Do Green Financial Policies Enhance Firms’ TFP? Evidence from China’s Green Finance Pilot Zones
グリーン金融政策は企業のTFPを向上させるか？中国のグリーンファイナンスパイロットゾーンからの証拠 (AI 翻訳)
Tengfei Ge, Jing Yang, Yue-Can Hu, Tingting Zhu, Yutong Wu, Genhua Hu
🤖 gxceed AI 要約
日本語
本稿は、中国のグリーンファイナンスパイロット政策が企業の全要素生産性（TFP）に与える影響を、差分の差（DID）法を用いて実証的に分析する。2013～2024年のA株上場企業データに基づき、同政策がTFPを平均0.4509ポイント向上させることを発見。その経路として、資金調達制約の緩和、グリーン技術革新の促進、デジタル変革の推進の3つを特定し、特にデジタル変革が最大の効果を持つ。
English
This study empirically examines the impact of China's green finance pilot policy on firms' total factor productivity (TFP) using a DID approach on A-share listed companies from 2013-2024. It finds that the policy significantly increases TFP by an average of 0.4509, operating through three channels: easing financing constraints, stimulating green technological innovation, and promoting digital transformation, with digital transformation contributing the most.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国のグリーンファイナンス政策の有効性を実証した本稿は、日本のGX政策設計やグリーンファイナンス促進策に示唆を与える。特に、デジタル変革との相乗効果が日本の企業実務でも参考になる。
In the global GX context
This paper provides causal evidence that green finance policies can enhance firm productivity, supporting the rationale for transition finance frameworks globally. It is relevant for ISSB and CSRD discussions on the real economic impact of climate finance and highlights digital transformation as a key channel.
👥 読者別の含意
🔬研究者:Useful for researchers studying the real effects of green finance policies, especially using DID methods and mediation analysis.
🏢実務担当者:Corporates can learn that green finance can improve TFP through innovation and digital transformation, informing green investment strategies.
🏛政策担当者:Policymakers can gain insights into effective green finance instruments and the importance of supporting digital transformation alongside green finance.
📄 Abstract（原文）
Green finance is an important policy for facilitating corporate environmental transformation and supporting sustainable economic development under China’s “dual-carbon” strategy. This study investigates how green financial policies influence a firm’s TFP. A DID framework is employed to estimate the policy effect and to further explore its transmission mechanisms and heterogeneous impacts across firms, applying the data of China’s A-share-listed companies from 2013 to 2024. It is found that green financial policies significantly improve a firm’s TFP. Specifically, firms located in pilot regions exhibit an average increase of 0.4509 in TFP. The results remain stable across multiple robustness checks. In addition, the policy improves TFP through three primary channels: alleviating financing constraints, stimulating green technological innovation, and promoting digital transformation. The mediation analysis based on Bootstrap resampling confirms the statistical significance of the identified transmission channels. Among them, digital transformation plays the most prominent role, contributing 20.62% to the overall mediating effect. Furthermore, the policy can enhance the TFP of non-state-owned enterprises and for firms operating in industries with lower pollution intensity. Finally, this study proposes further improving the green financial policy framework and strengthening support for green technological innovation and digital transformation, thereby better leveraging green finance to enhance firms’ TFP.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18063121first seen 2026-05-15 21:05:20
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