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Green finance reform pilot zones promote green technology innovation in industrial enterprises

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  • Jin, Bo
  • Xie, Yutong
  • Huang, Jie

Abstract

This study takes the green finance reform and innovation pilot zones established by the State Council in 2017 as the research object, systematically evaluating the policy's impact on green technology innovation in real enterprises and its underlying mechanisms. The findings reveal that, firstly, the policy of green finance reform and innovation pilot zones significantly enhances the green technology innovation capabilities of real enterprises within the regions. Mechanism analysis indicates that the pilot zone policy drives enterprises to proactively advance energy structure transformation and low-carbon upgrades of production processes by strengthening environmental regulatory standards. Finally, the development of digital inclusive finance significantly amplifies the policy's effects.

Suggested Citation

  • Jin, Bo & Xie, Yutong & Huang, Jie, 2025. "Green finance reform pilot zones promote green technology innovation in industrial enterprises," Finance Research Letters, Elsevier, vol. 86(PA).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pa:s1544612325015740
    DOI: 10.1016/j.frl.2025.108320
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    References listed on IDEAS

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    1. Qin, Meng & LOBONŢ, Oana-Ramona & Zhou, Haigang & Hsueh, Hsin-Pei, 2026. "Enabler or barrier? Evaluating the effectiveness of green financial assets in hedging against uncertainties," Finance Research Letters, Elsevier, vol. 88(C).
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    3. Li, Jun & Xu, Chong & Li, Jiajia, 2025. "Capital flows consequences of local green finance policies in China," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1544-1565.

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