The Impact of green finance reform on firms' patent quality: An empirical study from Chinese listed manufacturing firms

Ge Zhang and Bingnan Guo

Economic Analysis and Policy, 2025, vol. 86, issue C, 1695-1705

Abstract: This study aims to investigate the impact of China's green finance reform on the patent quality of manufacturing firms. Towards this research, this paper adopts the green finance reform implemented in 2017 as an exogenous policy shock, and assesses the impact of this policy on firms' patent quality using the DID model with the data of listed firms in China's manufacturing sector from 2012 to 2022. The research shows that China's green finance reform has had a significant facilitating effect on firms' patent quality. Meanwhile, this promotion effect is more obvious among firms with low industry competition, large scale, and low debt ratio. In addition, our study shows that financing constraints play a positive role in this process, but green finance reform can inhibit the patent quality of firms with high financing constraints through the "crowding out effect".

Keywords: Green finance reform; Patent quality; Manufacturing firms; Financing constraints (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:86:y:2025:i:c:p:1695-1705

DOI: 10.1016/j.eap.2025.05.015

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