关键词: 绿色金融, 新能源企业, 融资约束, 分析师关注

Abstract: Under the background of the goals of “Carbon Peaking and Carbon Neutrality”, how can the green finance play the guiding role in the development of the new energy enterprises has become an important subject. Unlike the existing literatures which focus on the availability of green credit for individual companies, this papertakes the top-down research logic from the active guidance of the government to the independent play of the enterprises and introduce the regional green finance development index as an exogenous variable, so as to examinethe relationship between green finance, analysts focus and financing constrains of the new energy enterprises. The findings show that green finance can alleviate the financing constraints of new energy companies, and thatanalystsfocus can play the role of “information transmission effect” and “supervising governance effect” in it. It is also found from further analysis that the green finance can significantly improve the level of capital investment and R&D investment of the new energy enterprises, but no significant impact on financial investment, without the risk of ridding of the reality to virtuality. Green finance can also significantly improve the quantity and quality of green innovations of the new energy enterprises. Therefore, the government should actively promote the reform of green finance, improve the supervision and restraint mechanism on financial institutions, strengthen the construction of the analyst teams, so as to support the development of new energy enterprises and accelerate the adjustment of energy structure.

Key words: green finance, new energy enterprises, relief of financing constraints, analyst attention