Green Finance and New Quality Productivity of Enterprises

Abstract

How to achieve the coordinated development of new quality productivity and economic environment has become a hot issue. This study utilizes the financial statement data of A-share listed companies from 2015 to 2022 as the research sample to empirically examine how the development of green finance affects the new quality productivity of enterprises. The results show that the development of green finance promotes the development of new quality productivity by improving the ESG concept of enterprises and alleviating the financing constraints of enterprises, among which the attention of local governments to green development plays a moderating role. Through the analysis of the heterogeneity, it was found that the green financial of the non-state-owned enterprises, non-pollution, and new mass productivity play a more significant role in promoting. Finally, the reliability of the conclusion is verified by the endogeneity test and robustness test. This research not only provides green financial empirical evidence but also promotes the development of new enterprise productivity and is also beneficial to the state to formulate relevant policies to provide the reference.