How does Green Finance Reform Affect Enterprise Green Technology Innovation? Quasi-natural Test Based on Pilot Zones for Green Finance Reform and Innovations

Published: 3 September 2021| Version 1 | DOI: 10.17632/s2xdhynyz4.1
jiahui wu


This paper uses A-share listed enterprises from 2011 to 2018 as a sample to examine the impact of the establishment of GFRI on corporate green technological innovation. Source: CSMAR & IncoPat. (1) Dependent Variables Enterprise green technology innovation, expressed in terms of the number of green patent applications filed by enterprises. (2)Independent Variables Year is a dummy variable for the occurrence of the policy and Treat is a dummy variable for GFRI, which takes 1 if the enterprise is registered in the pilot region and 0 otherwise. (3) Control Variables Enterprise size: the logarithm of the enterprise's total assets at the end of the year. Enterprise age: statistical year - year of enterprise establishment + 1. Tobin's Q ratio: the ratio of the market value of a enterprise to its replacement capital value. Gearing ratio: a ratio of end of period liabilities to end of period total assets. Return on assets: divide a enterprise's net profit by its total assets.



University of Macau Faculty of Business Administration


Social Sciences