Research on the Impact of Green Finance on High-Quality Development in the Manufacturing Sector

Xinyu Cao; Ha Youngho

doi:10.54691/qxk70382

Authors

Xinyu Cao
Ha Youngho

DOI:

https://doi.org/10.54691/qxk70382

Keywords:

Green Finance; High-quality Development of Manufacturing; Financing Constraints; Environmental Regulations.

Abstract

Under increasing environmental pressure and carbon neutrality objectives, this paper analyzes the effect of green finance on high-quality manufacturing development. Using Chinese firm-level panel data from 2011 to 2024 and fixed-effects estimation, the results show that green finance significantly promotes manufacturing development by easing corporate financing constraints. Environmental regulation positively moderates this relationship, and the effects exhibit heterogeneity across ownership structures and regions. These findings suggest the need to improve green finance policies and standards, promote regionally coordinated green finance development, strengthen green information disclosure and environmental risk management, and enhance manufacturing firms’green awareness and sustainable development capacity.

Downloads

Download data is not yet available.

References

[1] Aboul-Dahab K ,Ibrahim A M .A Similar Ranking Method with Ideal Solution (TOPSIS) is Used to Study the Effectiveness of the Weighted Systemof Logistics Performance Indicators[J].Journal of Global Economy, Business and Finance,2021,3(2).

[2] VARUMCA,CIBRAOB,MORGADOA,et al.R&D，structural change and productivity:the role of high and medium-high technology industries[J].Economia Aplicada,2009,13(4):399-424.

[3] An Yong, Zhao Lixia, Zhang Qinghua. Green Finance Development, Government Behavior, and the Green Transformation of the Manufacturing Industry [J]. Commercial Research, 2025, (05): 25-34.

[4] Chai Zhengmeng, Deng Yutian, Han Xianfeng. Mechanisms and Effects of Green Finance in Enhancing Manufacturing Resilience [J]. Journal of Central South University (Social Sciences),2024, 30 (02): 114-130.

[5] Chen Shiyi, Zhang Jianpeng, Liu Chaoliang. Environmental Regulation, Financing Constraints, and Corporate Pollution Reduction: Evidence from Adjustments to Pollution Discharge Fee Standards [J]. Journal of Financial Research,2021, (09): 51-71.

[6] Cui Jie, Fan Zhenqi. Green Finance and High-Quality Economic Development: Spatial Interaction and Spillover Effects [J]. Statistics & Decision,2025, 41 (22): 107-112.

[7] Feng Yongqi, Lin Huangfeng. Mechanisms and Realization Paths of Digital Finance Empowering High-Quality Enterprise Development [J]. Modern Economic Science,2024, 46 (03): 45-58.

[8] Huang Bo, Li Haitong, Liu Junqi, et al. Digital Technology Innovation and High-Quality Development of Chinese Firms: Evidence from Corporate Digital Patents [J]. Economic Research Journal, 2023, 58 (03): 97-115.

[9] Huang Yi, Zhang Chunlei, Ma Yingli. The Impact of Environmental Regulation on High-Quality Development of the Manufacturing Industry [J]. Science & Technology and Industry,2023,23(10): 103-109.

[10] Meng Weifu, Du Mengxue. Can Green Finance Promote the Realization of Ecological Product Value? [J]. Economic Issues,2025, (12): 70-79.

[11] Sun Yingjie, Lin Chun. How Does Green Finance Empower the Enhancement of Green Competitiveness in the Manufacturing Industry? [J]. Journal of Shenzhen University (Humanities & Social Sciences),2023, 40 (03): 61-71.

[12] Zhang Yue, Wang Feng. Digital-Intelligence Empowerment and High-Quality Development of State-Owned Enterprises: Empirical Evidence from the “Going to the Cloud, Using Data, and Empowering Intelligence” Initiative [J]. Soft Science,2024, 38 (09): 40-47.

[13] Wei Zhihua, Zeng Aimin, and Li Bo. Financial Ecological Environment and Corporate Financing Constraints: Empirical Evidence from Chinese Listed Companies [J]. Accounting Research, 2014, (05): 73-80+95.