Policy Coordination and Green Transformation of STAR Market Enterprises Under “Dual Carbon” Goals

Wenchao Feng, Yueyue Liu and Zhenxing Liu ()
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Wenchao Feng: School of Economics and Management, Southwest University, Chongqing 400715, China
Yueyue Liu: Sichuan Academy of Agricultural Sciences, Chengdu 610066, China
Zhenxing Liu: Sichuan Academy of Agricultural Sciences, Chengdu 610066, China

Sustainability, 2025, vol. 17, issue 19, 1-25

Abstract: China’s dual carbon goals necessitate green transformation across industries, with STAR Market enterprises serving as crucial drivers of technological innovation. Existing studies predominantly focus on traditional sectors, overlooking dynamic policy interactions and structural heterogeneity in these technology-intensive firms. This study examines how coordinated environmental tax reforms, green finance initiatives, and equity network synergies collectively shape enterprise green transition, using multi-period difference-in-differences and triple-difference models across 2019 Q3–2023 Q4. By integrating financial records, patent filings, and carbon emission data from 487 STAR Market firms, the analysis identifies environmental cost pressures as the dominant policy driver, complemented by delayed financing incentives and accelerated resource integration through corporate networks. Regional institutional environments further modulate these effects, with areas implementing stricter tax reforms exhibiting stronger outcomes. The findings advocate for adaptive policy designs that align fiscal instruments with regional innovation capacities, optimize financial tools for technology commercialization cycles, and leverage inter-firm networks to amplify sustainability efforts. These insights contribute to refining China’s climate governance framework for emerging technology sectors.

Keywords: dual carbon goals; STAR Market enterprises; green transformation; multi-period difference-in-differences model; triple difference; decomposition of emission reduction effect (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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