Can Green Finance Enhance Corporate Resilience? — An Empirical Study Based on Chinese Listed Companies
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v7i1.4911
Abstract
This study selects A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 as research subjects to explore the impact mechanisms and pathways through which green finance development affects corporate economic resilience. The findings reveal that green finance development effectively enhances corporate economic resilience by promoting technological innovation, increasing media attention, and improving internal control quality, thereby strengthening firms' growth capacity and recovery ability. This enables enterprises to better recover and grow when facing external shocks. To achieve sustainable corporate development, the government should intensify policy support for green finance, enhance corporate media visibility to facilitate social supervision, relax constraints on technological investment, and ensure that environmental regulations more fully consider enterprises' actual conditions to optimize the policy environment.
Keywords
green finance, corporate resilience, technological innovation, media attention，internal control
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[3]Zhu, N., Sun, Z., and Xu, Y. Research on the Impact of Green Finance on Coal Industry Chain Resilience: A Quasi-Natural Experiment Based on Green Finance Reform and Innovation Pilot Zones. The Theory and Practice of Finance and Economics. 2024; 45(6): 27-34.
[4]Jiang, T. Mediating Effects and Moderating Effects in Causal Inference Empirical Research. China Industrial Economics. 2022; (5): 100-120.
[5]Zhang, J., Long, J., and Wang, Z. The Driving Mechanism of Organizational Resilience in Chinese Private Listed Enterprises: A Configuration Analysis Based on the "Resource-Capability-Relation" Framework. Research on Economics and Management. 2022; 43(2): 114-129.
[6] Shi, D., and Li, S. Research on Enterprise Survival Resilience Under the Impact of the COVID-19 Pandemic: Evidence from Chinese Listed Companies. Business and Management Journal. 2022; 44(1): 5-26.
[7]Wang, J., and Wang, J. Green Finance Development and Improvement of Energy Utilization Efficiency: Theory and Chinese Evidence. Financial Forum. 2024; 29(5): 70-80.
[8]Wang, F., Wang, Y., and Liu, S. Research on the Impact of Media Attention and Managerial Overconfidence on Earnings Management. Chinese Journal of Management. 2022; 19(6): 832-840.
[9] Xiao, Z., and Zhou, J. Corruption, Media Attention, and Cost of Equity. Securities Market Herald. 2021; (8): 36-47.
[10] Li, R., Dang, S., Li, B., et al. CEO's IT Background and Corporate Internal Control Quality. Auditing Research. 2022; (1): 118-128.
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