Green finance policies, resource allocation, and corporate social responsibility

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-05 DOI:10.1016/j.frl.2024.106392

Yanqiong Liu , Xiaoling Li

引用次数: 0

Abstract

This paper utilizes data from Chinese A-share listed companies from 2010 to 2019, using the Green Finance Innovation Pilot Zone as a quasi-natural experiment to deeply explore the impact of this policy on corporate social responsibility, and analyzes the effects of the policy from the perspectives of financing scale and financing costs. The findings indicate that the establishment of Green Finance Innovation Pilot Zones significantly promotes corporate social responsibility and affects the allocation of financial resources through mechanisms such as increasing financing costs and reducing financing scales. Under the strict regulation of the external green finance environment, companies' willingness and ability to undertake social responsibilities have significantly improved; this effect is particularly notable among secondary industry firms and high-tech enterprises.

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绿色金融政策、资源分配和企业社会责任

本文利用2010-2019年中国A股上市公司数据，以绿色金融创新试验区为准自然实验，深入探讨了该政策对企业社会责任的影响，并从融资规模和融资成本两个角度分析了该政策的效果。研究结果表明，绿色金融创新试验区的设立极大地促进了企业社会责任的履行，并通过提高融资成本、降低融资规模等机制影响了金融资源的配置。在绿色金融外部环境的严格监管下，企业承担社会责任的意愿和能力显著提高，这种效果在第二产业企业和高新技术企业中尤为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance