IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v15y2022i3p801-d731047.html
   My bibliography  Save this article

The Impact of Green Finance on Urban Haze Pollution in China: A Technological Innovation Perspective

Author

Listed:
  • Yiting Zeng

    (School of Economics and Business Administration, Chongqing University, Chongqing 400030, China)

  • Feng Wang

    (School of Economics and Business Administration, Chongqing University, Chongqing 400030, China
    Institution of Energy Economics, Chongqing University, Chongqing 400030, China)

  • Jun Wu

    (School of Economics and Business Administration, Chongqing University, Chongqing 400030, China)

Abstract

Green finance integrates the concept of environmental governance into the financial industry, which is conducive to sustainable development. Applying the mediating effect model, this paper investigates the effect of green finance on urban haze pollution and explores the mediating role of technological innovation of enterprises between them. Based on a sample of 639 enterprises in China over 2016–2019, a significantly negative effect of green finance on urban haze pollution is found. An increase of one standard deviation in green finance decreases PM2.5 concentration by 8.8 μg/m 3 , ceteris paribus. Further, green finance may improve environmental quality by promoting technological innovation. Considering the heterogeneity of enterprise ownership, this mediating effect exists in non-state-owned enterprises, while it cannot be observed in state-owned enterprises. This study proposes a new solution for pollution: using green financial tools to promote environmentally friendly technological progress.

