Does the implementation of green finance regulation promote the high-quality development of enterprises? Evidence from a quasi-natural experiment in China

被引:11
|
作者
Cui, Qi [1 ]
Ma, Xiaoyu [1 ,2 ]
Zhang, Sisi [1 ]
Liu, Jiamin [1 ]
机构
[1] Xinjiang Univ, Sch Econ & Management, Urumqi 830046, Peoples R China
[2] Xinjiang Univ, Innovat Management Res Ctr, Urumqi 830046, Peoples R China
关键词
Green finance regulatory system; High-quality development; Financial constraints; Green technology innovation; Internal control; TOTAL FACTOR PRODUCTIVITY; CREDIT POLICY; ENVIRONMENTAL-REGULATIONS; TECHNOLOGY INNOVATION; GROWTH EVIDENCE; IMPACT; IMPROVE; CONSTRAINTS; UNCERTAINTY; PERSPECTIVE;
D O I
10.1007/s11356-023-29355-2
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
The improvement of enterprise total factor productivity and labor productivity is the micro-embodiment of high-quality economic development. Green finance relies on the dual functions of resource allocation and environmental regulation to guide enterprises to adjust their mode of operation through incentive and restraint mechanisms, attach importance to energy conservation and environmental protection, and guide enterprises to develop with high quality. Taking the construction of the green financial supervision system in 2016 as a quasi-natural experiment, we constructed a difference-in-difference model to investigate the impact and mechanism of green finance on the high-quality development of enterprises, based on the panel data of Chinese A-share listed companies from 2006 to 2020. The results show that the implementation of green finance effectively promotes the high-quality development of enterprises. This promotion effect is heterogeneous from perspectives of enterprise-specific characteristics, executive education background, and environmental regulation intensity. The influence mechanisms mainly rely on tightening financial constraints, upgrading the level of green technology innovation, and improving the quality of internal control. These findings provide an important decision-making reference for better implementing green finance policies and promoting high-quality economic development under the green and low-carbon concept and carbon peak carbon neutrality goals.
引用
收藏
页码:97786 / 97807
页数:22
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