Do green finance policies promote the development of publicly listed tourism enterprises? The mediating effect of financing constraints

Using 2010-2022 data from Chinese tourism-listed firms and a quasi-experimental difference-indifference model based on the 2017 launch of national green finance reform and innovation pilot zones, this study investigates how green finance policies (GFPs) affect the growth of these enterprises and the mediating role of financing constraints. Results indicate that GFPs positively influence tourism enterprise development, while financing constraints limit their expansion. GFPs indirectly stimulate tourism enterprise growth by reducing financing constraints, with varying effects on state-owned and privately owned enterprises.