Suggested Citation

  • Yiting Zeng & Feng Wang & Jun Wu, 2022. "The Impact of Green Finance on Urban Haze Pollution in China: A Technological Innovation Perspective," Energies, MDPI, vol. 15(3), pages 1-20, January.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:3:p:801-:d:731047
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/15/3/801/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/15/3/801/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Yu, Chin-Hsien & Wu, Xiuqin & Zhang, Dayong & Chen, Shi & Zhao, Jinsong, 2021. "Demand for green finance: Resolving financing constraints on green innovation in China," Energy Policy, Elsevier, vol. 153(C).
    2. Xiaoxi Li, 2014. "Scientific development and a new green deal," China Finance and Economic Review, Springer, vol. 2(1), pages 1-8, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lu, Angdi & Zhang, Jiang & Li, Jie, 2023. "The impact of export VAT rebate reduction on firms' pollution emissions: Evidence from Chinese enterprises," Energy Economics, Elsevier, vol. 120(C).
    2. Xiaoyang Xu & Yufan Xie & Emma Serwaa Obobisa & Huaping Sun, 2023. "Has the establishment of green finance reform and innovation pilot zones improved air quality? Evidence from China," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-14, December.
    3. Haibei Chen & Xianglian Zhao, 2023. "Use intention of green financial security intelligence service based on UTAUT," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(10), pages 10709-10742, October.
    4. Ping Wang & Hua Bu & Fengqin Liu, 2022. "Internal Control and Enterprise Green Innovation," Energies, MDPI, vol. 15(6), pages 1-20, March.
    5. Chang, Lei & Taghizadeh-Hesary, Farhad & Chen, Huangen & Mohsin, Muhammad, 2022. "Do green bonds have environmental benefits?," Energy Economics, Elsevier, vol. 115(C).
    6. Lingrou Zhu & Yunfeng Shang & Fangbin Qian, 2024. "RETRACTED ARTICLE: Green finance, renewable energy, and inbound tourism: a case study of 30 provinces in China," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-33, April.
    7. Decai Tang & Jing Yan & Xin Sheng & Yuehao Hai & Valentina Boamah, 2023. "Research on Green Finance, Technological Innovation, and Industrial Structure Upgrading in the Yangtze River Economic Belt," Sustainability, MDPI, vol. 15(18), pages 1-17, September.
    8. Huizi Ma & Xuan Miao & Zhen Wang & Xiangrong Wang, 2023. "How Does Green Finance Affect the Sustainable Development of the Regional Economy? Evidence from China," Sustainability, MDPI, vol. 15(4), pages 1-16, February.
    9. Decai Tang & Hui Zhong & Jingyi Zhang & Yongguang Dai & Valentina Boamah, 2022. "The Effect of Green Finance on the Ecological and Environmental Quality of the Yangtze River Economic Belt," IJERPH, MDPI, vol. 19(19), pages 1-17, September.
    10. Libin Feng & Zhengcheng Sun, 2023. "The Impact of Green Finance Pilot Policy on Carbon Intensity in Chinese Cities—Based on the Synthetic Control Method," Sustainability, MDPI, vol. 15(15), pages 1-21, July.
    11. Shaolong Zeng & Qinyi Fu & Fazli Haleem & Yang Shen & Jiedong Zhang, 2023. "Carbon-Reduction, Green Finance, and High-Quality Economic Development: A Case of China," Sustainability, MDPI, vol. 15(18), pages 1-22, September.
    12. Mengjuan Zhang & Mingxing Li & Hongzheng Sun & Fredrick Oteng Agyeman & Hira Salah ud din Khan & Zedong Zhang, 2022. "Investigation of Nexus between Knowledge Learning and Enterprise Green Innovation Based on Meta-Analysis with a Focus on China," Energies, MDPI, vol. 15(4), pages 1-22, February.
    13. Weicheng Xu & Xiaoyi Feng & Yiying Zhu, 2023. "The Impact of Green Finance on Carbon Emissions in China: An Energy Consumption Optimization Perspective," Sustainability, MDPI, vol. 15(13), pages 1-23, July.
    14. Li, Ping & Zhou, Ying & Huang, Sijie, 2023. "Role of information technology in the development of e-tourism marketing: A contextual suggestion," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 307-318.
    15. Zhang, Can & Liang, Qian, 2023. "Natural resources and sustainable financial development: Evidence from South Asian economies," Resources Policy, Elsevier, vol. 80(C).
    16. Hailiang, Zeng & Chau, Ka Yin & Waqas, Muhammad, 2023. "Does green finance and renewable energy promote tourism for sustainable development: Empirical evidence from China," Renewable Energy, Elsevier, vol. 207(C), pages 660-671.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Qadri, Hussain Mohi ud Din & Ali, Hassnian & Abideen, Zain ul & Jafar, Ahmad, 2024. "Mapping the Evolution of Green Finance Research and Development in Emerging Green Economies," Resources Policy, Elsevier, vol. 91(C).
    2. Guo, Shu & Zhang, ZhongXiang, 2023. "Green credit policy and total factor productivity: Evidence from Chinese listed companies," Energy Economics, Elsevier, vol. 128(C).
    3. Tan, Xiujie & Yan, Yaxue & Dong, Yuyang, 2022. "Peer effect in green credit induced green innovation: An empirical study from China's Green Credit Guidelines," Resources Policy, Elsevier, vol. 76(C).
    4. Yongjian Wang & Fei Wang & Wenbo Li, 2023. "Effects of the Carbon Credit Policy on the Capital-Constrained Manufacturer’s Remanufacturing and Emissions Decisions," IJERPH, MDPI, vol. 20(5), pages 1-17, February.
    5. Ronaldo, Reza & Suryanto, Tulus, 2022. "Green finance and sustainability development goals in Indonesian Fund Village," Resources Policy, Elsevier, vol. 78(C).
    6. Wang, Mei Ling, 2023. "Effects of the green finance policy on the green innovation efficiency of the manufacturing industry: A difference-in-difference model," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
    7. Sumin Hu & Qi Zhu & Xia Zhao & Ziyue Xu, 2023. "Digital Finance and Corporate Sustainability Performance: Promoting or Restricting? Evidence from China’s Listed Companies," Sustainability, MDPI, vol. 15(13), pages 1-16, June.
    8. Lee, Chien-Chiang & Wang, Fuhao & Lou, Runchi & Wang, Keying, 2023. "How does green finance drive the decarbonization of the economy? Empirical evidence from China," Renewable Energy, Elsevier, vol. 204(C), pages 671-684.
    9. Jia, Junsheng & He, Xiaoyu & Zhu, Taiyu & Zhang, Eryu, 2023. "Does green finance reform promote corporate green innovation? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    10. Cui, Xin & Wang, Chunfeng & Sensoy, Ahmet & Liao, Jing & Xie, Xiaochen, 2023. "Economic policy uncertainty and green innovation: Evidence from China," Economic Modelling, Elsevier, vol. 118(C).
    11. Jianfei Zhao & Anan Pongtornkulpanich & Wenjin Cheng, 2022. "The Impact of Board Size on Green Innovation in China’s Heavily Polluting Enterprises: The Mediating Role of Innovation Openness," Sustainability, MDPI, vol. 14(14), pages 1-20, July.
    12. Zhang, Lixia & Sun, Huaping & Pu, Tianlong & Sun, Hui & Chen, Zhenling, 2024. "Do green finance and hi-tech innovation facilitate sustainable development? Evidence from the Yangtze River Economic Belt," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 1430-1442.
    13. Wang, Quan-Jing & Wang, Hai-Jie & Chang, Chun-Ping, 2022. "Environmental performance, green finance and green innovation: What's the long-run relationships among variables?," Energy Economics, Elsevier, vol. 110(C).
    14. Ning Zhang & Jinhua Sun & Yu Tang & Jianqun Zhang & Valentina Boamah & Decai Tang & Xiaoxue Zhang, 2023. "How Do Green Finance and Green Technology Innovation Impact the Yangtze River Economic Belt’s Industrial Structure Upgrading in China? A Moderated Mediation Effect Model Based on Provincial Panel Data," Sustainability, MDPI, vol. 15(3), pages 1-22, January.
    15. Xinghua Fan & Xuxia Li & Jiuli Yin, 2019. "Impact of environmental tax on green development: A nonlinear dynamical system analysis," PLOS ONE, Public Library of Science, vol. 14(9), pages 1-23, September.
    16. Bingwen Wang & Chen Wang, 2023. "Green Finance and Technological Innovation in Heavily Polluting Enterprises: Evidence from China," IJERPH, MDPI, vol. 20(4), pages 1-16, February.
    17. Du, Lixia & Geng, Baiyang, 2024. "Financial technology and financing constraints," Finance Research Letters, Elsevier, vol. 60(C).
    18. Deng, Hong & Li, You & Lin, Yongjia, 2023. "Green financial policy and corporate risk-taking: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PB).
    19. Shi, Jinyan & Yu, Conghui & Li, Yanxi & Wang, Tianhe, 2022. "Does green financial policy affect debt-financing cost of heavy-polluting enterprises? An empirical evidence based on Chinese pilot zones for green finance reform and innovations," Technological Forecasting and Social Change, Elsevier, vol. 179(C).
    20. Bai, Rui & Lin, Boqiang, 2023. "Nexus between green finance development and green technological innovation: A potential way to achieve the renewable energy transition," Renewable Energy, Elsevier, vol. 218(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:15:y:2022:i:3:p:801-:d:731047. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.