The impact of green investment policies on the development of new energy enterprises: Analysis based on heterogeneity and threshold effects

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-03 DOI:10.1016/j.frl.2025.107703

Hu Zhang , Wei Wei

引用次数: 0

Abstract

This study explores the impact of green investment policies on the development of China’s new energy industry (2016-2022) using heterogeneity analysis and the threshold effect model. Findings reveal that green investment policies, including financial subsidies and green credit, significantly boost enterprises' operating income, R&D investment, and profitability. The policy effect exhibits a nonlinear threshold, with stronger effects at higher policy intensities. Additionally, the effect is more pronounced for companies with low financing constraints. The results offer valuable insights for optimizing green investment policy design and improving policy precision.

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绿色投资政策对新能源企业发展的影响：基于异质性和门槛效应的分析

本文运用异质性分析和门槛效应模型，探讨了绿色投资政策对中国新能源产业发展（2016-2022）的影响。研究发现，财政补贴和绿色信贷等绿色投资政策对企业营业收入、研发投入和盈利能力有显著的促进作用。政策效应呈现非线性阈值，政策强度越大，效果越强。此外，对于融资约束较低的公司，这种影响更为明显。研究结果为优化绿色投资政策设计、提高政策精准度提供了有价值的参考。

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

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