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Green finance and corporate environmental investment: "Scale Up" or "Efficiency Up"?
Yang, Qu; Ming, Shiyi; Zhang, Rongguang; Yan, Haitao.
Afiliación
  • Yang Q; Business School, Chengdu University of Technology, Chengdu, 610059, China.
  • Ming S; Business School, Chengdu University of Technology, Chengdu, 610059, China.
  • Zhang R; Business School, Chengdu University of Technology, Chengdu, 610059, China.
  • Yan H; Business School, Sichuan Normal University, Chengdu, 610066, China.
PLoS One ; 19(2): e0297456, 2024.
Article en En | MEDLINE | ID: mdl-38346062
ABSTRACT
The establishment of green finance reform and innovation (GFRI) pilot zone is an important measure of the Chinese government to urge enterprises to develop green transformation. This paper explores the impact of pilot policies in the GFRI pilot zone on corporate environmental investment. Based on 819 A-share listed enterprises from 2010 to 2020, our staggered difference-in-differences (staggered DID) estimation documents revealed that enterprises in the GFRI pilot zone significantly increased the corporate environmental investment efficiency but reduced the scale of corporate environmental investment.This conclusion remained robust after Propensity Scores Matching difference-in-differences (PSM-DID), replacing dependent variables, and shortening the time window. We contend that the increased research and development (R&D) expenditure and technological innovation are the potential mechanisms at work. Heterogeneity analysis showed that the establishment of GFRI improved the environmental investment efficiency of polluting enterprises but had no effect on green enterprises.Meanwhile, the effect of GFRI exhibited heterogeneity in the type of enterprise ownership. This paper evaluates the implementation effect of GFRI from the perspective of corporate environmental investment, and provides theoretical support and an empirical basis for green finance policy to serve China's green economy.
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Texto completo: 1 Colección: 01-internacional Base de datos: MEDLINE Asunto principal: Política Ambiental / Política Fiscal / Crecimiento Sostenible / Desarrollo Sostenible / Inversiones en Salud Tipo de estudio: Health_economic_evaluation País/Región como asunto: Asia Idioma: En Revista: PLoS One Asunto de la revista: CIENCIA / MEDICINA Año: 2024 Tipo del documento: Article País de afiliación: China Pais de publicación: Estados Unidos
Texto completo
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Texto completo: 1 Colección: 01-internacional Base de datos: MEDLINE Asunto principal: Política Ambiental / Política Fiscal / Crecimiento Sostenible / Desarrollo Sostenible / Inversiones en Salud Tipo de estudio: Health_economic_evaluation País/Región como asunto: Asia Idioma: En Revista: PLoS One Asunto de la revista: CIENCIA / MEDICINA Año: 2024 Tipo del documento: Article País de afiliación: China Pais de publicación: Estados Unidos