IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v82y2025ics1544612325008219.html

Can green bonds enhance enterprises’ total factor productivity? The impacts of macroeconomic policy adjustment and ownership heterogeneity

Author

Listed:
  • Ling, Dian
  • Li, Xiaohong

Abstract

Using a dataset of Chinese listed companies from 2009 to 2023, this study investigates the impact of green bonds on corporate total factor productivity (TFP). Furthermore, it examines the regulatory effects of macroeconomic policies and ownership heterogeneity. The findings are as follows: green bonds positively influence boosting enterprises’ TFP. Moreover, the uncertainty of economic policies moderates the relationship between green bonds and enterprise TFP. The impact of green bonds on TFP varies significantly between state-owned and private enterprises.

Suggested Citation

  • Ling, Dian & Li, Xiaohong, 2025. "Can green bonds enhance enterprises’ total factor productivity? The impacts of macroeconomic policy adjustment and ownership heterogeneity," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008219
    DOI: 10.1016/j.frl.2025.107562
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325008219
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.107562?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Liu, Yang & Wang, Jianda & Dong, Kangyin & Taghizadeh-Hesary, Farhad, 2023. "How does natural resource abundance affect green total factor productivity in the era of green finance? Global evidence," Resources Policy, Elsevier, vol. 81(C).
    2. Wang, En-Ze & Lee, Chien-Chiang, 2022. "The impact of clean energy consumption on economic growth in China: Is environmental regulation a curse or a blessing?," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 39-58.
    3. Bai, Caiquan & Liu, Hangjuan & Zhang, Rongjie & Feng, Chen, 2023. "Blessing or curse? Market-driven environmental regulation and enterprises' total factor productivity: Evidence from China's carbon market pilots," Energy Economics, Elsevier, vol. 117(C).
    4. Wang, Di & Shao, Xuefeng, 2024. "Research on the impact of digital transformation on the production efficiency of manufacturing enterprises: Institution-based analysis of the threshold effect," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 883-897.
    5. Feng, Chao & Zhong, Siqi & Wang, Miao, 2024. "How can green finance promote the transformation of China's economic growth momentum? A perspective from internal structures of green total-factor productivity," Research in International Business and Finance, Elsevier, vol. 70(PA).
    6. Lee, Chi-Chuan & Lee, Chien-Chiang, 2022. "How does green finance affect green total factor productivity? Evidence from China," Energy Economics, Elsevier, vol. 107(C).
    7. Xiaoli Hao & Xinhui Wang & Haitao Wu & Yu Hao, 2023. "Path to sustainable development: Does digital economy matter in manufacturing green total factor productivity?," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 360-378, February.
    8. Deng, Xiang & Li, Weihao & Ren, Xiaohang, 2023. "More sustainable, more productive: Evidence from ESG ratings and total factor productivity among listed Chinese firms," Finance Research Letters, Elsevier, vol. 51(C).
    9. Han, Yingwei & Li, Jie, 2022. "Should investors include green bonds in their portfolios? Evidence for the USA and Europe," International Review of Financial Analysis, Elsevier, vol. 80(C).
    10. Ye, Xiang & Rasoulinezhad, Ehsan, 2023. "Assessment of impacts of green bonds on renewable energy utilization efficiency," Renewable Energy, Elsevier, vol. 202(C), pages 626-633.
    11. Ma, Dandan & Zhang, Yunhan & Ji, Qiang & Zhao, Wan-Li & Zhai, Pengxiang, 2024. "Heterogeneous impacts of climate change news on China's financial markets," International Review of Financial Analysis, Elsevier, vol. 91(C).
    12. Chen, Yang & Yang, Shengping & Li, Quan, 2022. "How does the development of digital financial inclusion affect the total factor productivity of listed companies? Evidence from China," Finance Research Letters, Elsevier, vol. 47(PB).
    13. Cheng, Yiran & Zhou, Xiaorui & Li, Yongjian, 2023. "The effect of digital transformation on real economy enterprises’ total factor productivity," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 488-501.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chen, Hong & Yu, Zuwei & Hu, Shangui, 2025. "Digital economy, human capital accumulation, and corporate green total factor productivity: Based on strategic emerging industries," International Review of Financial Analysis, Elsevier, vol. 103(C).
