Research on Strategy Optimization and Model Construction of Green Financial Reform and Innovation on Corporate Sustainability in Low-Carbon Economy
17 mar 2025
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Publicado en línea: 17 mar 2025
Recibido: 16 nov 2024
Aceptado: 14 feb 2025
DOI: https://doi.org/10.2478/amns-2025-0330
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© 2025 Nanlan Du, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
Figure 1.

Figure 2.

Figure 3.

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 |
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 |
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 |
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 |
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 |
