Abstract
This study highlights the importance of green investment in achieving the goal of sustainability. Several studies have been conducted to explore the factors affecting sustainable development. However, research on the importance of green investment in achieving sustainable development from the perspective of enterprise cost and government guidance is scant, and the moderating effect of financial efficiency has not been considered. Thus, this study is based on the social and economic data of 31 provinces in China from 2009 to 2021; it evaluates the level of sustainable development of each province and combines green investment, financial efficiency, and sustainable development into the research framework from the dual perspectives of government and enterprises to explore the relationship among the three, which can result in efficient and balanced sustainable development. The results show the following: (1) government green investment has a “U-shaped” spillover effect on sustainable development; (2) corporate green investment has an inverted U-shaped nonlinear effect on sustainable development; and (3) under the adjustment of financial efficiency, government green investment has a “two-stage” promoting effect on sustainable development, and corporate green investment has an inverted U-shaped nonlinear effect on sustainable development. Based on these findings, an increase the amount of government green investment can ensure the sustainable amount of corporate green investment and promote coordinated financial and economic development.
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Funding
This research was funded by the Key Program of the National Social Science Foundation of China, grant number is 22AJY019; the Program for Innovative Research Team in Universities of Inner Mongolia Autonomous Region, grant number is NMGIRT2201; Basic Research Projects of Universities Directly Under the Inner Mongolia Autonomous Region, grant number is NCYWT23030; and Inner Mongolia University Youth Science and Technology Talent Support Program, grant number is NJYT23027.
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Conceptualization, Lijuan Zhao and Tianqi Zhu; data curation, Lijuan Zhao, and Xiaohong Kang; formal analysis, Junhong Shi and Haonan Chen; funding acquisition, Lijuan Zhao and Xiaohong Kang; investigation, Tianqi Zhu and Xiaohong Kang; methodology, Lijuan Zhao and Tianqi Zhu; resources, Lijuan Zhao and Tianqi Zhu; software, Lijuan Zhao and Junhong Shi; supervision,
Lijuan Zhao and Junhong Shi; visualization, Tianqi Zhu and Haonan Chen; writing—original draft, Lijuan Zhao and Tianqi Zhu; writing—review and editing, Lijuan Zhao.
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Zhao, L., Zhu, T., Shi, J. et al. Green Investment, Financial Efficiency, and Sustainable Development: Dual Perspectives of Enterprise Cost and Government Guidance. Appl. Spatial Analysis 17, 799–821 (2024). https://doi.org/10.1007/s12061-024-09568-9
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DOI: https://doi.org/10.1007/s12061-024-09568-9
Keywords
- Green investment
- Sustainable development
- Temporal and spatial analysis
- Economic and environmental protection