Abstract
This paper empirically examines the effects of green innovation on corporate debt default risk using data from Chinese A-share listed companies spanning the years 2013 to 2021. The findings indicate that the adoption of a green innovation strategy by enterprises can elevate the risk of debt default. This heightened risk is attributed to over-investment behavior within green-innovating enterprises, which subsequently triggers corporate debt default risk. Notably, this effect is more pronounced in state-owned enterprises and markets characterized by high concentration. Management shareholding may be an effective preventive measure for mitigating corporate debt default risk in the context of green innovation strategies.
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