Abstract
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.
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Support was provided by the National Social Science Foundation Project (Grant No. 21XRK007), Scientific Research Program for Universities in Xinjiang Uygur Autonomous Region (Grant No. XJEDU2021S1002), “Silk Road” Scientific Research Innovation Project for Graduate Students of Xinjiang University (Grant No. SL2022002), Research and Innovation Program for Outstanding doctoral students (XJU2022BS008), and the graduate research and innovation project of Xinjiang Autonomous Regions (No. XJ2023G009).
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Qi Cui: writing—original draft preparation, software, validation, and formal analysis; Xiaoyu Ma: conceptualization, funding acquisition, and supervision; Sisi Zhang: methodology and data curation; Jiamin Liu: writing—review and editing. All authors have read and agreed to the published version of the manuscript.
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Cui, Q., Ma, X., Zhang, S. et al. Does the implementation of green finance regulation promote the high-quality development of enterprises? Evidence from a quasi-natural experiment in China. Environ Sci Pollut Res 30, 97786–97807 (2023). https://doi.org/10.1007/s11356-023-29355-2
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DOI: https://doi.org/10.1007/s11356-023-29355-2