The concepts of carbon reduction,pollution reduction,green expansion,and growth delineate the foundation of today's high-quality green development in China.The synergistic development of corporate carbon reduction,pollution reduction,green expansion,and growth is an important pathway to achieving sustainable economic growth.It optimizes resource allocation,enhances energy efficiency,reduces environmental burdens,and promotes ecological civilization,while also strengthening corporate social responsibility and market competitiveness,ultimately advancing the overall goals of sustainable development in society.Green finance policies have facilitated corporate green development by reducing costs and increasing efficiency;they do so by lowering financing costs and directing funds toward environmental projects,which significantly contributes to carbon reduction,pollution reduction,and green expansion.This study utilizes data from China's A-share listed companies from 2012 to 2022 and employs a difference-in-differences approach to assess the impact of pilot policies in green finance reform and innovation experimental zones on corporate carbon reduction,pollution reduction,and green expansion.The findings reveal that the establishment of green finance reform and innovation experimental zones has significantly promoted corporate efforts in carbon reduction,pollution reduction,and green expansion.Mechanism analysis indicates that these pilot policies optimize the allocation of financial resources by alleviating financing constraints.Heterogeneity analysis shows that the pilot policies have a more pronounced effect on heavily polluting enterprises,small-scale companies,firms with strong green innovation capabilities,and those located in eastern regions.This paper provides empirical evidence for seeking green finance reforms that align with the theory of ecological economic balance,offering a reference for corporate green transformation and the sustainable utilization of resources in harmonious economic and social development.
Green FinanceGreen Finance Reform Pilot ZoneFinancing ConstraintsCarbon Reduction,Pollution Reduction,Green Expansion,and Economic GrowthHeavily Polluting Enterprises
NETL
NSTL
万方数据
