How Green Public Funds Empower Enterprises' New Quality Productivity — An Empirical Study Based on Path Analysis and Threshold Characteristics

Yilan Huang; Yuelan Ping; Maisha Liang

doi:10.63313/EBM.9169

Authors

Yilan Huang China Jiliang University, Hangzhou, China Author
Yuelan Ping China Jiliang University, Hangzhou, China Author
Maisha Liang China Jiliang University, Hangzhou, China Author

DOI:

https://doi.org/10.63313/EBM.9169

Keywords:

Enterprise New-Quality Productivity, Green Public Funds, Path Analysis, Dual Threshold Effect

Abstract

Against the backdrop of China's current efforts to deeply integrate green finance with high-quality development, green public funds, as an important market-oriented investment force, require in-depth research on their impact mechanism on corporate new-quality productivity. Based on data from A-share listed companies that received investments from green public funds between 2015 and 2024, this paper empirically investigates the influence of green public funds on corporate new-quality productivity. The study finds that introducing green public fund investments can significantly enhance corporate new-quality productivity, a conclusion that remains valid after robustness testing and endogeneity treatment. Heterogeneity analysis results indicate that green public funds have a more pronounced effect on promoting new-quality productivity in state-owned enterprises and non-heavy-pollution enterprises. Pathway analysis reveals that green public funds can improve corporate new-quality productivity by reducing carbon emission intensity, incentivizing green innovation, and alleviating financing constraints. Further research also demonstrates a dual threshold effect in the impact of green public funds on corporate new-quality productivity, with the promoting effect significantly strengthening when the fund's shareholding ratio exceeds a specific threshold value. This study provides evidence for green finance to boost new-quality productivity development and offers reference value for China to accelerate green transformation and build a modern industrial system.

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