Research on Strategy Optimization and Model Construction of Green Financial Reform and Innovation on Corporate Sustainability in Low-Carbon Economy
Publicado en línea: 17 mar 2025
Recibido: 16 nov 2024
Aceptado: 14 feb 2025
DOI: https://doi.org/10.2478/amns-2025-0330
Palabras clave
© 2025 Nanlan Du, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
In the face of global climate change, air pollution, soil and water pollution and other environmental problems, the ecological environment is facing serious challenges. Internationally, the economic development process of developed countries is a “pollute first - treat later” model. With the deterioration of the environment, international awareness of environmental protection has gradually deepened, and “green finance” as an economic tool has emerged. International organizations such as the United Nations Environment Programme (UNEP), in order to coordinate the response to the world’s environmental challenges, have advocated that all countries implement policies such as green finance and take the path of sustainable development. As the second largest economy in the world, China has actively responded to the call of the international community to explore the path of green and low-carbon transformation of its economy. The study of green financial reform and innovation is a positive attempt to increase financial support for ecological environment improvement and efficient use of resources, and to accelerate the process of ecological civilization construction and economic green transformation.
Green finance is a series of financial activities that contribute to the sustainable development of ecology, resources and economy through innovative financial tools such as green credit, green bonds, green insurance and green investment [1]. Its connotation is to promote the green transformation of enterprises, the efficient use of resources, and to promote the development of China’s economic and social greening and low-carbon development means [2]. In the traditional point of view, enterprises as economically rational people in the pursuit of efficiency maximization will produce irreconcilable conflicts with environmental protection, and the policy constraints can protect enterprises to reduce environmental pollution [3]. Green financial reform is different from the previous environmental mandatory system, more emphasis on the role of the market and economic value, both capital-oriented function and environmental regulation, the support of financial elements can make enterprises in the green transition without sacrificing the performance of enterprises [4-5]. It aims to encourage green enterprises to achieve financing through debt issuance and listing through the rational allocation of credit resources, guide enterprises to reduce the consumption of resources and energy, so as to maximize the reversal of environmental degradation brought about by the pursuit of economic development, and to achieve the economic and ecological benefits of sustainable development of enterprises [6-8].
From the macro level, green finance helps to improve the environment and enhance the economic efficiency of enterprises. Huang, H. et al. pointed out that the implementation of green finance policy is conducive to reducing pollution and improving the environment, and its environmental effect is affected by the regional innovation capacity and industrial structure, that is to say, the green finance policy is more effective in the region with serious environmental pollution [9]. Zhang, S. et al. studied the significance of green credit policy in green finance to promote the green development of enterprises, and explored the impact of this policy on the investment and financing behaviors of high-pollution enterprises and the quality of the environment from micro and macro respectively, which is conducive to guiding the investment of financial resources to the cleaner production enterprises [10]. Shi, J. et al. assessed the impact of green finance policies on debt financing costs of highly polluting firms and explored the bootstrapping effects and deeper mechanisms of the policies, and the experiments showed that green finance policies stimulate the reputational insurance effect through signaling, thus incentivizing a significant decrease in the cost of debt financing for firms [11]. Xu, Y. et al. explored the path of environmental regulation on corporate green finance at the regional level, which promotes the development of corporate green finance through short-term or long-term external financing, and is more applicable to enterprises in the eastern region, manufacturing enterprises or non-state-owned enterprises [12]. Jin, Y. et al. analyzed the financing efficiency of enterprises in the energy-saving and environmental protection industry and its influencing factors, and found that the financing efficiency of listed enterprises is higher, while the financing efficiency of enterprises in the central and western regions, which are affected by the policy effect, is higher, in addition, the factors at the national level and the enterprises themselves also affect the financing efficiency of the enterprises [13].
From the meso level, green finance plays a promotion effect of industrial structure upgrading. Wang, X. et al. used the gray correlation method to study the relationship between green finance and China’s industrial structure upgrading, and found that green finance has the highest correlation with the output value of the tertiary industry, which significantly improves the speed of the development of the tertiary industry and thus promotes the upgrading of the industrial structure, and that there is an obvious regional imbalance [14]. Sun, H. et al. elucidated that green finance is an important financial model to promote the structural adjustment of China’s energy consumption, and the high level of development of green finance significantly promotes the upgrading of the energy consumption structure, while the mediating effects of the level of economic development, energy prices, and the industrial structure change with the policy region [15]. Gu, B. et al. showed that green finance can promote industrial structure upgrading by optimizing the allocation of financial resources, and after empirical research, it was found that the overall efficiency of the impact of green finance on China’s industrial transformation and upgrading is high, but this efficiency is on a declining trend, which may be due to the unbalanced development of the green financial system and so on [16].
