Green finance and job creation: Analyzing employment effects in China's manufacturing industry within green finance innovation and reform pilot zones

IF 14.2 2区经济学 Q1 ECONOMICS Energy Economics Pub Date : 2025-01-01 Epub Date: 2024-11-26 DOI:10.1016/j.eneco.2024.108090

Bowen Fu , Yixiang Zhang , Sholeh Maani , Le Wen

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Abstract

As environmental issues related to global climate change intensify, green finance (GF) policies have emerged as vital tools for promoting sustainable development. This study examines the impact of GF policies on employment in China's manufacturing sector. Using unbalanced panel data of Chinese listed manufacturing enterprises from 2012 to 2021, and employing the difference-in-differences model, this study analyzes the impact of establishing China's GF innovation and reform pilot zones on manufacturing employment. The results show that the implementation of GF policies significantly increases employment in the manufacturing sector, with a more pronounced effect in non-state-owned enterprises, non-heavy-polluting industries, and high-tech manufacturing enterprises. Additionally, the study finds that GF policies alleviate financing constraints, enhancing employment levels in manufacturing enterprises. This research contributes to the existing literature by elucidating the employment effects of GF and providing insights for policymakers to use in fostering GF for economic growth.

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绿色金融与就业：绿色金融创新与改革试验区中国制造业就业效应分析

随着与全球气候变化相关的环境问题日益加剧，绿色金融政策已成为促进可持续发展的重要工具。本研究考察了GF政策对中国制造业就业的影响。本文利用2012 - 2021年中国制造业上市企业的非平衡面板数据，采用差异中的差异模型，分析了设立中国广泛性创新改革试验区对制造业就业的影响。结果表明：制造业就业显著增加，其中非国有企业、非重污染行业和高新技术制造企业的就业效果更为明显；此外，研究发现，广发政策缓解了融资约束，提高了制造业企业的就业水平。本研究对现有文献的贡献在于阐明了GF对就业的影响，并为政策制定者提供了促进GF促进经济增长的见解。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.