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Impact of China’s climate-resilient city pilot policy on enterprises’ green technological innovation

Author

Listed:
  • Zhang, Xiaowei
  • Liu, Jiayin
  • Wang, Fan

Abstract

Using green patent data from Chinese A-share listed companies spanning 2010–2024, this study takes China’s initial 2017 climate-resilient city pilot policy implementation as a quasinatural experiment to examine the impact of the pilot policy on enterprises’ green technological innovation (GTI) and its underlying mechanism using a difference-in-differences model. Notably, the policy significantly promotes enterprises’ GTI, mainly by strengthening regional environmental regulation and alleviating enterprises’ financing constraints,with a long-term driving effect. Heterogeneity analysis demonstrates that the policy’s effect on enterprises’ GTI is primarily reflected in green invention patents. In addition, large-scale, state-owned, and high-market development enterprises and those in high-pollution industries are more affected. Our conclusions provide empirical evidence and valuable insights for China to refine the climate-resilient city pilot policy to strike a balance between adaptation and mitigation, as well as other countries to implement or improve similar policies.

Suggested Citation

  • Zhang, Xiaowei & Liu, Jiayin & Wang, Fan, 2026. "Impact of China’s climate-resilient city pilot policy on enterprises’ green technological innovation," Finance Research Letters, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finlet:v:92:y:2026:i:c:s1544612326001017
    DOI: 10.1016/j.frl.2026.109570
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