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ORIGINAL RESEARCH
Will Green Finance Policies Contribute to
Green Technology Innovation in Enterprises?
Evidence from Green Finance Reform
and Innovation Pilot Zone in China
1
School of Management, Wuhan Textile University, Wuhan, 430200, China
Submission date: 2024-07-01
Final revision date: 2024-08-25
Acceptance date: 2024-10-07
Online publication date: 2025-01-15
Publication date: 2025-11-04
Pol. J. Environ. Stud. 2025;34(6):7713-7730
KEYWORDS
TOPICS
ABSTRACT
Enterprises' ability to innovate in green technology hinges on the backing of commercial bank
credit funds. In light of China's escalating environmental challenges, policies in green finance have
emerged as a dual tool for financial resource allocation and environmental regulation. This study
scrutinizes China's phased approach to green finance reforms, with a focus on A-share listed companies
in Shanghai and Shenzhen from 2012 to 2021. Employing a multi-time-point double difference model,
it investigates the impact of green finance policies on enterprise green technology innovation. Results
indicate a significant promotion of green technology innovation within enterprises due to green finance
policies. Mechanism tests reveal that these policies primarily bolster green technology innovation by
easing financing constraints, augmenting investment in innovation activities, and mitigating credit
resource mismatches. In addition, in terms of firm heterogeneity, green finance policies promote nonheavy
polluters, large-scale firms, and non-state-owned firms more significantly. In terms of regional
heterogeneity, the effects of green finance policies are more pronounced in regions with high levels of
financial development, environmental regulation, and industrialization, as well as in the eastern region.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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| eISSN: | 2083-5906 |
| ISSN: | 1230-1485 |
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