The impact of green finance reform and innovation policies on green investors in China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-04 DOI:10.1016/j.frl.2025.107709

Jinwei Wang , Xiaofan Li , Ting Zhang , Chonghe He , Liwen Zhu

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Abstract

This article examines the impact of green finance reform and innovation policies on green investors. Based on data of Chinese A-shares listed companies from 2010–2021, this study conducts empirical analyses using a multi-period difference-in-differences estimation strategy and uncovering the mechanisms by a two-step mediation effect model. The results demonstrate that China’s green finance reform and innovation policies significantly help enterprises attract green investors by promoting enterprises’ environmental performance and green technology innovation. And green finance reform and innovation policies have more significant effect in the samples of non-state-owned enterprises and enterprises in non-heavily polluted industries. Based on this, China's current policies should encourage increased investment in green innovation research and development, strengthen the demonstration role of non-state-owned enterprises, enhance the green innovation capabilities of the industry, and provide support for the sustainable development of enterprises.

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中国绿色金融改革与创新政策对绿色投资者的影响

本文考察了绿色金融改革与创新政策对绿色投资者的影响。本研究基于2010-2021年中国a股上市公司数据，采用多期差中差估计策略进行实证分析，采用两步中介效应模型揭示机制。研究结果表明，中国绿色金融改革创新政策通过促进企业环境绩效和绿色技术创新，显著帮助企业吸引绿色投资者。绿色金融改革创新政策对非国有企业和非重污染行业企业的样本效果更为显著。基于此，中国现行政策应鼓励加大对绿色创新研发的投入，加强非国有企业的示范作用，提升行业绿色创新能力，为企业的可持续发展提供支持。

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