Does green financial policy promote the transformation of resource-exhausted cities? - Evidence from the micro level

Hongbo Chen, Hao Wu, Lianjun Zhang, Yao Tang and Shibao Lu

Resources Policy, 2024, vol. 88, issue C

Abstract: This article mainly uses a Difference-in-Differences (DID) model to study the impacts of the implementation of green finance policies on corporate financing constraints. Using panel data from Chinese A-share companies from 2011 to 2019, green finance policies can significantly alleviate the financing constraints faced by the enterprises in resource-exhausted cities. This conclusion still holds after a series of robustness tests. Heterogeneity analysis shows that the improvement of green finance policies on corporate financing constraints will exhibit different results depending on the sizes and property rights of enterprises, and types of resource-exhausted cities. Moreover, the implementation of green finance policies eases the degree of financing constraints for enterprises by providing tax incentives and attracting more analyst attentions. The conclusion provides micro-level evidences on promoting transformation and upgradation of resource-exhausted cities.

Keywords: Resource-exhausted cities; Financing constraints; Green financial policies; Difference-in-Differences with multiple time periods (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:88:y:2024:i:c:s0301420723012114

DOI: 10.1016/j.resourpol.2023.104500

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