Chain leader policy and corporate green innovation—Perspectives of financing constraints and risk-taking

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-08-21 DOI:10.1016/j.irfa.2025.104551

Jingyi Zhou , Mengyuan Xie

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Abstract

Chain leader policy is a key initiative recently implemented by the Chinese government to promote green development. Green innovation is not only essential for achieving environmental sustainability but also serves as a critical driver of long-term economic growth. In this study, we use a large sample of firms listed on the Chinese A-share market to examine the impact of chain leader policy on corporate green innovation. The baseline results indicate that the policy is positively associated with corporate green innovation. These findings are robust across a range of sensitivity tests. Moreover, channel analyses reveal that chain leader policy promotes green innovation by alleviating financial constraints and encouraging corporate risk-taking. Cross-sectional analyses further show that the positive effect of chain leader policy is more pronounced in state-owned enterprises, firms exposed to higher supply chain risk, firms facing greater environmental uncertainty, and enterprises in heavily polluting industries. This study offers valuable insights for both policymakers and businesses by underscoring the role of chain leader policy in advancing green innovation and providing practical guidance for enhancing corporate sustainability and tackling environmental challenges.

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连锁领导者政策与企业绿色创新——融资约束与风险承担的视角

连锁领导者政策是中国政府最近实施的一项促进绿色发展的关键举措。绿色创新不仅对实现环境可持续性至关重要，而且是长期经济增长的关键驱动力。本研究以中国a股上市公司为样本，考察连锁龙头企业政策对企业绿色创新的影响。基线结果表明，政策与企业绿色创新呈正相关。这些发现在一系列敏感性测试中都是可靠的。此外，渠道分析表明，连锁领导者政策通过缓解财务约束和鼓励企业承担风险来促进绿色创新。横向分析进一步表明，供应链领导者政策的积极作用在国有企业、供应链风险较高的企业、环境不确定性较大的企业和重污染行业的企业中更为明显。本研究强调了连锁领导者政策在推进绿色创新中的作用，并为提高企业可持续性和应对环境挑战提供了实践指导，为政策制定者和企业提供了宝贵的见解。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.