{"title":"企业绿色转型与破产风险:来自中国制造业企业的经验证据","authors":"Yong Li, Lulu Qin, Zixiang He","doi":"10.1016/j.pacfin.2025.102889","DOIUrl":null,"url":null,"abstract":"<div><div>This study explores the impact and mechanism of corporate green transformation on the bankruptcy risk of Chinese manufacturing firms. Using the entropy weight method, the research constructs a comprehensive green transformation evaluation index based on the developmental stages of Chinese manufacturing firms. It employs panel data spanning from 2010 to 2021 for empirical analysis. We find that green transformation significantly reduces bankruptcy risk among manufacturing enterprises. This effect varies across industries, lifecycle stages, financing constraints, and shareholder structures. Notably, the risk reduction is more pronounced under high regulatory pressure or severe operational challenges. We effectively address the potential issue of reverse causality by applying both a dynamic lag effect test and an instrumental variables approach, with temperature inversion and industrial smoke emissions as instruments. The study reveals that corporate green transformation inhibits bankruptcy risk through the internal mechanism of operating risk and agency costs, with enhanced external market confidence playing a positive moderating role. Recognizing that green transformation may be distorted by greenwashing, we exclude its plausible impact on our results in the further analysis.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102889"},"PeriodicalIF":5.3000,"publicationDate":"2025-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Corporate green transformation and bankruptcy risk: Empirical evidence from Chinese manufacturing firms\",\"authors\":\"Yong Li, Lulu Qin, Zixiang He\",\"doi\":\"10.1016/j.pacfin.2025.102889\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study explores the impact and mechanism of corporate green transformation on the bankruptcy risk of Chinese manufacturing firms. Using the entropy weight method, the research constructs a comprehensive green transformation evaluation index based on the developmental stages of Chinese manufacturing firms. It employs panel data spanning from 2010 to 2021 for empirical analysis. We find that green transformation significantly reduces bankruptcy risk among manufacturing enterprises. This effect varies across industries, lifecycle stages, financing constraints, and shareholder structures. Notably, the risk reduction is more pronounced under high regulatory pressure or severe operational challenges. We effectively address the potential issue of reverse causality by applying both a dynamic lag effect test and an instrumental variables approach, with temperature inversion and industrial smoke emissions as instruments. The study reveals that corporate green transformation inhibits bankruptcy risk through the internal mechanism of operating risk and agency costs, with enhanced external market confidence playing a positive moderating role. Recognizing that green transformation may be distorted by greenwashing, we exclude its plausible impact on our results in the further analysis.</div></div>\",\"PeriodicalId\":48074,\"journal\":{\"name\":\"Pacific-Basin Finance Journal\",\"volume\":\"93 \",\"pages\":\"Article 102889\"},\"PeriodicalIF\":5.3000,\"publicationDate\":\"2025-07-31\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Pacific-Basin Finance Journal\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927538X25002264\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X25002264","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Corporate green transformation and bankruptcy risk: Empirical evidence from Chinese manufacturing firms
This study explores the impact and mechanism of corporate green transformation on the bankruptcy risk of Chinese manufacturing firms. Using the entropy weight method, the research constructs a comprehensive green transformation evaluation index based on the developmental stages of Chinese manufacturing firms. It employs panel data spanning from 2010 to 2021 for empirical analysis. We find that green transformation significantly reduces bankruptcy risk among manufacturing enterprises. This effect varies across industries, lifecycle stages, financing constraints, and shareholder structures. Notably, the risk reduction is more pronounced under high regulatory pressure or severe operational challenges. We effectively address the potential issue of reverse causality by applying both a dynamic lag effect test and an instrumental variables approach, with temperature inversion and industrial smoke emissions as instruments. The study reveals that corporate green transformation inhibits bankruptcy risk through the internal mechanism of operating risk and agency costs, with enhanced external market confidence playing a positive moderating role. Recognizing that green transformation may be distorted by greenwashing, we exclude its plausible impact on our results in the further analysis.
期刊介绍:
The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.