The Impact of Green Finance on Low-Carbon Transformation of Manufacturing Enterprises: Evidence from Hebei Province


  • Jiancheng Xi



Green finance; carbon neutrality; green transformation


This study analyzes the effect of green finance on the low-carbon transition of manufacturing firms in Hebei Province. The study utilizes data from listed manufacturers in Hebei Province between 2010 and 2022. The findings demonstrate that green finance in Hebei Province efficiently enhances resource utilization efficiency, reduces carbon dioxide emissions, and elevates firms’ green total factor productivity. Besides, the study uncovered obstacles confronting firms who aim to switch from customary polluting industries to ecologically sustainable production techniques, including limited access to development capital for transition and difficulties in attracting high-caliber personnel. The study data indicate that green finance has considerably expanded in Hebei Province, particularly in the domain of green securities. The latter exceeds the scale of the majority of regions in China; nevertheless, development across programs reveals some unevenness. The study advises the Hebei provincial government and financial regulators to enhance their encouragement for green finance development and refine existing policies to mitigate shortcomings.


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How to Cite

Xi, J. (2024). The Impact of Green Finance on Low-Carbon Transformation of Manufacturing Enterprises: Evidence from Hebei Province. Highlights in Business, Economics and Management, 24, 1476-1484.