Green Finance and Firms Innovation: Evidence from China

DOI: https://doi.org/10.62517/jmsd.202412107

Author(s)

Yulian Liu, Meidan Lai*

Affiliation(s)

School of Economics, Guangzhou College of Commerce, Guangzhou 511363, Guangdong, China *Corresponding Author.

Abstract

With a focus on green finance, this paper utilizes a dual fixed-effect model (DFE) to examine the relationship between enterprise innovation and R&D fund input ratio, as well as the impact of green credit. Through regression analysis, it is apparent that a positive correlation exists between green finance and corporate innovation, which, in turn, bolsters their innovative capabilities and contributes to high-quality economic growth. Additionally, the role of debt repayment risk as an intermediary variable is explored, revealing that green finance does not influence enterprise innovation through this channel.

Keywords

Green Finance; Enterprise Innovation; Due Fixed-Effect Model; Mediation Effect

References

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