IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v17y2025i19p8790-d1761991.html

Policy Coordination and Green Transformation of STAR Market Enterprises Under “Dual Carbon” Goals

Author

Listed:
  • Wenchao Feng

    (School of Economics and Management, Southwest University, Chongqing 400715, China)

  • Yueyue Liu

    (Sichuan Academy of Agricultural Sciences, Chengdu 610066, China)

  • Zhenxing Liu

    (Sichuan Academy of Agricultural Sciences, Chengdu 610066, China)

Abstract

China’s dual carbon goals necessitate green transformation across industries, with STAR Market enterprises serving as crucial drivers of technological innovation. Existing studies predominantly focus on traditional sectors, overlooking dynamic policy interactions and structural heterogeneity in these technology-intensive firms. This study examines how coordinated environmental tax reforms, green finance initiatives, and equity network synergies collectively shape enterprise green transition, using multi-period difference-in-differences and triple-difference models across 2019 Q3–2023 Q4. By integrating financial records, patent filings, and carbon emission data from 487 STAR Market firms, the analysis identifies environmental cost pressures as the dominant policy driver, complemented by delayed financing incentives and accelerated resource integration through corporate networks. Regional institutional environments further modulate these effects, with areas implementing stricter tax reforms exhibiting stronger outcomes. The findings advocate for adaptive policy designs that align fiscal instruments with regional innovation capacities, optimize financial tools for technology commercialization cycles, and leverage inter-firm networks to amplify sustainability efforts. These insights contribute to refining China’s climate governance framework for emerging technology sectors.

