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Green finance, intelligent transformation, and corporate investment efficiency

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  • Wang, Qiulin
  • Wei, Wei
  • Guo, Yan

Abstract

Based on panel data of China's specialized and sophisticated enterprises from 2011 to 2023, this paper systematically explores the evolutionary patterns and mechanisms of corporate investment efficiency under the dual background of green finance and intelligent transformation. The study finds that, firstly, green finance can significantly enhance corporate investment efficiency; secondly, intelligent transformation exerts a negative moderating effect on the relationship between green finance and investment efficiency; thirdly, financing costs serve as a partial mediating pathway through which green finance influences investment efficiency; fourthly, significant regional heterogeneity exists, with the central region exhibiting the most prominent efficiency-enhancing effect of green finance.

Suggested Citation

  • Wang, Qiulin & Wei, Wei & Guo, Yan, 2025. "Green finance, intelligent transformation, and corporate investment efficiency," Finance Research Letters, Elsevier, vol. 86(PD).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pd:s1544612325019518
    DOI: 10.1016/j.frl.2025.108697
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