Abstract
This study takes the green finance reform and innovation pilot zones established by the State Council in 2017 as the research object, systematically evaluating the policy's impact on green technology innovation in real enterprises and its underlying mechanisms. The findings reveal that, firstly, the policy of green finance reform and innovation pilot zones significantly enhances the green technology innovation capabilities of real enterprises within the regions. Mechanism analysis indicates that the pilot zone policy drives enterprises to proactively advance energy structure transformation and low-carbon upgrades of production processes by strengthening environmental regulatory standards. Finally, the development of digital inclusive finance significantly amplifies the policy's effects.
| Original language | English |
|---|---|
| Article number | 108320 |
| Journal | Finance Research Letters |
| Volume | 86 |
| Early online date | 29 Aug 2025 |
| DOIs | |
| Publication status | E-pub ahead of print - 29 Aug 2025 |
Bibliographical note
Publisher Copyright:© 2025
Funding
1. This work was supported in part by the Taiyuan University Research Startup Fund for Introduced Talents (24TYKY009) 2. The Special Research Project on Educational Digitalization and Educational Teaching Reform of the 14th Five-Year Plan for Educational Science in Shanxi Province (SZH-230003). 3. National Natural Science Foundation of China (No.72104215) 4. Social Science Foundation of Zhejiang Province (No. 24NDJC104YB) 5. Hangzhou Philosophy and Social Science Planning Project (No. 2023JD36).
Keywords
- Difference-in-Differences Model
- Digital Inclusive Finance
- Environmental Regulation
- Green Finance Reform Pilot Zones
- Green Technology Innovation
