2022
DOI: 10.3390/ijerph19127330
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The Impact of the Green Finance Reform and Innovation Pilot Zone on the Green Innovation—Evidence from China

Abstract: This article uses the “Green Finance Reform and Innovation Pilot Zone” promulgated in 2017 as an example to construct a quasi-natural experiment and uses the difference-in-difference method to test the impact of the implementation of the “Green Finance Reform and Innovation Pilot Zone” on the green innovation activities. It was found that the policy promotes the quantity and quality of corporate green innovation. The mechanism test showed that policy promotes the R&D investment and expands the credit scale… Show more

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Cited by 40 publications
(26 citation statements)
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“…On the one hand, this result is consistent with and enriches the findings of Wang et al ( 2022 ) and Zhang and Li ( 2022 ); their study verified the promotion effect of the GFPZ policy on green technology innovation by using data from provinces and enterprises respectively. The GFPZ policy directs more capital to the cleaner production field, enabling green enterprises to receive large amounts of financial support, relieving the pressure on enterprises’ innovation costs, and enhancing green enterprises’ innovation incentives.…”
Section: Resultssupporting
confidence: 90%
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“…On the one hand, this result is consistent with and enriches the findings of Wang et al ( 2022 ) and Zhang and Li ( 2022 ); their study verified the promotion effect of the GFPZ policy on green technology innovation by using data from provinces and enterprises respectively. The GFPZ policy directs more capital to the cleaner production field, enabling green enterprises to receive large amounts of financial support, relieving the pressure on enterprises’ innovation costs, and enhancing green enterprises’ innovation incentives.…”
Section: Resultssupporting
confidence: 90%
“…At the micro level, Zhang and Lu ( 2022 ) use enterprise-level data; their findings indicate that the GFPZ policy can reduce illicit emissions. In addition, existing studies affirmed the positive effects of this policy on green innovation (Wang et al 2022 ; Wang et al 2021d ; Zhang and Li 2022 ) and on long-term enterprise value (Hu et al 2021 ). However, in the short term, the GFPZ policy significantly inhibits enterprise development in the pilot area, reducing the productivity of polluting enterprises.…”
Section: Literature Reviewmentioning
confidence: 92%
“…The research object in this paper is similar to that of Zhang and Li [ 51 ], but the empirical method, variable selection, and mechanism paths are quite different. They used the difference-in-difference method to test the impact of the green finance reform and innovation pilot zone on green innovation activities.…”
Section: Discussionmentioning
confidence: 99%
“…The continuous DID model is used for presenting the volume of green finance, both in benchmark regression and heterogeneity analysis of different pilot zones. In the study of [ 51 ], the heterogeneity analysis selected sample-divided regression without introducing a triple-difference interaction term. In the mechanism analysis, our study selected debt financing cost (Debt) and long-term debt ratio (LDR) as mediating variables to test the internal mechanism of the GFRIPZ using stepwise regression test for coefficients, which is quite different from the research of Zhang and Li [ 51 ].…”
Section: Discussionmentioning
confidence: 99%
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