A Study on the Impact of Green Finance Policies on the Performance of Listed Companies
Using panel data from A-share listed companies in Shanghai and Shenzhen from 2017 to 2022 as samples,and the issu-ance of the Green Finance Evaluation Plan for Banking and Financial Institutions as policy shocks,the DID method is used to test the impact of green finance policies on corporate performance.Research has found that policies significantly promote the performance of polluting enterprises,with non-state-owned and high financial flexibility polluting enterprises receiving a greater positive promotion effect;financing constraints play an indirect mediating effect between green finance policies and corporate performance.Further re-search indicates that large-scale,high financial flexibility,and state-owned enterprises have a stronger ability to alleviate financing con-straints through green finance policies;non state-owned,small-scale,and highly financially flexible enterprises have a stronger ability to improve their performance by reducing financing constraints;the mediating effect of financing constraints on the relationship between green finance policies and firm performance is not significant in low financial flexibility enterprises.
green finance policiesfinancing constraintsenterprise performance
NETL
NSTL
万方数据
