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Green finance policy and enterprise energy consumption intensity: Evidence from a quasi-natural experiment in China

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  • Su, Zhifang
  • Guo, Qianqian
  • Lee, Hsiang-Tai

Abstract

Taking the “Green Finance Pilot Zones Policy (GFPZP)” in China in 2017as a quasi-natural experiment, we adopt the difference-in-differences (DID) method to explore the influence of the green finance policy on the energy consumption intensity (ECI) of Chinese A-share listed enterprises. The empirical results reveal that GFPZP exhibits energy-saving effect on enterprises and the impacts of GFPZP on the ECI of enterprises are heterogeneous from perspectives of regional development, industry discrepancies, and enterprise -specific characteristics. GFPZP reduces the ECI of enterprises via both channels of green innovation and environmental governance. Our results facilitate a better understanding of the effectiveness of China's green finance policies on enterprise energy consumption.

Suggested Citation

  • Su, Zhifang & Guo, Qianqian & Lee, Hsiang-Tai, 2022. "Green finance policy and enterprise energy consumption intensity: Evidence from a quasi-natural experiment in China," Energy Economics, Elsevier, vol. 115(C).
    • Handle: RePEc:eee:eneeco:v:115:y:2022:i:c:s0140988322005035
    DOI: 10.1016/j.eneco.2022.106374
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    More about this item

    Keywords

    Green finance pilot zones policy (GFPZP); Energy consumption intensity (ECI); Green innovation; Environmental governance;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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