Suggested Citation

  • Wenchao Feng & Yueyue Liu & Zhenxing Liu, 2025. "Policy Coordination and Green Transformation of STAR Market Enterprises Under “Dual Carbon” Goals," Sustainability, MDPI, vol. 17(19), pages 1-25, September.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:19:p:8790-:d:1761991
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/17/19/8790/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/17/19/8790/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Zhang, Shengpeng & Li, Yaokuang & He, Yu & Liang, Ruixin, 2024. "Do vocal cues matter in information disclosure? Evidence from IPO online roadshows in the SSE STAR market," International Review of Financial Analysis, Elsevier, vol. 93(C).
    2. Tao, Miaomiao & Wen, Le & Sheng, Mingyue Selena & Poletti, Stephen, 2024. "Appraising the role of energy conservation and emission reduction policy for eco-friendly productivity improvements: An entropy-balancing DID approach," Energy Economics, Elsevier, vol. 132(C).
    3. Niu, Jingqi & Qiang, Ming & Chen, Mengyang, 2025. "Can the Management's green cognition promote the Enterprise's green Transformation? Based on the perspective of carbon emissions," International Review of Economics & Finance, Elsevier, vol. 102(C).
    4. Cheng, Xuanmei & Ye, Kaite & Min Du, Anna & Bao, Zhenzhen & Chlomou, Grigoria, 2024. "Dual carbon goals and renewable energy innovations," Research in International Business and Finance, Elsevier, vol. 70(PB).
    5. Zhi-Guang Li & Yanrui Wu & Yao-Kuang Li, 2023. "Technical Founders, Digital Transformation and Corporate Technological Innovation: Empirical Evidence from Listed Companies in China’s STAR Market," Economics Discussion / Working Papers 23-03, The University of Western Australia, Department of Economics.
    6. Bo Yang & Yulin Li & Wei Yao & Lin Jiang & Chuanke Zhang & Chao Duan & Yaxing Ren, 2023. "Optimization and Control of New Power Systems under the Dual Carbon Goals: Key Issues, Advanced Techniques, and Perspectives," Energies, MDPI, vol. 16(9), pages 1-4, May.
    7. Huo, Xiaolin & Jiang, Dayan & Qiu, Zhigang & Yang, Sijie, 2022. "The impacts of dual carbon goals on asset prices in China," Journal of Asian Economics, Elsevier, vol. 83(C).
    8. Bo Yang & Jinhang Duan & Zhijian Liu & Lin Jiang, 2024. "Exploring Sustainable Development of New Power Systems under Dual Carbon Goals: Control, Optimization, and Forecasting," Energies, MDPI, vol. 17(16), pages 1-4, August.
    9. Qian, Shuitu & Yang, Zhenyu & Fang, Xia, 2025. "Bank fintech and corporate green transformation quality improvement: based on greenwashing governance perspective," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 401-423.
    10. Xuebing Dong & Shunjie Meng & Liangbo Xu & Yueyou Xin, 2025. "Digital transformation and corporate green innovation forms: evidence from China," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 68(11), pages 2644-2672, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fang, Xia & Zhang, Yun & Lv, Shuqing & Tan, Longxin, 2025. "Does digital finance spatial correlation drive income convergence?," Economic Modelling, Elsevier, vol. 153(C).
    2. Ye, Jingjing & Huang, Feng & Tang, Wenye & Zhao, Lulu, 2025. "Culture and household carbon emissions: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    3. Jiang, Wenbing & Du, Lei & Wei, Huafei & Sun, Helin, 2024. "The influence of urban new energy development orientation on new energy technology innovation in firms," Renewable Energy, Elsevier, vol. 237(PD).
    4. Qiangyi Li & Xiaohui Zhang, 2024. "Effects of Agricultural Trade on Reducing Carbon Emissions under the “Dual Carbon” Target: Evidence from China," Agriculture, MDPI, vol. 14(8), pages 1-25, August.
    5. Yifei Zhou, 2024. "Does the Concept of Green Development Promote High-Quality Urban Development?—An Empirical Analysis Based on the Pilot Policy of the “Zero-Waste City” in China," Sustainability, MDPI, vol. 16(18), pages 1-19, September.
    6. Yang Liu & Sameer Kumar & Huiqing Liu & Shun Li & Ziyun Zhou, 2025. "ESG performance, digital transformation, and green innovation," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-19, December.
    7. Xueyan Xie & Xiaohui Xu, 2024. "The impact of population aging on SME digital transformation: Evidence from China," PLOS ONE, Public Library of Science, vol. 19(5), pages 1-26, May.
    8. Xuejun Li & Jiaxin Qian & Changhai Yang & Boyang Chen & Xiang Wang & Zongnan Jiang, 2024. "New Power System Planning and Evolution Path with Multi-Flexibility Resource Coordination," Energies, MDPI, vol. 17(1), pages 1-20, January.
    9. Wang, Xiaolong & Wang, Di & Zhao, Yanmin, 2025. "Energy storage technology innovation, performance appraisal pressure of officials and energy security: An empirical study in the context of energy transition," Renewable Energy, Elsevier, vol. 251(C).
    10. Huang, Yuhong & Chen, Xiaozhou & Chen, Xinmin, 2026. "Social credit environment and corporate trade credit financing: Evidence from China," Journal of Business Research, Elsevier, vol. 205(C).
    11. Borui Zhang & Bo Liu, 2025. "An Adaptive Scheduling Method for Standalone Microgrids Based on Deep Q-Network and Particle Swarm Optimization," Energies, MDPI, vol. 18(8), pages 1-19, April.
    12. Guo, Chun & Luo, Jingbo, 2026. "Green supply chain management and ESG rating divergence: A quasi-natural experiment in China," Technological Forecasting and Social Change, Elsevier, vol. 223(C).
    13. Xu, Aiting & Song, Miaoyuan & Wu, Yunguang & Luo, Yifan & Zhu, Yuhan & Qiu, Keyang, 2024. "Effects of new urbanization on China's carbon emissions: A quasi-natural experiment based on the improved PSM-DID model," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    14. Hao Liang & Muttahir Hussain & Amir Iqbal, 2025. "The Dynamic Role of Green Innovation Adoption and Green Technology Adoption in the Digital Economy: The Mediating and Moderating Effects of Creative Enterprise and Financial Capability," Sustainability, MDPI, vol. 17(7), pages 1-28, April.
    15. Junjie Yin & Zhenxing Huang & Jiapeng Liu & WeiWei Li, 2026. "Does the green human capital of top management teams affect corporate environmental protection investment decisions?," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-23, December.
    16. Takeuchi, Mamiko, 2026. "The impact of employment protection reform on the working conditions of fixed-term employees in Japan," Economic Analysis and Policy, Elsevier, vol. 89(C), pages 1191-1217.
    17. Daniela Baglieri, 2024. "Turning green hydrogen into firms’ decarbonization strategies: opportunities, challenges, and implications for China," Asian Business & Management, Palgrave Macmillan, vol. 23(5), pages 660-682, November.
    18. Sun, Zhennan & Du, Qunyang & Du, Anna Min & Li, Zhongyuan & Yang, Tianle, 2024. "The information environment and ecological environment perspectives: Capital market openness and firm ESG rating divergence," Research in International Business and Finance, Elsevier, vol. 71(C).
    19. Zhisheng Liang & Shuhong Wu & Youjun He & Caihua Zhou & Jie Yu & Xi Nie & Yunjian Luo & Yuelan Hao & Jianjun Wang & Weiyang Zhao & Qihui Gao & Qinxu Xiu & Jinghui Meng, 2025. "China Certified Emission Reduction Projects: Historical and Current Status, Development, and Future Prospects—Taking Forestry Projects as an Example," Sustainability, MDPI, vol. 17(8), pages 1-24, April.
    20. Kozera, Agnieszka & Satoła, Łukasz & Standar, Aldona, 2024. "European Union co-funded investments in low-emission and green energy in urban public transport in Poland," Renewable and Sustainable Energy Reviews, Elsevier, vol. 200(C).

    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:gam:jsusta:v:17:y:2025:i:19:p:8790-:d:1761991. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: MDPI Indexing Manager The email address of this maintainer does not seem to be valid anymore. Please ask MDPI Indexing Manager to update the entry or send us the correct address (email available below). General contact details of provider: https://www.mdpi.com .

    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.