From the micro level, corporate performance is closely related to green finance. Wang, Q. J. et al. tested the synergistic relationship between corporate environmental performance, green finance and green innovation through empirical analysis, and the results show that corporate environmental performance will promote green innovation in the long term, while the impact of corporate green finance on green innovation is affected by the regional level of green finance reflecting obvious heterogeneity [17]. Yao, S. et al. discussed the impact of green credit policy on the performance of listed companies in China. Green credit policy increases corporate financing constraints and reduces the level of investment, resulting in lower performance of heavily polluting firms, which helps to inhibit heavily polluting firms and promotes green transformation of industries [18]. Lu, Y. et al. found that green finance effectively incentivizes highly polluting enterprises to realize green innovation by increasing the financing constraints and debt financing costs of private enterprises, and the green innovation promotion role played by green finance is more obvious for enterprises with high financial background and high development level regions [19].
The study takes the following three steps to formulate an optimization strategy for green financial reform and innovation that enhances the sustainable development ability of enterprises in the context of a low-carbon economy. First, the double difference method is used to construct the green financial reform and innovation policy assessment model to compare the differences between the experimental group and the control group, and the differences between the experimental group before and after being subjected to the policy shock, and to identify the net impact of the policy on the experimental group. Secondly, the robustness of the conclusions is verified through parallel trend tests and placebo tests. Thirdly, analyze how the green financial reform and innovation policy affect the sustainability capability of enterprises through the property rights heterogeneity test and industry heterogeneity test.
“Green finance” means that the financial sector takes environmental protection as a basic policy, considers potential environmental impacts in investment and financing decisions, integrates potential rewards, risks and costs related to environmental conditions into daily business, focuses on the protection of the ecological environment as well as the management of environmental pollution in financial business activities, and promotes sustainable development of society through the guidance of socio-economic resources, and promote the sustainable development of society [20].
Low-carbon economy is an economic model that relies on low energy consumption and low emissions, and is a significant advance in human society after agricultural and industrial civilization. A low-carbon economy is essentially a matter of high energy efficiency and a clean energy structure, and the core is energy technology innovation, institutional innovation, and a fundamental change in the concept of human survival and development. Low-carbon economy is different from the traditional economy, the difference is mainly reflected in the following aspects: industry, the traditional economy focuses more on the realization of corporate profits, and did not make detailed requirements and regulations on how to achieve low-carbon environmental protection, but in the low-carbon economy focuses more on the fulfillment of corporate social responsibility, and the entire production process of enterprises to better achieve the greening of the low-carbon made strict requirements. Green Finance
Green finance is inextricably linked to the low-carbon economy, and the important purpose of the emergence and development of green finance is to channel funds to environmentally friendly enterprises and high-tech enterprises through the allocation of financial resources, give preferential interest rates to green enterprises, and promote the greening of the economy. In the policy outline of the pilot zone for green financial reform and innovation, the requirements for improving the efficiency of green financial allocation of green funds are clearly put forward, which reflects the importance of low-carbon economic indicators in the assessment of the effect of green financial policies.
The mechanism of green financial reform and innovation on low-carbon economy is shown in Figure 1. By expanding the financial scale and strengthening the front-end guidance and back-end tilt of financial support, certain interest rate preferences are given to the green industry to promote the free flow of capital and other factors to the environment-friendly and climate-friendly product market, service market and technology market, and to emphasize the organic unity of economic and environmental benefits. The capital investment in green industry will form strong financial support and incremental ecological capital, accelerate the green transformation of enterprises and the continuous innovation of new technologies, thus realizing the low-carbon development of the economy. The green financial policy, through the integrated planning of human resources, industry, education and other factors, carries out in-depth development of the “industry-university-research” system of the green industry, explores feasible green development modes according to local conditions, researches on highly effective green innovation technologies, and realizes a long-term mechanism for the development of a low-carbon economy.
