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The policy effect of green finance reform and innovations: Empirical evidence at the firm level

The Chinese central government established eight pilot zones in five provinces for green finance reform and innovations (GFRI) in 2017. The pilot zones promote green finance development and explore the propagable and reproducible experiences regarding mechanisms and institutions. Adopting a sample o...

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Autores principales: Dong, Hanghang, Tao, Miaomiao
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Public Library of Science 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9714720/
https://www.ncbi.nlm.nih.gov/pubmed/36454765
http://dx.doi.org/10.1371/journal.pone.0278128
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author Dong, Hanghang
Tao, Miaomiao
author_facet Dong, Hanghang
Tao, Miaomiao
author_sort Dong, Hanghang
collection PubMed
description The Chinese central government established eight pilot zones in five provinces for green finance reform and innovations (GFRI) in 2017. The pilot zones promote green finance development and explore the propagable and reproducible experiences regarding mechanisms and institutions. Adopting a sample of China’s listed companies from 2012 to 2021, this paper constructed a quasi-natural experiment and investigated the GFRI policy’s effect on firms’ total factor productivity (TFP) using the difference-in-differences (DID) method to verify the implementation effect of the GFRI policy. Furthermore, heterogeneity analysis and mechanism analysis were conducted to identify the guidance effect and deep mechanisms of the GFRI policy. The empirical results demonstrated that firms’ TFP in pilot zones increased substantially after implementing the GFRI pilot policy, confirming that the policy had a strong incentive effect. The corresponding promoting effect was particularly significant for non-state-owned companies, the eastern and central regions, and firms in the growth stage. Further mechanism analysis revealed that the GFRI pilot policy can stimulated firms’ TFP by promoting technological innovation and improving resource allocation efficiency. This paper’s empirical findings are essential in improving relevant policies and expanding the pilot zones.
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spelling pubmed-97147202022-12-02 The policy effect of green finance reform and innovations: Empirical evidence at the firm level Dong, Hanghang Tao, Miaomiao PLoS One Research Article The Chinese central government established eight pilot zones in five provinces for green finance reform and innovations (GFRI) in 2017. The pilot zones promote green finance development and explore the propagable and reproducible experiences regarding mechanisms and institutions. Adopting a sample of China’s listed companies from 2012 to 2021, this paper constructed a quasi-natural experiment and investigated the GFRI policy’s effect on firms’ total factor productivity (TFP) using the difference-in-differences (DID) method to verify the implementation effect of the GFRI policy. Furthermore, heterogeneity analysis and mechanism analysis were conducted to identify the guidance effect and deep mechanisms of the GFRI policy. The empirical results demonstrated that firms’ TFP in pilot zones increased substantially after implementing the GFRI pilot policy, confirming that the policy had a strong incentive effect. The corresponding promoting effect was particularly significant for non-state-owned companies, the eastern and central regions, and firms in the growth stage. Further mechanism analysis revealed that the GFRI pilot policy can stimulated firms’ TFP by promoting technological innovation and improving resource allocation efficiency. This paper’s empirical findings are essential in improving relevant policies and expanding the pilot zones. Public Library of Science 2022-12-01 /pmc/articles/PMC9714720/ /pubmed/36454765 http://dx.doi.org/10.1371/journal.pone.0278128 Text en © 2022 Dong, Tao https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
spellingShingle Research Article
Dong, Hanghang
Tao, Miaomiao
The policy effect of green finance reform and innovations: Empirical evidence at the firm level
title The policy effect of green finance reform and innovations: Empirical evidence at the firm level
title_full The policy effect of green finance reform and innovations: Empirical evidence at the firm level
title_fullStr The policy effect of green finance reform and innovations: Empirical evidence at the firm level
title_full_unstemmed The policy effect of green finance reform and innovations: Empirical evidence at the firm level
title_short The policy effect of green finance reform and innovations: Empirical evidence at the firm level
title_sort policy effect of green finance reform and innovations: empirical evidence at the firm level
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9714720/
https://www.ncbi.nlm.nih.gov/pubmed/36454765
http://dx.doi.org/10.1371/journal.pone.0278128
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