    2. Ge, Shilong & Luo, Xiaodan & Li, Yuangang & Zheng, Lanxing, 2024. "The impact of green credit policy on total factor productivity of enterprises," International Review of Economics & Finance, Elsevier, vol. 95(C).
    3. Zhonghua Cheng & Lele Han, 2025. "Environmental and social governance performance and enterprise total factor productivity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1411-1428, April.
    4. Ma, Baolin & Li, Yongxin & Zhou, Bo & Jian, Yaode & Zhang, Cheng & An, Jin, 2025. "The green development mechanism of the Beijing-Tianjin-Hebei coordinated development strategy in China: Novel evidence of green finance," International Review of Economics & Finance, Elsevier, vol. 98(C).
    5. Ren, Yuheng & Zhang, Jue & Wang, Xin, 2024. "How does data factor utilization stimulate corporate total factor productivity: A discussion of the productivity paradox," International Review of Economics & Finance, Elsevier, vol. 96(PC).
    6. Tenaw, Dagmawe, 2025. "Green and traditional productivity growth with natural capital: The role of resource depletion, environmental damages and sectoral composition," Resources Policy, Elsevier, vol. 103(C).
    7. Wang, Hongyan & Cheng, Jiandong & Zhou, Hang, 2025. "Tax administration informatization, financial tightened regulation, and firm productivity: A quasi-natural experiment based on the "Golden Tax Phase III project"," International Review of Economics & Finance, Elsevier, vol. 98(C).
    8. Dong, Xueqin & Dong, Dongdong & Huang, Lilong, 2025. "Enhancing corporate total factor productivity: The dual drivers of inclusive finance and technological progress," International Review of Financial Analysis, Elsevier, vol. 103(C).
    9. Lu, Huaixin & Liao, Xinlin & Wu, Youqun, 2024. "From resource curse to green renaissance: Analyzing the dynamics of natural resource abundance on China's green total factor productivity during business cycles," Resources Policy, Elsevier, vol. 89(C).
    10. Liu, Yan & Zheng, Yinglong & Li, Juan & Cheng, Xuemei, 2025. "Corporate litigation risk and total factor productivity: The mechanism of financing constraints," Finance Research Letters, Elsevier, vol. 79(C).
    11. Zhang, Pei & Hao, Dongyang, 2023. "Enterprise financial management and fossil fuel energy efficiency for green economic growth," Resources Policy, Elsevier, vol. 84(C).
    12. Fang, Ling & Shen, Ye, 2025. "Digital economy enabling high-quality development of agricultural Enterprises: Interaction, inner mechanism and strategic orientation," International Review of Economics & Finance, Elsevier, vol. 103(C).
    13. Qadri, Hussain Mohi ud Din & Ali, Hassnian & Abideen, Zain ul & Jafar, Ahmad, 2024. "Mapping the Evolution of Green Finance Research and Development in Emerging Green Economies," Resources Policy, Elsevier, vol. 91(C).
    14. Da Gao & Xiaotian Zhou & Jing Wan, 2024. "Unlocking sustainability potential: The impact of green finance reform on corporate ESG performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4211-4226, September.
    15. Wu, Jiaying & Yang, Yu, 2025. "Intellectual property protection and corporate investment efficiency: An analysis of the moderating effect based on financial technology transfer," Finance Research Letters, Elsevier, vol. 84(C).
    16. Lee, Chien-Chiang & He, Zhi-Wen, 2022. "Natural resources and green economic growth: An analysis based on heterogeneous growth paths," Resources Policy, Elsevier, vol. 79(C).
    17. Lee, Chien-Chiang & He, Zhi-Wen & Xiao, Fu, 2022. "How does information and communication technology affect renewable energy technology innovation? International evidence," Renewable Energy, Elsevier, vol. 200(C), pages 546-557.
    18. Ma, Zongguo & Ding, Chenhui & Wang, Xu & Huang, Qiaozhi, 2025. "Carbon emission reduction development, digital economy, and green transformation of China's manufacturing industry," International Review of Financial Analysis, Elsevier, vol. 102(C).
    19. Buhari Doğan & Sunil Tiwari & Brahim Bergougui & Sudeshna Ghosh & Daniel Balsalobre‐Lorente, 2025. "Green Innovation and Fiscal Spending: Decoding the Path to Sustainable Development," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(4), pages 6307-6327, August.
    20. Mo Bai & Weixuan Wang, 2024. "Role of green bonds in developing ESG projects in Eastern provinces of China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008219. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.