Green financial reform innovation’s mechanism for the low carbon economy
The basic idea of the double difference method is: using the quasi-natural experiment of the policy to divide the research subjects into treatment and control groups, in which the individuals affected by the policy are called the treatment group, and those who are not affected by the policy are called the control group, in order to estimate the effect of the policy, the first comparison of the two groups before and after the occurrence of the policy change, and then exclude the influence of the time effect on the implementation of the policy, and then the effect value of the policy can be obtained in the end [21].
Data sources
For the sample selection of this selection, this paper carries out the following operations.
According to the establishment time of the first batch of green financial reform and innovation pilot zones, the sample interval is determined as 2009-2019.
Enterprises in the manufacturing industry have an important impact on the environment, so it is more meaningful to screen manufacturing enterprises based on the background of green financial reform and innovation policies for research.
Tailoring is performed at the 1% quantile to reduce the impact of extreme values.
The data of 2796 listed manufacturing industry companies in 2009-2019 are finally obtained, and 500 observations are selected. The enterprise-related data are all from WIND, CSMAR, annual reports of listed enterprises, which are collated or calculated, and do not include samples with too much missing relevant data, and for samples with fewer missing values, this paper is processed by linear interpolation.
Explained Variables
The explanatory variable of this paper’s research is the enterprise’s sustainable development capability, which is examined using the two dimensions of financial performance (FP) and environmental performance (EP). Financial performance is proxied by utilizing the ROA of enterprises [22]. CSI scores listed companies’ environmental protection, social responsibility, and governance performance, i.e., ESG performance, every year, which has a certain degree of professionalism and authority, and therefore adopts the environmental score as a proxy variable for environmental performance and narrows its value by 10 times to keep the order of magnitude uniform with that of the financial performance variable.
Core explanatory variables
At present, China has set up green finance reform and innovation pilot zones in a total of seven provinces, including Zhejiang and Jiangxi, which include 12 cities such as Huzhou and Quzhou. When organizing the data of these areas through the China Urban Statistical Yearbook and other sources, it was found that the data of Hami City and Changji Prefecture were seriously missing, in addition, Chongqing was approved to become a pilot area at a later time, and it was not possible to get the data for the comparison before and after the policy. Therefore, the listed enterprises of Quzhou City, Huzhou City, Nanchang City, Jiujiang City, Guangzhou City, Anshun City, Guiyang City, Karamay City and Lanzhou City, a total of nine cities, were finally identified as the experimental group, and the listed enterprises of other cities were used as the control group to conduct the empirical analysis.
According to the time of setting up the experimental zone, 2017, and 2019 are designated as the time nodes of policy shocks respectively. In this paper, treated is used to represent the between-group dummy variable, which is assigned a value of 1 if it is a listed enterprise in the nine cities mentioned above, i.e., the experimental group, and 0 otherwise. Post is used to represent the time dummy variable, which is bounded by the year when each experimental zone receives the policy shock, with the previous year assigned a value of 0, and the current year and the subsequent years assigned a value of 1. The core explanatory variable of this paper, DID, is the value of the intermultiplication of treated the core explanatory variable DID in this paper is the value of the cross-multiplication with post, if the value is 1, it means that in the current year, the enterprise receives the impact of green financial reform and innovation policy.
Control variables
In this paper, five control variables are selected, including the level of economic development (gdp), the level of urbanization (urb), industrial structure (ind), openness to the outside world (open) and government support (gov).
Currently China has established a total of 12 pilot cities for green finance reform and innovation in three batches. Since the pilot zones were established at different times before the cut-off date, a multi-period asymptotic DID is used to conduct the assessment. The model is set up as follows:
In equation (1),
The descriptive statistics of the variables are shown in Table 1. It can be seen that there are significant differences between all the different variables. Further observation of each variable reveals that the explanatory variables financial performance and environmental performance have a mean of 0.016 and a standard deviation of 0.114 respectively with the interaction term DID, indicating that there are significant differences in the ability of enterprises to develop sustainably. GDP per capita is logarithmized, with the maximum and minimum values of 12.874 and 9.324, respectively, indicating that there are inherent differences in the economic level of individual provinces. Similarly, the degree of openness to the outside world ranges from 0.531 to 9.571, indicating that there is a significant difference in the degree of openness to the outside world of each province, while the difference in the strength of governmental support in each province is also large, which provides a good data basis for the research of the thesis.
