Can green finance policies inhibit firms'total factor productivity?Empirical evidence from new energy enterprises
YIN Kexin
YANG Ruihan
Abstract：As a crucial driving force for achieving the "dual carbon" goals,green financial policies play a significant role in promoting high-quality enterprise development.This study examines the impact of green financial policies on the total factor productivity(TFP)of new energy enterprises using a sample of 190 A-share listed new energy companies in China from 2009 to 2023.The results indicate that green financial policies significantly inhibit the TFP of new energy enterprises.Through the mediating variable of carbon emissions,a pathway of "policy → emission reduction cost crowding-out/technological lag → TFP suppression" is formed,affecting the TFP of new energy enterprises.This effect is more pronounced in private enterprises,enterprises in the eastern region,and high-tech enterprises.The findings provide support for the construction of differentiated green financial policies.Recommendations include optimizing the allocation of green financial resources,establishing differentiated emission reduction standards and support policies,and strengthening the demonstrative role of state-owned enterprises in green transformation,thereby achieving long-term synergy between efficiency and environmental sustainability.
Keywords：total factor productivitynew energy enterprisesgreen financedifference-in-differences modelanalysis of mechanism of action
Publication Date：2025-12-28
Online Publishing Date：2026-01-30(First online date of this platform, not the publication date of the document)
Pages：11( 220-230 )