Green finance reform and corporate innovation: Evidence from China

被引：106
作者：
Liu, Chen [1 ]
Xiong, Mengxu [1 ]
机构：
[1] Huazhong Univ Sci & Technol, Sch Econ, Wuhan 430074, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2022年 / 48卷
基金：
中国国家自然科学基金;
关键词：
Green finance; Corporate innovation; Innovation input;
D O I：
10.1016/j.frl.2022.102993
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study explores how a place-based green finance policy in China, pilot zones for green finance reform and innovations, affects corporate innovation. Our difference-in-differences (DID) estimation documents that the green finance reform causally enhances corporate innovation. We contend that the decreased debt cost, and the increased innovation input and foreign investment are the potential mechanisms at work. The promoting effect is more pronounced for local SOEs and firms with lower network attention. Our study provides evidence for the positive consequences of the green finance reform.
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页数：9
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