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Do green funds reduce corporate green innovation bubbles: The role of green finance policy

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  • Cai, Qihai
  • Yu, Ze
  • Lin, Yichong

Abstract

This study examines whether and how green funds influence corporate green innovation bubbles within China’s evolving green finance policy. Using panel data on A-share listed firms from 2011 to 2023, this study finds that green funds significantly reduce corporate green innovation bubbles by enhancing environmental information disclosure. Green finance policy amplifies the governance effect of green funds in curbing corporate green innovation bubbles. Heterogeneity tests further indicate that the effect is more pronounced in regions with moderate public environmental attention and high levels of green finance development. This study provides insights for strengthening sustainable and genuine corporate green innovations.

Suggested Citation

  • Cai, Qihai & Yu, Ze & Lin, Yichong, 2026. "Do green funds reduce corporate green innovation bubbles: The role of green finance policy," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026479
    DOI: 10.1016/j.frl.2025.109398
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