Abstract
Achieving high-quality economic performance and cultivating new quality productive forces are important goals of the Chinese government currently. Green development serves as a foundation for high-quality economic performance, where new quality productive forces are essentially green productivity. Sci-tech finance refers to a financing framework aimed at fostering technological innovation and advancing the commercialization of R&D achievements. To investigate how the development of Sci-tech finance influences companies’ green productivity, this research utilizes panel data from listed companies in Zhejiang Province from 2007 to 2021, using high-dimensional fixed effects model and difference-in-differences model. The findings reveal that Sci-tech finance plays a crucial role in boosting companies’ green total factor productivity, encouraging green patent applications, and driving the cultivation and growth of green productivity. Heterogeneity analysis shows that the impact of sci-tech finance is particularly significant in high-income regions, private companies, small and medium-sized enterprises, and firms not audited by the Big Four accounting firms. Furthermore, by constructing a quasi-natural experiment, it is verified that the “Pilot policy for synergizing technology and finance” considerably boosts the green productivity of companies in pilot cities. Finally, the research makes policy proposals for the growth of green productivity in companies, such as strengthening Sci-tech finance policy support, promoting regional coordinated development, and providing more financing channels for small and medium-sized companies.
Published Version
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