Carbon Finance, ESG Performance and Corporate Green Transformation and Upgrading
Survey evidence from 484 manufacturing enterprises in Zhejiang Province
DOI:
https://doi.org/10.54097/rcg0xr71Keywords:
Carbon finance, ESG performance, Green transformation, Enterprise upgrading, Influence effect, Transmission mechanismAbstract
Promoting green transformation and upgrading of manufacturing enterprises is an important way to solve the global energy crisis and climate change, and achieve the goal of carbon peak and carbon neutrality. Based on the multi-stage probability sampling survey of manufacturing enterprises in the National Green Reform and Innovation Experimental Zone of Zhejiang Province, this paper collects first-hand micro enterprise data, and then examines the impact and transmission mechanism of carbon finance on the green transformation and upgrading of manufacturing enterprises from the perspective of enterprise ESG performance. Empirical research part, in this paper, the integrated use of multivariate linear model and instrumental variable method analysis found that carbon finance effectively promote the manufacturing enterprise green transition and upgrade; Heterogeneity analysis shows that the more developed the regional economy is, the larger the enterprise scale is and the lower the enterprise technology level is, the greater the promotion effect of carbon finance on the green transformation and upgrading of manufacturing enterprises is. Further, the mediating effect model and structural equation model were used to identify the transmission mechanism, and it was found that carbon finance promoted the green transformation of manufacturing enterprises by improving corporate social governance and environmental governance. Carbon finance promotes the upgrading of manufacturing enterprises by improving corporate governance and environmental governance. The findings of this paper provide empirical evidence and practical implications for improving the ESG performance of enterprises through financial means, thus promoting the green transformation and upgrading of manufacturing enterprises.
Downloads
References
[1] Chu Chang-xiong, Zhou Pi-juan. Carbon finance: Financial innovation in the era of low carbon economy [J]. Finance & Economics, 2010(2):18-21.
[2] Yan T S, Ma L. Research on the carbon emission reduction effect of green finance: an empirical analysis based on China's provincial panel data [J]. Theory and Teaching of Finance, 2024, 42(06):19-25.
[3] An G J. Discussion on the path of green finance innovation under the goal of carbon neutrality [J]. South China Finance, 2021, (02):3-12. (in Chinese)
[4] Xie H H, Lyu X. Responsible International Investment: ESG and China's OFDI [J]. Economic Research Journal, 2020, 57(03): 83-99.
[5] Liu Zhuo-wei, Wang Shu-guang. Carbon finance and low-carbon transformation: A case study of China's iron and steel industry [J]. Journal of Industrial Technology Economics, 2023, 42(09): 55-64.
[6] Liu Mengmeng, Yang Shuili. Research on the influence path of digital economy on green transformation of manufacturing industry: an analysis based on provincial panel data from 2011 to 2022 [J/OL]. Engineering Management Science and Technology Frontier, 2025, (01):1-9.
[7] Yao D B, Jin Y. Market pressure of carbon finance in China: index construction, state identification and trend prediction [J]. Journal of Finance and Accounting Monthly, 2024, 45(18):124-129.
[8] Ren Jianhua, Yin Nannan. Ren J H, Yin N N N. Impact of coordinated development of digital economy and green technology innovation on carbon finance. Journal of North China University of Water Resources and Hydropower (Social Science Edition), 2020, 1-17.
[9] Zhou Xiaoxiao, Jia Mengyu, Zhao Xin. [ZHOU X X, Jia M Y, Zhao X.] Evolutionary game dynamic analysis and empirical research on green finance boosting enterprise green technology innovation [J]. China Industrial Economics, 2023, (06):43-61.
[10] Zhou Z S, Li Z, Zhou H D. Theoretical logic, strategic direction and realization path of transformation and upgrading of manufacturing enterprises under the new development pattern of "double circulation" [J]. Journal of Suzhou University (Philosophy and Social Sciences Edition), 2020, 43(01): 48-48.
[11] Wang Yun, Fu Lin, Dong Yan. Journal of Dalian University of Technology (Social Sciences Edition), 2023, 44(04):27-41.
[12] Hong Tao, WANG Yangyang, YAO Shujie. [Low carbon city pilot policy and corporate ESG performance: from the perspective of corporate investment preference]. Industrial Economics Review, 2024, (05):1-20.
[13] Chen Tingqiang, Lin Wenjuan, WANG Lei et al. Chen T Q, Lin W J, Wang L, et al. Research on low-carbon behavior decision-making of chemical enterprises based on carbon trading and green credit [J]. Chinese Journal of Management Science, 2024, (05):1-14.
[14] Wang Chunlin, He He. Wang C L, He S H. The impact of green finance development on enterprise transformation and upgrading [J]. Financial Landscape, 2022, (04):43-51.
[15] Qi L H. Ways to accelerate the development of China's carbon financial market under the "dual carbon" goal [J]. Contemporary Economy, 2023, 40 (06): 82-88.
[16] Cao Mengjun, Chai Shanglei, Zhou Qianqian, et al. Does green finance development improve corporate ESG performance? Empirical evidence based on Chinese listed companies [J]. Journal of Xi 'an University of Technology, 2024, 40(03):325-337.
[17] Yu Dongzhi, Sun Tao. YU D Z, Sun T. Some thoughts on ESG practice of China's banking industry under "dual carbon" target strategy [J]. Tsinghua Review of Finance, 2022, (08):65-69.
[18] Wu Xingsheng. Investor attention, ESG performance and enterprise digital technology innovation [J]. Science and Industry, 2024, 24(23):93-106.
[19] Wang Lin, Chen Mengyuan, Niu Lu. Research on Path construction and dynamic evolution of enterprise green innovation [J]. China Soft Science, 2021, (03):141-154.
[20] Zhu Huan, XU Jiaqi, LI Shude et al. Zhu H, XU J Q, Li S D, et al.Research on green finance innovation service model of power supply chain [J]. Modern Management, 2022, 12(10): 1459-1464.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
