How does transition finance influence green innovation of high-polluting and high-energy-consuming enterprises? Evidence from China

Abstract

Under the impact of "double-carbon" target, transition nance has an important impact on green innovation of Chinese double-high enterprises. Using a sample of 4270 high-polluting and high-energyconsumption listed enterprises(referred to as double-high enterprises) in China from 2012 to 2021, this paper empirically examines the impact of transition nance on the green innovation of China's doublehigh enterprises by using a xed-effects model. The study nds that transition nance can have a facilitating effect on green innovation in double-high enterprises. The intermediary mechanism test shows that transition nance can promote green innovation of double-high enterprises through alleviating nancing constraints, increasing the level of green management, and enhancing the policy orientation effect. The heterogeneity test nds that transition nance promotes green innovation more signi cantly for the double-high enterprises that are state-owned, large-scale, and located in regions with high levels of intellectual property protection. Further research nds that the role of transition nance in promoting green innovation in double-high enterprises helps to promote the achievement of green development of double-high enterprises.