Research on the Impact Mechanism of Green Finance on the Green Total Factor Productivity of Industrial Enterprises in the Yellow River Basin
Improving the green total factor productivity of industrial enterprises is a crucial aspect of achieving high-quality green development in the Yellow River Basin,and this is inseparable from robust support of green finance.This paper uses data from A-share listed industrial enterprises in the Yellow River Basin from 2010 to 2021 and employs the SBM-DDF-GML index to measure their GTFP.The study examines the impact of green finance on GTFP and its underlying mechanisms.The results indicate a"U-shaped"relationship between green finance and GTFP,initially showing a suppression followed by a subsequent rise.Mechanism tests reveal that financing constraints and technological innovation respectively serve as mediating and moderating factors in this"U-shaped"relationship.Heterogeneity tests indicate that the GTFP of industrial enterprises in the middle and upper reaches of the Yellow River Basin is more significantly influenced by green finance compared to those in the downstream regions.These findings enrich and expand the nonlinear logic research between green finance and GTFP of industrial enterprises,provid empirical evidence and decision support for promoting high-quality development of the Yellow River Basin through green finance.
green financegreen total factor productivityfinancing constraintstechnological innovation
万方数据
维普
