Green finance pilot reform and corporate green innovation

Frontiers in Environmental Science

Environmental Science

Xiaojian Tang¹  Huaiming Wang¹  Dongying Du¹  Stephanie Tsui² 

[1] College of Finance, Nanjing Agricultural University, Nanjing, Jiangsu, China;Department of Accounting, National Chengchi University, Taipei, Taiwan;

关键词: green finance pilot reform;    corporate green innovation;    innovation incentive;    corporate governance;    quasi-natural experiment;   

DOI  :  10.3389/fenvs.2023.1273564

 received in 2023-08-06, accepted in 2023-10-16,  发布年份 2023

来源: Frontiers

【 摘 要 】

This study investigates the impact of the green finance pilot reform on corporate green innovation using the formation of the China Green Finance Pilot Reform in 2017 as a quasi-natural experiment. It shows that the green finance pilot reform increases corporate green innovation. Furthermore, by highlighting the differences between green enterprises and heavily polluting enterprises, it also shows that the positive relationship between the green finance pilot reform and corporate green innovation is more pronounced in green enterprises than in heavily polluting enterprises. The mechanism analysis shows that the green finance pilot reform mainly affects corporate green innovation by easing financing constraints and reducing financing costs. The heterogeneity analysis indicates that the positive relationship between the green finance pilot reform and corporate green innovation is more pronounced in non-state-owned enterprises and large-scale enterprises. As a result, the effect of the green finance pilot reform on corporate green innovation gives rise to certain green innovation incentives. It is thus necessary to optimise the external corporate governance environment by promoting the green finance pilot reform and further offers practical implications for corporate green innovation decision-making.

【 授权许可】

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Copyright © 2023 Wang, Du, Tang and Tsui.