Green financial policy reform, financing constraints, and corporate risk-taking

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-18 DOI:10.1016/j.frl.2025.108504

Yixue Hao , Jia Liang , Kunyuan Liu

引用次数: 0

Abstract

Green financial policy reform has emerged as a critical institutional arrangement to balance the efficiency of financial resource allocation and corporate risk. Utilizing data from China’s A-share listed companies in Shanghai and Shenzhen, this study employs a multi-period Difference-in-Differences (DID) model for empirical analysis. The findings reveal that green financial policy reform significantly enhances corporate risk-taking, and this conclusion remains robust after a series of rigorous tests. Mechanism analysis demonstrates that green financial policy reform improves corporate risk-taking by alleviating corporate financing constraints. Further research indicates that the incentivizing effect of green financial policy reform is more pronounced in regions with higher market competition.

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绿色金融政策改革、融资约束与企业风险承担

绿色金融政策改革已成为平衡金融资源配置效率和企业风险的重要制度安排。本研究利用中国沪深两市a股上市公司的数据，采用多期差分差分（DID）模型进行实证分析。研究结果表明，绿色金融政策改革显著提高了企业的风险承担能力，这一结论经过一系列严格的检验仍然站得住脚。机制分析表明，绿色金融政策改革通过缓解企业融资约束来提高企业风险承担能力。进一步研究表明，在市场竞争程度较高的地区，绿色金融政策改革的激励效应更为明显。

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