Fiscal reform and green innovation: Evidence from China's local debt management reform

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-04-01 Epub Date: 2025-02-11 DOI:10.1016/j.frl.2025.106937

Tian Li , Feng Qi

引用次数: 0

Abstract

This quasi-natural experimental study examines how China's local government debt management reform affects corporate green innovation. The findings show that the reform significantly promotes green innovation by reducing financial constraints and efficient resource allocation. Mechanism analysis reveals that while higher default risk strengthens the effects of the reform, firms with higher total factor productivity (TFP) benefit more from resource optimization and policy incentives. Heterogeneity analysis shows stronger impacts in regions with less developed markets and firms with high capital density. These findings are confirmed through robustness tests. This study underscores the importance of macroeconomic policies in driving sustainable development and corporate innovation.

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财政改革与绿色创新：来自中国地方债务管理改革的证据

这一准自然实验研究考察了中国地方政府债务管理改革对企业绿色创新的影响。研究结果表明，改革通过减少资金约束和有效的资源配置，显著促进了绿色创新。机制分析表明，违约风险越高，改革效果越强，全要素生产率越高的企业从资源优化和政策激励中获益越多。异质性分析表明，市场欠发达地区和资本密度高的企业对经济的影响更大。这些发现通过稳健性检验得到了证实。这项研究强调了宏观经济政策在推动可持续发展和企业创新方面的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance