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Impacts of green finance policy on enterprise low-carbon transformation

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  • Nooseng, Mingkhwan
  • Du, Danli

Abstract

This study examines the causal effect of how China’s green finance reform and innovation pilot zones (GFPZ) policy affects enterprise-level carbon performance. We use a difference-in-differences (DID) approach with panel data of A-share listed enterprises spanning 2009 to 2023. A triple-differences (DDD) model is further introduced to explore the heterogeneous effects based on ownership structure and industry pollution intensity. The results indicate that the GFPZ policy promoted the low-carbon transformation of pilot enterprises, with ESG performance and CSR training serving as partial mediators. In addition, the policy has a stronger promotional effect in state-owned enterprises but are relatively constrained in heavily polluting industries. The study enriches the understanding of how green finance policies drive enterprise-level sustainability transformation.

Suggested Citation

  • Nooseng, Mingkhwan & Du, Danli, 2026. "Impacts of green finance policy on enterprise low-carbon transformation," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s1544612325021270
    DOI: 10.1016/j.frl.2025.108874
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