IDEAS home Printed from https://ideas.repec.org/a/eee/proeco/v292y2026ics0925527325003172.html

Facilitating net-zero emissions goals through green finance: Enhancing efficiency in corporate green innovation within a two-stage value chain framework

Author

Listed:
  • Liu, Xiuli
  • Cui, Jing
  • Chang, Yukun
  • Bai, Chunguang
  • Yue, Xiaohang
  • Shen, Jun
  • Shi, Qinqin

Abstract

Green finance plays a crucial role in reducing corporate carbon emissions. However, the mechanisms linking green finance to emission reduction remain underexplored. This study examines 1399 Chinese listed companies from 2013 to 2022 to evaluate the carbon-reducing effects of the Green Financial Reform and Innovation Pilot Zone (GFRI). Using a two-stage value chain framework, we decompose green innovation into green technology research and development and green outcomes transformation to analyze the transmission mechanisms. The results show three key findings. First, the implementation of the GFRI significantly reduces corporate carbon emissions, and the results are robust across specifications. Second, the policy effect is stronger among firms in the central and eastern regions and in the manufacturing sector. Third, the carbon reduction effect of the GFRI is primarily driven by improvements in green innovation efficiency. Green outcomes transformation efficiency plays a more critical role than green technology research and development efficiency. These findings suggest that firms should accelerate green innovation processes and strengthen internal regulatory mechanisms to increase the effectiveness of green finance policies in promoting carbon reduction.

Suggested Citation

  • Liu, Xiuli & Cui, Jing & Chang, Yukun & Bai, Chunguang & Yue, Xiaohang & Shen, Jun & Shi, Qinqin, 2026. "Facilitating net-zero emissions goals through green finance: Enhancing efficiency in corporate green innovation within a two-stage value chain framework," International Journal of Production Economics, Elsevier, vol. 292(C).
    • Handle: RePEc:eee:proeco:v:292:y:2026:i:c:s0925527325003172
    DOI: 10.1016/j.ijpe.2025.109832
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0925527325003172
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ijpe.2025.109832?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:proeco:v:292:y:2026:i:c:s0925527325003172. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ijpe .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.