The impact of green finance reform and innovation policies on green investors in China

Jinwei Wang, Xiaofan Li, Ting Zhang, Chonghe He and Liwen Zhu

Finance Research Letters, 2025, vol. 83, issue C

Abstract: This article examines the impact of green finance reform and innovation policies on green investors. Based on data of Chinese A-shares listed companies from 2010–2021, this study conducts empirical analyses using a multi-period difference-in-differences estimation strategy and uncovering the mechanisms by a two-step mediation effect model. The results demonstrate that China’s green finance reform and innovation policies significantly help enterprises attract green investors by promoting enterprises’ environmental performance and green technology innovation. And green finance reform and innovation policies have more significant effect in the samples of non-state-owned enterprises and enterprises in non-heavily polluted industries. Based on this, China's current policies should encourage increased investment in green innovation research and development, strengthen the demonstration role of non-state-owned enterprises, enhance the green innovation capabilities of the industry, and provide support for the sustainable development of enterprises.

Keywords: Green finance policy; Green investors; Enterprises’ Environmental performance; Green technology innovation; Green investment (search for similar items in EconPapers)
JEL-codes: G28 L5 Q58 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325009675

DOI: 10.1016/j.frl.2025.107709

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