The Impact of Regional Green Finance Development Level on Green Total Factor Productivity of Enterprises: An Empirical Study Based on A-Share Listed Companies

Abstract

This paper uses the data of Chinese A-share listed companies from 2009 to 2021 to explore the impact of green finance development on the green total factor productivity performance of enterprises. The research finds that the regional green finance development level improves the green total factor productivity of enterprises by guiding them to enhance their green technological progress. The above results have conditional heterogeneity, and the administrative regulation level and market regulation level of regional governments have different moderating effects on the improvement of enterprise green total factor productivity. The mechanism analysis shows that regional green finance development affects the green total factor productivity level of enterprises by promoting their green technological progress. The impact of green finance on enterprises with different characteristics varies. Enterprises located in the eastern region are more likely to be affected by regional green finance development. Labor-intensive and technology-intensive enterprises are both significantly affected. Private and foreign-funded enterprises are more significantly affected than state-owned enterprises. Further inter-group difference analysis reveals that labor-intensive enterprises and private enterprises are more likely to be affected by green finance development. The policy implications of the research conclusions of this paper are as follows: It is necessary to further improve the green credit policy system, pay attention to the impact of government behavior on the implementation effect of policies, and strengthen the amplification effect of market-based regulations mainly based on environmental taxes. At the same time, it is necessary to focus on cultivating the internal environmental governance awareness of enterprises, promote the green coordinated development of different types of enterprises, improve resource allocation in both stock and flow aspects, promote the transformation and upgrading of enterprises, and the green coordinated development of society.