Can green finance improve corporate ESG performance? Empirical evidence from Chinese A-share listed companies

Huiqi Zhu and Xiaofan Li

Asia-Pacific Journal of Accounting & Economics, 2025, vol. 32, issue 4, 590-607

Abstract: Leveraging China’s 2017 Green Finance Reform and Innovation Pilot Zone Policy (GFPP) as an exogenous shock, this study selects A-share listed companies spanning from 2014 to 2022 as the sample, employing the difference-in-differences (DID) to examine the impact and mechanism of GFPP on corporate ESG performance. The study reveals that GFPP significantly enhance corporate ESG performance, with corporate financing constraints and social responsibility awareness mediating this relationship. Furthermore, the incentivizing effect of GFPP on corporate ESG performance is notably pronounced in enterprises located in the eastern region, small-scale enterprises, non-state-owned enterprises, and heavily polluting industries.

Date: 2025
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DOI: 10.1080/16081625.2024.2371302

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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