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Green Finance Pilot and Carbon Efficiency

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  • Tingyuan Chen

    (University of International Business and Economics)

Abstract

The Green Finance Reform and Innovation Pilot Zone policy is a key institutional innovation for China’s “dual carbon” goals. Using A-share listed companies from 2011 to 2024, this study treats pilot zone establishment as a quasi-natural experiment and employs a multi-period difference-in-differences model to evaluate the policy’s impact on enterprise total factor carbon emission rate (TFCE) and mechanisms. Findings reveal: (1) The policy significantly enhances enterprise TFCE, robust to parallel trend, placebo, PSM-DID, and other tests. (2) Mechanism analysis shows reducing financing costs and stimulating green technology innovation are core transmission channels. (3) Heterogeneity analysis indicates non-state-owned and high-tech firms respond more positively, with stronger effects in central/western regions and lower financial development cities. This paper provides causal evidence on micro-level effects of green finance and offers implications for improving green finance systems and promoting corporate low-carbon transition.

Suggested Citation

  • Tingyuan Chen, 2026. "Green Finance Pilot and Carbon Efficiency," Advances in Economics, Business and Management Research,, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6239-672-2_62
    DOI: 10.2991/978-94-6239-672-2_62
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