气候变化领域集成服务门户(CCPortal): The impact of green finance policy on green innovation performance: Evidence from Chinese heavily polluting enterprises

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DOI	10.1016/j.jenvman.2023.119961
	The impact of green finance policy on green innovation performance: Evidence from Chinese heavily polluting enterprises
	Chang, Kaiwen; Luo, Dan; Dong, Yizhe; Xiong, Chu
发表日期	2024
ISSN	0301-4797
EISSN	1095-8630
起始页码	352
卷号	352
英文摘要	Green innovation (GI) is increasingly recognised as an effective strategy for tackling climate change, mitigating environmental issues, and promoting sustainable development. Using panel data of the Chinese listed firms from 2007 to 2019, this study adopts the difference-in-differences approach to assess the impact of the green finance policy (GFP) initiated by the Chinese government in 2012 on the green innovation performance of firms. The findings reveal that the GFP significantly boosts the green innovation performance of heavily polluting enterprises (HPEs). Notably, this effect is more pronounced in state-owned enterprises and firms with high dependence on external finance. Compared with penalty-based regulations, incentive-based and voluntary environmental regulations demonstrate more significant moderating effects on the relationship between the GFP and green innovation performance for HPEs. We also identify improved efficiency in the usage of green investments as a potential mechanism through which the GFP enhances the green innovation performance of HPEs. Further comparative analysis shows that green enterprises can achieve simultaneous improvement in both the quality and quantity of green innovation, whereas HPEs predominantly exhibit enhancements in innovation quantity. To maximise the GFP's positive effects, it is recommended to facilitate more targeted bank lending towards HPEs to support their structural transformation. Additionally, the coordinated deployment of diverse environmental policy instruments is advised to exploit their synergistic effects.
英文关键词	Green finance policy; Green innovation; Environmental regulation; Environmental protection; China
语种	英语
WOS研究方向	Environmental Sciences & Ecology
WOS类目	Environmental Sciences
WOS记录号	WOS:001164606500001
来源期刊	JOURNAL OF ENVIRONMENTAL MANAGEMENT
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/297225
作者单位	Nanjing University of Information Science & Technology; University of Reading; University of Edinburgh; Chongqing University
推荐引用方式 GB/T 7714	Chang, Kaiwen,Luo, Dan,Dong, Yizhe,et al. The impact of green finance policy on green innovation performance: Evidence from Chinese heavily polluting enterprises[J],2024,352.
APA	Chang, Kaiwen,Luo, Dan,Dong, Yizhe,&Xiong, Chu.(2024).The impact of green finance policy on green innovation performance: Evidence from Chinese heavily polluting enterprises.JOURNAL OF ENVIRONMENTAL MANAGEMENT,352.
MLA	Chang, Kaiwen,et al."The impact of green finance policy on green innovation performance: Evidence from Chinese heavily polluting enterprises".JOURNAL OF ENVIRONMENTAL MANAGEMENT 352(2024).