Descriptive statistics of variables
| Variables | N | M | Std.Dev | Min | Max |
|---|---|---|---|---|---|
| FP | 500 | 0.046 | 0.059 | -0.211 | 0.236 |
| EP | 500 | 6.039 | 0.774 | 3.374 | 9.219 |
| DID | 500 | 0.016 | 0.114 | 0 | 1 |
| gdp | 500 | 10.736 | 0.449 | 9.324 | 12.874 |
| urb | 500 | 0.492 | 0.893 | 0.331 | 0.836 |
| ind | 500 | 6.299 | 1.947 | 0.536 | 9.547 |
| open | 500 | 6.294 | 1.925 | 0.531 | 9.571 |
| gov | 500 | 0.029 | 0.009 | 0.013 | 0.067 |
The Pearson correlation coefficients between the variables are shown in Figure 2. The results show that the control variables of economic development level (gdp), urbanization level (urb), industrial structure (ind), openness to the outside world (open) and government support (gov) selected in the thesis are all significant with the explanatory variables within the 1% confidence interval. Most of the variables passed the significance test, sometimes the correlation coefficient is not significant but the regression coefficient is significant or the correlation coefficient is significant but the regression coefficient is not, this is due to the fact that the coefficients of the two-by-two correlation do not control for the other variables. This proves that the control variables selected for the thesis affect the explanatory variables to some extent, indicating that controlling the characteristics of these variables is very necessary in this double difference model.
Pearson correlation coefficient between variables
The results of the benchmark regression are shown in Table 2. It shows the impact of implementing green financial innovation and reform policies on the sustainable development capacity of enterprises, controlling for the double fixed effects of province and time. Column (1) is the regression result without adding any control variables, and columns (2) to (6) are the regression results after adding the control variables of economic development level, urbanization level, industrial structure, openness to the outside world, and government support in turn. The green financial innovation and reform policy promotes the growth of corporate sustainability at the 5% level of significance when no control variables are added, and remains significant at the 5% and 10% levels after adding the control variables. After adding the control variables of economic development level, urbanization level, industrial structure, opening up to the outside world and government support, the R-square is improved from 0.0064 to 0.5371, and the size of the regression coefficient of green financial innovation and reform policy is 0.1006, indicating that when other conditions remain unchanged, compared with the pilot provinces with non-green financial reform and innovation policy, the sustainable development capacity of enterprises is improved by 10.06%. Meanwhile, observing the coefficients of the control variables, it can be found that the coefficients of the level of economic development and the level of urbanization are insignificantly positive, indicating that the intervention of GDP per capita and the level of urbanization bring insignificant positive effects on the sustainability of enterprises. The positive coefficient of government support suggests that the government has a significant positive impact on improving the sustainability capability of enterprises. The coefficients of industrial structure and openness to the outside world are both significantly positive at the 1% level, which means that the better the industrial structure and the higher the level of openness to the outside world, the higher the sustainable development ability of enterprises.
Benchmark regression
| Variable | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| DID | 0.0129** | -0.0001* | 0.0369* | 0.0029* | 0.0125** | 0.1006** |
| gdp | - | 0.0574*** | 0.0211*** | 0.0236*** | 0.0124* | 0.0134 |
| urb | - | - | 0.1269*** | 0.1347*** | 0.0214 | 0.3514 |
| ind | - | - | - | 0.0114 | 0.0963*** | 0.1132*** |
| open | - | - | - | - | 0.0097*** | 0.0081*** |
| gov | - | - | - | - | - | 0.5736*** |
| Constant | 0.3365*** | -0.2771*** | 0.0034*** | 0.0029* | 0.0647 | 0.9424 |
| YES | YES | YES | YES | YES | YES | |
| YES | YES | YES | YES | YES | YES | |
| N | 500 | 500 | 500 | 500 | 500 | 500 |
| R-squared | 0.0064 | 0.3912 | 0.4039 | 0.4231 | 0.5214 | 0.5371 |
The parallel trend assumption can create a good basis condition for the application of the double difference model and avoid serious errors in the estimator. In order to verify whether the development trend of the two groups of explanatory variables is the same before the implementation of the policy, so the paper carries out the parallel trend test on the sample data. The test results are shown in Figure 3. The horizontal axis represents time, the vertical axis represents the confidence interval, and CURRENT represents the year when the policy began to be implemented in the study of this paper. Each point in the image represents the regression coefficient, and the vertical line represents the confidence interval. It can be seen that the confidence interval contains 0 before the time when the policy occurred, indicating that there is no significant difference between the experimental group and the control group, and the confidence interval does not contain 0 after the policy was implemented indicating that the policy has an effect. This result meets the hypothesized preconditions, so the DID analysis was determined to meet the operational feasibility requirements.
