Influence of green finance on new-quality productivity of enterprises: Evidence from Chinese A-share listed companies

Qian Fu and Shengliang Zhao

International Review of Financial Analysis, 2025, vol. 105, issue C

Abstract: Cultivating enterprise new-quality productivity is essential for advancing high-quality economic development in China. Whether green finance can serve as a key driver of this productivity has attracted growing attention. Using data from Chinese A-share listed firms (2011−2022), this study examines the influence of green finance on enterprise new-quality productivity and its mechanisms, focusing on resource and development (R&D) intensity and environmental awareness. The results show that green finance significantly enhances new-quality productivity. Mechanism analysis reveals that it does so by boosting R&D intensity and strengthening both top management and government environmental attention. Heterogeneity tests indicate stronger effects in eastern regions, state-owned firms, enterprises with higher financing levels, and those under stricter environmental regulations. These findings offer empirical support for expanding green finance, accelerating productivity transformation, and promoting high-quality enterprise development.

Keywords: Green finance; Enterprise new-quality productivity; R&D intensity; Environmental awareness (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:105:y:2025:i:c:s1057521925004430

DOI: 10.1016/j.irfa.2025.104356

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