Green finance innovation and corporate resilience: Evidence from China's reform zones

Jiahui Yang, Si Wang and Lei Xu

Finance Research Letters, 2025, vol. 81, issue C

Abstract: Green finance innovation policies have significantly enhanced corporate resilience in China’s reform pilot zones. Based on a multi-period difference-in-differences approach using firm-level data from 2011 to 2021, the analysis reveals heterogeneous effects across regions, industries, and firm characteristics. Mechanism results indicate that digital transformation, improved innovation capacity, and alleviated financing constraints are key drivers. Some effects, such as those related to industrial robot adoption, appear with a time lag. These findings provide policy-relevant insights into how green finance fosters firm adaptability and supports long-term sustainable development.

Keywords: Green Finance Innovation; Corporate Resilience; Heterogeneity Analysis; Mediation Effect (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325007470

DOI: 10.1016/j.frl.2025.107488

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