Reform of the social credit system, green innovation, and corporate resilience

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-24 DOI:10.1016/j.frl.2025.108550

Can Geng, Guozheng Wen

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Abstract

Amid increasing economic uncertainty, enhancing corporate resilience has become a critical task for achieving high-quality development. Based on data from China's A-share listed companies from 2014 to 2023, this paper utilizes a quasi-natural experiment stemming from the pilot cities of the Social Credit System reform and empirically examines the impact of the Social Credit System reform policy on corporate resilience using the difference-in-differences (DID) method. The study finds that the Social Credit System reform significantly enhances corporate resilience, with green innovation playing a partial mediating role. In addition, the degree of equity balance has a significant positive moderating effect on the relationship between the Social Credit System reform and corporate resilience. Heterogeneity analysis reveals that the policy's effect on promoting resilience is more pronounced for non-state-owned enterprises, technology-intensive, and labor-intensive enterprises, while the impact is not significant for state-owned and asset-intensive enterprises. This paper provides theoretical and empirical support for the robust development of enterprises under the dual background of credit system construction and green transition.

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社会信用体系改革、绿色创新和企业韧性

在经济不确定性加大的背景下，增强企业抗风险能力已成为实现高质量发展的重要课题。本文以2014 - 2023年中国a股上市公司数据为基础，利用社会信用体系改革试点城市的准自然实验，运用差分法实证检验了社会信用体系改革政策对企业弹性的影响。研究发现，社会信用体系改革显著增强了企业弹性，绿色创新在其中起部分中介作用。此外，股权平衡程度对社会信用体系改革与企业弹性之间的关系具有显著的正向调节作用。异质性分析表明，政策对非国有企业、技术密集型企业和劳动密集型企业的弹性提升作用更为明显，而对国有企业和资产密集型企业的弹性提升作用不显著。本文为信用体系建设和绿色转型双重背景下企业的稳健发展提供了理论和实证支持。

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