Can green bonds empower green technology innovation of enterprises?

Zhang, Jijian; Yang, Guang; Ding, Xuhui; Qin, Jie

doi:10.1007/s11356-022-23192-5

Cited by 37 publications

(29 citation statements)

References 60 publications

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“…Chouaibi et al ( 2021 ) found through empirical analysis of UK and German firm data that the better the ESG performance of the firm, the more the firm’s ability to innovate in green technology is enhanced. Green technology innovation by corporates can attract more financial investors and help corporates achieve long-term sustainability (Zhang et al 2022 ). By improving the efficiency of the corporate’s treatment of pollutants, launching green products, attracting potential consumers (Wang et al 2022 ), and improving the satisfaction of society and internal members of the corporate (Wang and Sun 2022 ; Niu et al 2022 ) ultimately improve the company’s overall ESG level.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

The impact of digital inclusive finance on corporate ESG performance: based on the perspective of corporate green technology innovation

Pang

2023

Environ Sci Pollut Res

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Enterprises are important subjects in the transformation of national green development, while financial support is an important thrust to promote the fulfillment of environmental responsibility. In the dual context of building a digital inclusive financial system and green transformation of corporate production, this paper explores the impact of digital inclusive finance on corporate ESG performance and its mechanism of action through theoretical and empirical analyses using data of Chinese A-share listed enterprises from 2011 to 2020. It is found that the development of digital inclusive finance significantly contributes to the improvement of corporate ESG performance, and the impact of digital inclusive finance on corporate ESG performance has a marginal decreasing effect, while corporate green technology innovation has a marginal increasing effect on corporate ESG performance. The mechanism analysis found that corporate green technology innovation has a mediating effect. The development of digital inclusive finance can enhance the green technology innovation ability of enterprises, and the green technology innovation of enterprises enhances the green sustainability ability of enterprises and improves the ESG performance of corporates. Further research shows that the effects of digital inclusive finance and corporate green technology innovation on corporate ESG performance are industry heterogeneous and pollution degree heterogeneous. How to promote financial services to better promote the combination of corporate green development and fulfillment of social and environmental responsibility is the most direct research implication of this paper.

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Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

The impact of digital inclusive finance on corporate ESG performance: based on the perspective of corporate green technology innovation

Pang

2023

Environ Sci Pollut Res

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“…Green finance policies not only provide financing incentives for enterprises and alleviate their financing pressures, but also reduce transaction costs, strengthen R&D investment, and overall promote green innovation (Yu et al ., 2021; Huang et al ., 2022; Liu et al ., 2022a). Moreover, enterprises issuing green bonds can address the investment pressure of green innovation, incentivizing them to undertake green innovation projects and activities, thus continually creating value (Cheng, 2014; Zhang et al ., 2022; Ahmad and Mokhchy, 2022). Foreign direct investment (FDI) and stakeholders also influence enterprise green innovation.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Housing prices and green innovation: evidence from Chinese enterprises

Fang

2023

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PurposePromoting enterprises' green innovation is vital to realize the sustainable growth of cities and environmental protection and the rise of urban housing prices might affect the green innovation of enterprises to a certain extent. This study aims to discuss the aforementioned objective.Design/methodology/approachBased on the data of listed companies and urban housing prices of main cities in China from 2011 to 2019, this paper examines the impact of housing prices on enterprises' green innovation and analyzes the mechanism of rising housing prices on enterprises' green innovation.FindingsThe rise of urban housing prices can significantly promote the quality of green innovation of enterprises, but it has no significant impact on the quantity of green innovation. The heterogeneity test results show that the rising house prices have a more significant role in promoting the green innovation of non-state-owned enterprises, enterprises listed on the main board, enterprises in the central and western regions, and enterprises in non-first-tier cities. The mechanism research finds that the rise of urban housing prices has a financing relief effect and cost-pushing effect on the green innovation of enterprises.Originality/valueFirstly, it thoroughly examines the influence of housing prices on corporate green innovation. Second, it explores the differential impact of housing prices on enterprises' green innovation based on variations among enterprises and regions, offering valuable insights for the government to formulate proper policy. Lastly, it elucidates the influencing mechanism of housing prices on enterprise green innovation from the perspectives of corporate financing and costs, providing empirical support for enterprises to appropriately perceive the opportunities and challenges posed by rising housing prices and actively promote green innovation.

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“…However, there is controversy whether the effect of GCP on green innovation of HPEs is incentive or constraint. The supporters assert that GCP can promote green innovation of HPEs and produce Porter effect, mainly because that GCP increases R&D investments of HPEs Zhang et al 2022b). The resulting incentive effect can significantly decrease the EI of HPEs Song et al 2021).…”

Section: Introductionmentioning

confidence: 99%

Incentive or constraint? Comprehensive impacts of green credit policy on the industrial enterprises' energy intensity

Zhang

et al. 2023

Preprint

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Discussing the function of green credit policy (GCP), which has dual attributes of being both a “environmental regulation” and a “financial instrument”; is crucial for the process of industrial green transformation. However, there is limited theoretical and empirical evidence on the impact of GCP on green transformation of industry. This research fills this gap by exploring the comprehensive impacts and mechanisms of GCP on the energy intensity (EI) of industrial enterprises in China. Theoretically, the environmental and financial impacts of GCP are introduced into a unified analytical framework on the basis of the heterogeneous enterprise model. Empirically, diverse empirical methods, such as difference-in-differences (DID), difference-in-differences-in-differences (DDD), and mediating effect models, are adopted to examine whether GCP can promote green innovation or accelerate financial constraint. The overall result shows that: (1) GCP has significantly decreased the EI of industrial enterprises. The impact of incentives was far greater than that of constraints. (2) In the incentive effect, energy substitution and innovation offsets exerted a primary influence on reducing the EI of industrial enterprises. (3) The constraint effect was primarily caused by rising financing and pollution abatement costs. This study offers a playbook for policymakers in China and other emerging economies to design effective policies for promoting industrial green transformation and sustainable production.

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Can green bonds empower green technology innovation of enterprises?

Cited by 37 publications

References 60 publications

The impact of digital inclusive finance on corporate ESG performance: based on the perspective of corporate green technology innovation

The impact of digital inclusive finance on corporate ESG performance: based on the perspective of corporate green technology innovation

Housing prices and green innovation: evidence from Chinese enterprises

Incentive or constraint? Comprehensive impacts of green credit policy on the industrial enterprises' energy intensity

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