Parallel trend test chart
The main role of the placebo test is to test whether the green finance policy effects estimated by double-differencing truly reflect the impact of policy changes and are not caused by other unobserved factors or random fluctuations.
In order to test whether enterprises in the pilot area have expectations of green financial reform and innovation policies in advance, i.e., whether some enterprises in the pilot area will learn about the green financial reform and innovation policies in advance before the pilot policies are introduced, and then adjust the enterprises’ green innovation behaviors in advance, so as to avoid the adverse impact on enterprise credit after the pilot policies are introduced, and also to test whether the baseline regression results of the paper are the result of other unobserved factors are caused by other unobserved factors. The time is adjusted to 2016 by manual means, and the test regression is re-run the final results are shown in Table 3. The result proves that the interaction term coefficient of the model regression result is not significant, the DID coefficient is 0.1016, and it is also not significant in column (1) when no control variables are added, the DID coefficient is 0.0131. The baseline regression result has the characteristic of robustness, and the characteristics of the two groups and the uncontrollable factors do not have a certain effect on the model research result.
Placebo test result
| Variable | (1) | (2) |
|---|---|---|
| DID | 0.0131 | 0.1016 |
| gdp | - | 0.0122** |
| urb | - | 0.3533** |
| ind | - | -0.1025 |
| open | - | 0.0063 |
| gov | - | 0.0121 |
| Constant | 0.0334*** | 0.0472 |
| N | 500 | 500 |
| R-squared | 0.0064 | 0.0064 |
In general, firms are affected by policies in very different ways due to differences in the nature of their ownership. This subsection aims to explore how green financial reform and innovation policies affect the sustainability of firms with different ownership.
The results of the ownership heterogeneity test are shown in Table 4. Column (2) shows the results of the impact of policy implementation on firms’ sustainability capacity in SOEs, and column (4) shows the results in non-SOEs. It is found that the green financial reform and innovation policy has a more significant effect on the enhancement of sustainable development capability of non-state-owned enterprises. The DID coefficient of the cross-multiplier term for state-owned enterprises is 0.1566 with a positive but insignificant sign, while the DID coefficient of the cross-multiplier term for non-state-owned enterprises is 0.0575, which is significant at the 1% confidence interval. It can be concluded that the green financial reform and innovation policy has a greater impact on the sustainable development capacity of non-state-owned enterprises, while there is no significant promotion effect on the sustainable development capacity of state-owned enterprises.
Property rights heterogeneity test results
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| DID | -0.0597 | 0.1566 | 0.0487*** | 0.0575*** |
| gdp | - | 0.1992 | - | 0.0178*** |
| urb | - | -0.0083 | - | -0.1371** |
| ind | - | 0.0084 | - | 0.1217 |
| open | - | 0.0026*** | - | -0.008** |
| gov | - | 0.0019 | - | 0.0469 |
| Constant | 0.2767*** | -0.3056 | -0.0913*** | 0.0361 |
| N | 500 | 500 | 500 | 500 |
| R-squared | 0.0064 | 0.0063 | 0.0059 | 0.0074 |
Since most of the enterprise sustainable development capacity in the low carbon economy is related to technological innovation, the sustainable development capacity may be different because enterprises belong to different industry nature and technology level.
According to the difference in the technological level of enterprises will be divided into high-tech enterprises and non-high-tech enterprises, the heterogeneity of enterprise industry regression results are shown in Table 5. Column (2) shows the empirical results of high-tech enterprises, and column (4) shows the empirical results of non-high-tech enterprises. According to the regression analysis, green financial reform and innovation policies have a significant effect on enhancing the sustainable development ability of high-tech enterprises. From the regression analysis (2), it can be seen that when the enterprise is a high-tech enterprise, the policy affects its sustainable development ability to the extent of 0.0512, and it has been tested by 5% significance. And from the regression analysis (4), it can be seen that when the enterprise is a non-high-tech enterprise, the degree of influence of this policy on its sustainable development ability is only 0.1953, and does not reach the level of significance. After statistical analysis, the green financial reform and innovation policy is important for enhancing the sustainability of high-tech enterprises, and its influence is far greater than that of non-high-tech enterprises.
