Green financial policy and corporate risk-taking: Evidence from China

被引：19

作者：

Deng, Hong ^{[1
]}

Li, You ^{[1
]}

Lin, Yongjia ^{[1
]}

机构：

[1] Macau Univ Sci & Technol, Sch Business, Macau, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

基金：

中国国家自然科学基金;

关键词：

Green finance policy; Green financial reform and innovation pilot zones (GFRIPZ); Corporate risk-taking; INVESTMENT; MANAGEMENT;

D O I：

10.1016/j.frl.2023.104381

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the impact of green financial policy on corporate risk-taking, based on data from China's A-share listed companies during 2012-2020. Exploiting a quasi-natural experiment in China, the Green Financial Reform and Innovation Pilot Zones (GFRIPZ), we find that green financial policy has a positive effect on corporate risk-taking. Our analysis shows that the primary effect operates through two channels: reducing agency costs and alleviating financial constraints. The increase in risk-taking is particularly pronounced among companies with low R&D investment and poor ESG performance. This research provides insights for designing more effective environmental programs in emerging economies.

引用

页数：10

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