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

IF 13.6 2区经济学 Q1 ECONOMICS Energy Economics Pub 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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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.