How to change the status quo of mutual exclusion between economic growth and environmental protection goals, and realize the synergistic development of economic development and environmental protection goals has become an important issue for China.

The green financial reform and innovation pilot zone policy is an important attempt in the development of green finance in China in recent years.In 2017, the State Council constructed pilot zones for green financial reform and innovation in eight cities in five provinces (autonomous regions) of Zhejiang, Guangdong, Jiangxi, Guizhou and Xinjiang with their own focus and characteristics, exploring replicable and popularized experiences in terms of institutional mechanisms.In November 2019, the State Council further established a pilot zone for green financial reform and innovation in Lanzhou New District, Gansu Province. to establish a pilot zone for green financial reform and innovation. The policy effectively promotes the flow of credit resources from polluting sectors to clean sectors, and is about the green upgrading of China's industries. Enterprises are the main body of the market economy, and it is very important to study the impact of green financial policy and green financial business from the perspective of enterprises. This paper utilizes the relevant knowledge and theories of economics, management and other disciplines to study the impact of green financial policy reform and innovation pilot zone policy on enterprise technological innovation.

Firstly, This paper analyzes the possible impact of environmental policies on corporate technological innovation from the perspective of theory and empirical evidence, and explores the theoretical significance and innovation of this study; secondly, from the perspective of reality, it analyzes the development status of China's green finance and green finance reform and innovation pilot zones, and puts forward the practical significance of this study; lastly, based on the theme of the paper, it builds up a theoretical framework, puts forward theoretical hypotheses, and conducts empirical research according to the issues raised in the literature review and theoretical hypotheses. Finally, according to the theme of this paper, we build a theoretical framework, put forward theoretical hypotheses, and carry out empirical research based on the issues raised by the literature review and theoretical hypotheses.

Based on the data of A-share listed companies in China's Shanghai and Shenzhen cities during the period of 2012-2021, this paper takes the green financial reform and innovation pilot zone policy implemented in June 2017 as a quasi-natural experiment, and adopts the triple difference model to analyze the differences in the level of technological innovation of enterprises before and after the implementation of this policy, in the pilot zone relative to the non-protest zone, and in high-pollution industries relative to low-pollution industries. Firstly, through the correlation analysis to test that the variables selected in this paper do not have serious covariance problems, and the next regression can be carried out. Secondly, the regression results show that the policy significantly inhibits the quantity and quality of innovation of high-polluting enterprises in the test area compared to low-polluting enterprises in the test area and non-test area enterprises, i.e., the policy of the pilot area for green financial reform and innovation does not play a role in forcing the high-pollution enterprises to make technological innovations, this The results passed the parallel trend test and a series of robustness tests. Thirdly through the heterogeneity analysis found that there are differences in the impact of the policy on state-owned and non-state-owned enterprises, the inhibition of technological innovation of state-owned high-polluting enterprises is mainly reflected in the quantity of innovation, and the quantity and quality of innovation of non-state-owned high-polluting enterprises show significant inhibition, and the inhibition of technological innovation of high-polluting enterprises in the eastern region with a lower degree of digital transformation is stronger than that of high-polluting enterprises with a lower degree of digital transformation. Finally, the analysis of intermediary mechanism shows that the policy inhibits the technological innovation of high-polluting enterprises in the experimental area by reducing the scale of debt financing and increasing the level of risk aversion.

The above conclusions have certain reference value for improving the policy of green financial reform and innovation pilot zones and promoting the reasonable flow of credit resources. Based on the above findings, this paper puts forward the countermeasures related to the development of green finance and the enhancement of the level of technological innovation of enterprises, summarizes the shortcomings of the research in this paper, and puts forward the outlook. The shortcomings of this paper's research are: First, China's small and medium-sized enterprises account for 99% of the total number of enterprises, due to the data limitations of this study only listed companies as the object of study, the overall development of China's enterprises is not enough to guide the significance of the study. Second, the promulgation of the policy of the pilot zone for green financial reform and innovation is June 2017, the policy implementation time is still relatively short, and the conclusions of the study may be biased in the evaluation of the policy. Third, the policy may have impacts at the regional, industry, and enterprise levels, and the research perspective of this paper only unfolds at the enterprise level, lacking further analysis of the macro impacts. To address these shortcomings, this paper proposes the following outlook: First, take Chinese MSMEs as the research sample and study whether the impact of the policy on them is different from that of listed companies. Second, reevaluate the policy's effect in the future when the policy's implementation year becomes longer. Third, analyze the policy's overall effect at the industry and regional levels.