Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China  

作　　者：Chao Tu Zhilong Qin Qingqing Yang 

机构地区：[1]Research Institute of Economics and Management,Southwestern University of Finance and Economics,Chengdu 611130,China [2]West Institute for Economic Research,Southwestern University of Finance and Economics,Chengdu 611130,China [3]School of Labor and Human Resources,Renmin University of China,Beijing 100872,China

出　　处：《Chinese Journal of Population,Resources and Environment》2024年第3期230-240,共11页中国人口·资源与环境（英文版）

基　　金：support was obtained from the Fundamental Research Funds for the Central Universities[Grant No.JBK2307090].

摘　　要：With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

关 键 词：Staggered DID Model China’s carbon emission trading policy Green innovation Corporate financialization DIGITALIZATION 

分 类 号：F27[经济管理—企业管理]