Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China

In the post-epidemic era, green finance plays a more significant role in supporting the “green recovery” of the economy, so it is necessary to evaluate the implementation effect of previous green financial policies. In 2017, the green finance reform and innovation pilot zone set up in five provinces...

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Autores principales:	Jun Hu, Juncheng Li, Xiangyu Li, Yueyue Liu, Wenwei Wang, Liansheng Zheng
Formato:	article
Lenguaje:	EN
Publicado:	Frontiers Media S.A. 2021
Materias:	COVID-19 green recovery green finance green enterprise pilot zone enterprise value Public aspects of medicine RA1-1270
Acceso en línea:	https://doaj.org/article/5e2ad43e6d3249dda5a4f3d01cf1c044
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spelling	oai:doaj.org-article:5e2ad43e6d3249dda5a4f3d01cf1c0442021-11-19T05:35:44ZWill Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China2296-256510.3389/fpubh.2021.794195https://doaj.org/article/5e2ad43e6d3249dda5a4f3d01cf1c0442021-11-01T00:00:00Zhttps://www.frontiersin.org/articles/10.3389/fpubh.2021.794195/fullhttps://doaj.org/toc/2296-2565In the post-epidemic era, green finance plays a more significant role in supporting the “green recovery” of the economy, so it is necessary to evaluate the implementation effect of previous green financial policies. In 2017, the green finance reform and innovation pilot zone set up in five provinces and autonomous regions made an exploration in the development of green finance. From the perspective of micro-enterprises, can this policy play a beneficial policy effect in the long run? Based on the quasi-natural experiment of green finance pilot, using the data of A-share listed companies, this paper empirically tests the impact of pilot policies on the long-term value of green enterprises in pilot areas. It is found that, compared with non-pilot zones, the green finance pilot enables a significant increase in the Tobin Q-measured value of green enterprises in the pilot zones. Heterogeneity analysis shows that green finance pilot has a more significant impact on non-state-owned enterprises, enterprises in traditional industries, large enterprises, and enterprises in the eastern region of China. Green finance pilot zone can achieve better policy effects in areas with stronger environmental impact regulation and higher financial development levels. The mechanism test shows that the green finance pilot affects the long-term value of green enterprises through the capital market effect improving the stock trading activity of enterprises and through the real effect improving the operational efficiency and profitability of enterprises. From the perspective of micro-enterprises, this paper enriches the research on the development effect of green finance and provides theoretical support for the effect evaluation of green finance pilot policies.Jun HuJuncheng LiXiangyu LiYueyue LiuWenwei WangLiansheng ZhengFrontiers Media S.A.articleCOVID-19green recoverygreen financegreen enterprisepilot zoneenterprise valuePublic aspects of medicineRA1-1270ENFrontiers in Public Health, Vol 9 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	COVID-19 green recovery green finance green enterprise pilot zone enterprise value Public aspects of medicine RA1-1270
spellingShingle	COVID-19 green recovery green finance green enterprise pilot zone enterprise value Public aspects of medicine RA1-1270 Jun Hu Juncheng Li Xiangyu Li Yueyue Liu Wenwei Wang Liansheng Zheng Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China
description	In the post-epidemic era, green finance plays a more significant role in supporting the “green recovery” of the economy, so it is necessary to evaluate the implementation effect of previous green financial policies. In 2017, the green finance reform and innovation pilot zone set up in five provinces and autonomous regions made an exploration in the development of green finance. From the perspective of micro-enterprises, can this policy play a beneficial policy effect in the long run? Based on the quasi-natural experiment of green finance pilot, using the data of A-share listed companies, this paper empirically tests the impact of pilot policies on the long-term value of green enterprises in pilot areas. It is found that, compared with non-pilot zones, the green finance pilot enables a significant increase in the Tobin Q-measured value of green enterprises in the pilot zones. Heterogeneity analysis shows that green finance pilot has a more significant impact on non-state-owned enterprises, enterprises in traditional industries, large enterprises, and enterprises in the eastern region of China. Green finance pilot zone can achieve better policy effects in areas with stronger environmental impact regulation and higher financial development levels. The mechanism test shows that the green finance pilot affects the long-term value of green enterprises through the capital market effect improving the stock trading activity of enterprises and through the real effect improving the operational efficiency and profitability of enterprises. From the perspective of micro-enterprises, this paper enriches the research on the development effect of green finance and provides theoretical support for the effect evaluation of green finance pilot policies.
format	article
author	Jun Hu Juncheng Li Xiangyu Li Yueyue Liu Wenwei Wang Liansheng Zheng
author_facet	Jun Hu Juncheng Li Xiangyu Li Yueyue Liu Wenwei Wang Liansheng Zheng
author_sort	Jun Hu
title	Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China
title_short	Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China
title_full	Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China
title_fullStr	Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China
title_full_unstemmed	Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China
title_sort	will green finance contribute to a green recovery? evidence from green financial pilot zone in china
publisher	Frontiers Media S.A.
publishDate	2021
url	https://doaj.org/article/5e2ad43e6d3249dda5a4f3d01cf1c044
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Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China

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