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Green finance policy, policy driving and new quality productivity

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  • Wang, Ying
  • Liu, Mingyue

Abstract

This study investigates the impact of green finance policies on new quality productivity using a multi-period difference-in-differences approach based on panel data from 285 Chinese prefectural cities (2011–2023). We find that green finance policies significantly promote new quality productivity with a baseline coefficient of 0.122 (p < 0.01). The effects are heterogeneous across regions, being more pronounced in areas with higher economic density, eastern regions, and those with moderate fiscal pressure. Mechanism analysis reveals that green credit subsidies and environmental courts serve as significant policy drivers, accounting for 14.64% and 4.77% of the total effect, respectively. Our findings highlight the importance of tailored policy design and regional coordination to maximize the productivity benefits of green finance.

Suggested Citation

  • Wang, Ying & Liu, Mingyue, 2026. "Green finance policy, policy driving and new quality productivity," Finance Research Letters, Elsevier, vol. 94(C).
    • Handle: RePEc:eee:finlet:v:94:y:2026:i:c:s1544612326002291
    DOI: 10.1016/j.frl.2026.109698
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    Keywords

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    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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