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Green credit subsidies policy, artificial intelligence investment, and corporate green innovation bubbles

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  • Sheng, Qiaoyan
  • Lv, Yan

Abstract

The green credit subsidies policy, as an important combination of fiscal and financial instruments, is exerting a profound impact on corporate green innovation activities. This study treats the policy as a quasi-natural experiment to examine its effects on corporate green innovation bubbles and the underlying mechanisms. The findings indicate that implementing the green credit subsidies policy can significantly curb corporate green innovation bubbles. Mechanism analysis shows that improving environmental information disclosure quality and financing availability are the key channels through which the policy suppresses green innovation bubbles, and artificial intelligence investment plays a significant moderating role in these channels. Further moderation analysis reveals that the higher the level of artificial intelligence investment, the stronger the inhibitory effect of the green credit subsidies policy on green innovation bubbles. Heterogeneity analysis finds that the policy’s suppressive effect is more pronounced in non-state-owned enterprises, non-heavy-pollution industries, and regions with lower government environmental attention.

Suggested Citation

  • Sheng, Qiaoyan & Lv, Yan, 2026. "Green credit subsidies policy, artificial intelligence investment, and corporate green innovation bubbles," Finance Research Letters, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finlet:v:92:y:2026:i:c:s1544612326001005
    DOI: 10.1016/j.frl.2026.109569
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