Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firms
Green technology transformation is crucial for China to achieve its carbon peak and carbon neutrality goals. We use green transformation keywords extracted from the annual reports of listed firms to construct a green technology transformation intensity index for enterprises and investigate the impac...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2024-03-01
|
| Series: | Heliyon |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844024038726 |
| _version_ | 1797224194799304704 |
|---|---|
| author | Jue Feng Yingdong Wang Wenzhi Xi |
| author_facet | Jue Feng Yingdong Wang Wenzhi Xi |
| author_sort | Jue Feng |
| collection | DOAJ |
| description | Green technology transformation is crucial for China to achieve its carbon peak and carbon neutrality goals. We use green transformation keywords extracted from the annual reports of listed firms to construct a green technology transformation intensity index for enterprises and investigate the impact of green technology transformation on corporate financial constraints. Our findings indicate that green technology transformation significantly mitigates corporate financial constraints, with green subsidies and debt financing as crucial mechanisms. Moreover, this effect is particularly pronounced in high-carbon-intensity industries, firms with fewer political connections, and firms affected by the carbon trading pilot. Additionally, digital and green transformations have a synergistic effect on alleviating corporate financial constraints. Therefore, we should promote the green technology transformation of enterprises and guide green finance to serve the real economy, effectively solve the financing dilemma of green enterprises, and provide strong green kinetic energy for sustainable development. |
| first_indexed | 2024-04-24T13:49:15Z |
| format | Article |
| id | doaj.art-4d85f6f22d6f406e90f1675e16e4e65a |
| institution | Directory Open Access Journal |
| issn | 2405-8440 |
| language | English |
| last_indexed | 2024-04-24T13:49:15Z |
| publishDate | 2024-03-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj.art-4d85f6f22d6f406e90f1675e16e4e65a2024-04-04T05:06:08ZengElsevierHeliyon2405-84402024-03-01106e27841Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firmsJue Feng0Yingdong Wang1Wenzhi Xi2Department of Economics and Management, Yuncheng University, Yuncheng, China; School of Finance, Zhongnan University of Economics and Law, Wuhan, ChinaSchool of Finance, Zhongnan University of Economics and Law, Wuhan, China; Strategic Studies Institute, Hubei Yangtze Labs, Wuhan, China; Corresponding author. School of Finance, Zhongnan University of Economics and Law, 182# Nanhu Avenue, Wuhan, 430073, Hubei, China.School of Statistics and Mathematics, Zhongnan University of Economics and Law, Wuhan, China; Department of Statistics, The Chinese University of Hong Kong, Hong Kong, ChinaGreen technology transformation is crucial for China to achieve its carbon peak and carbon neutrality goals. We use green transformation keywords extracted from the annual reports of listed firms to construct a green technology transformation intensity index for enterprises and investigate the impact of green technology transformation on corporate financial constraints. Our findings indicate that green technology transformation significantly mitigates corporate financial constraints, with green subsidies and debt financing as crucial mechanisms. Moreover, this effect is particularly pronounced in high-carbon-intensity industries, firms with fewer political connections, and firms affected by the carbon trading pilot. Additionally, digital and green transformations have a synergistic effect on alleviating corporate financial constraints. Therefore, we should promote the green technology transformation of enterprises and guide green finance to serve the real economy, effectively solve the financing dilemma of green enterprises, and provide strong green kinetic energy for sustainable development.http://www.sciencedirect.com/science/article/pii/S2405844024038726G28G32M21 |
| spellingShingle | Jue Feng Yingdong Wang Wenzhi Xi Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firms Heliyon G28 G32 M21 |
| title | Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firms |
| title_full | Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firms |
| title_fullStr | Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firms |
| title_full_unstemmed | Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firms |
| title_short | Does green technology transformation alleviate corporate financial constraints? Evidence from Chinese listed firms |
| title_sort | does green technology transformation alleviate corporate financial constraints evidence from chinese listed firms |
| topic | G28 G32 M21 |
| url | http://www.sciencedirect.com/science/article/pii/S2405844024038726 |
| work_keys_str_mv | AT juefeng doesgreentechnologytransformationalleviatecorporatefinancialconstraintsevidencefromchineselistedfirms AT yingdongwang doesgreentechnologytransformationalleviatecorporatefinancialconstraintsevidencefromchineselistedfirms AT wenzhixi doesgreentechnologytransformationalleviatecorporatefinancialconstraintsevidencefromchineselistedfirms |