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The mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor

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  • Zhu, Zhongwei
  • Hua, Qian
  • Xu, Shuai
  • Lin, Weiwei

Abstract

This paper aims to measure the development levels of China's green finance (GF) and new quality productive forces (NQPFs), and explore the mechanism and heterogeneous effects of GF on the development of NQPFs. By employing the data envelopment analysis and the entropy value method, this paper innovatively constructs a new multi-dimensional evaluation system of "GF-NQPFs". And the study sheds light on the promotion effect of GF on NQPFs from the perspectives of technological innovation and data factors. The study presents three key findings. Firstly, the development level of China's GF has been steadily rising, with the scale of key indicators such as green investment expanding. Secondly, GF can efficiently drive forward the progress of NQPFs. Thirdly, the mechanism through which GF promotes the development of NQPFs is chiefly manifested in two aspects: technological innovation and data factors. The discovery of the driving mechanism of technological innovation and data factors and the key role of green investment provides a scientific reference for developing China's GF and improving NQPFs.

Suggested Citation

  • Zhu, Zhongwei & Hua, Qian & Xu, Shuai & Lin, Weiwei, 2025. "The mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor," Research in International Business and Finance, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:riibaf:v:79:y:2025:i:c:s0275531925002946
    DOI: 10.1016/j.ribaf.2025.103038
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