Ziyuan Kexue (Oct 2023)
Impact of green finance on the green transformation of manufacturing enterprises
Abstract
[Objective] Green finance can play an important role in guiding the green transformation of manufacturing enterprises. This study aimed to analyze the inherent logic of the impact of green finance on manufacturing enterprises’ green transformation based on theoretical analysis and empirical testing, in order to provide useful references for enhancing the ability of the financial sector to serve the real economy and promoting high-quality economic development. [Methods] Based on the matching samples of China’s industrial enterprise database and industrial enterprise pollution database, this study examined the impact of green finance on the green transformation behavior of manufacturing industry at the micro level. [Results] The study found that: (1) Green finance can significantly reduce the intensity of energy consumption and pollution emissions of enterprises, driving the green transformation of manufacturing enterprises; (2) Easing financing constraints and improving technological innovation level are important channels for green finance to affect the green transformation of manufacturing enterprises. These two positive effects will further drive the overall scale expansion of enterprises and local emission reduction governance; (3) The promotion effect of green finance exhibits asymmetric characteristics for different sub-samples, with greater green transformation effects on enterprises in heavily polluting industries, capital intensive and small and medium-sized enterprises, eastern regions, and non-resource-based regions; (4) Under reasonable financial and environmental regulations, the synergistic promotion effect of green finance on the green transformation of manufacturing enterprises is more obvious. [Conclusion] This study confirmed the key role played by green finance in the process of green transformation of manufacturing enterprises, and also found that activating the inherent advantages of green finance is more conducive to green transformation promotion of enterprises from multiple internal sources. This study provides reliable empirical evidence and policy inspiration for further improving and optimizing green finance derivative tools and supporting service facilities, as well as accelerating the green transformation of development models in the future.
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