Industry heterogeneity test results
| Variable | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| DID | 0.1316** | 0.0512** | 0.0699 | 0.1953 |
| gdp | -- | 0.0514** | 0.0593* | |
| urb | -- | -0.0451 | -0.1999* | |
| ind | -- | 0.0526 | -- | 0.1393 |
| open | -- | 0.0654*** | -- | 0.071 |
| gov | -- | -0.2541 | -- | 0.0207 |
| Constant | 0.6238*** | -0.2405 | 0.089*** | 0.0045 |
| N | 500 | 500 | 500 | 500 |
| R-squared | 0.0059 | 0.0066 | 0.0071 | 0.0068 |
Based on the previous analysis, this chapter proposes a strategy to optimize the sustainability of enterprises in the context of a low-carbon economy. Green financial reform and innovation can encourage the sustainable development of low-carbon enterprises in four aspects.
Radiate the neighborhood by playing the leading role of pilot zones
The green financial reform policy has a significant impact on both the economic and environmental dimensions of enterprise sustainable development performance, which indicates that the policy has begun to bear fruit. Therefore, the pilot zones should summarize the valuable experience and lead the neighboring regions to replicate the successful path to promote the development of green finance, and also expand the main players involved in the market, including the financial sector and enterprises, to improve the efficiency of green finance services and further expand the scope of radiation.
Accelerate the construction of green financial standard system
Although the green financial reform pilot zones have promulgated standards for green enterprise rating and green project certification, the different factor endowments and dominant industries in the pilot zones have led to different policy tendencies and inconsistent caliber, which has caused difficulties for the financial sector and enterprises in the non-pilot zones. Therefore, it is necessary for the government to accelerate the construction and improvement of the green financial standard system, and the specific recommendations are as follows. First of all, according to the different industries as much as possible, set a bottom line value for the rating of green projects, for the whole country to clarify the minimum standard, which is convenient for enterprises to declare and also beneficial to the government’s management. Secondly, we should regularly organize exchanges and studies among relevant managers in each pilot area, and gradually expand the consensus on the standard system, so as to facilitate the establishment of a unified standard system.
Increase the importance of enterprises to sustainable development performance
The government can encourage enterprises to incorporate sustainable development performance into the management framework, and regularly carry out green management training sessions between government and enterprises to strengthen the green awareness of enterprises. Enterprises can link sustainability performance to executive compensation, which may increase incentives for green development. Or they can integrate the concept of sustainable development into the corporate culture to enhance employees’ environmental awareness and autonomy in green production.
Develop differentiated policies
China is a vast country with large geographical disparities between regions, with very different factor endowments and levels of economic development. Each region should formulate appropriate policies according to its own industrial pattern and development situation. For example, the economic level of Guangdong Province is at the forefront of the country. High-quality talents are gathered, and the financial industry is also very active. Prioritizing the development of green financial technology is more appropriate. Due to the abundance of agricultural resources and traditional industries in Jiangxi Province, it can utilize green financial policies to encourage enterprises to implement green innovations and transform traditional production methods.
This paper adopts the double difference method to test the impact of green financial reform and innovation policies on the ability of enterprises to sustain their development. The regression results show that there is a significant positive causal relationship between the implementation of green financial innovation and reform policies and enterprise sustainable development capability, no matter at 1% or 5% or 10% significance level, i.e., the implementation of green financial innovation and reform policies will significantly improve enterprise sustainable development capability.
The conclusion shows good robustness after passing both the parallel trend test and placebo test, which further affirms the positive effect of green financial reform and innovation policies on the capability of enterprises to sustain their development.
Heterogeneity analysis found that the green financial reform and innovation policy have more significant effects on promoting the sustainability capacity of non-state-owned enterprises and high-tech enterprises. The DID coefficients of this policy on non-state-owned enterprises and high-tech enterprises are 0.0575 and 0.0512, respectively, which are significant at 1% and 5% confidence intervals.
Summarizing the above analysis, this paper proposes to promote the sustainable development capability of enterprises by playing the leading role of the pilot area to radiate the surrounding, accelerating the construction of the green financial standard system, increasing the importance of enterprises to sustainable development performance, and formulating differentiated policies.