After long-term development, the global economic level has improved significantly, but environmental issues generated by early extensive development seriously threaten the survival of human beings. China, in particular, urgently needs to promote sustainable development through green finance policies. For this reason, this paper regards the 2017 eight pilot zones in five provinces for green finance reform and innovations (GFRIs) as a quasi-natural experiment, and explores whether it can encourage investment in environmental protection in heavily polluting enterprises by using difference-in-differences-in-differences (DDD) model. The paper finds that: First, GFRIs can bolster investment in environmental protection in heavy polluting enterprises. The results remain consistent after several robustness checks, covering the placebo test, PSM-DID test and so on. Second, mechanism tests find that the policy promotes environmental protection investment by alleviating financing constraints and cutting financing costs. Third, heterogeneity analysis shows that the promotion effect of GFRIs on environmental protection investment is more pronounced for provinces with higher percentages of secondary industry GDP, large-scale enterprises, and enterprises with better ESG management. This paper demonstrates the beneficial influence of GFRIs on promoting the transformation of heavy polluting enterprises and provides suggestions for the improvement of such policies.

Data elements contain great use value and potential and need to be deeply processed and circulated in the market to fulfill their value-creating role. In our study, we employ a sample comprising Chinese A-share listed companies for the period from 2012 to 2022. Taking the establishment of data trading organizations as an exogenous shock, it empirically examines the impact of the allocation of data elements through market mechanisms on corporate green innovation by constructing a multi-period DID model. The empirical results found that the allocation of data elements through market mechanisms can play the transaction cost-saving effect and capital factor agglomeration effect to promote enterprise green innovation. Meanwhile, the heterogeneity analyses reveal that market-based data resource allocation has a greater impact on green innovation for firms located in regions with advanced factor markets and robust intellectual property protection, as well as for larger firms and those operating in less competitive industries. This study enriches the research related to the impact of market allocation of data, a new type of production factor, on green innovation in enterprises and provides new evidence at the microdata level for achieving sustainable economic and social development.

This study investigates the impact of green supply chains on firms' environmental information disclosure, utilizing the Supply Chain Innovation and Application Pilot Policy (SCIAPP) as a quasinatural experiment. It explores the policy's effect by employing a difference-in-differences (DID) model with panel data from A-share listed firms in China spanning from 2012 to 2021. The findings indicate that, firstly, SCIAPP significantly enhances environmental information disclosure among pilot firms, suggesting that green supply chains foster such disclosures. Secondly, SCIAPP's impact mechanism involves improving executives' environmental awareness and bolstering external media scrutiny. Thirdly, SCIAPP's effect is more pronounced in firms with stronger internal controls and those located in regions with higher environmental concerns. Based on these conclusions, the study proposes recommendations to advance the development of green supply chains and promote firms' environmental information disclosure.

The supply chain is a critical tool for enterprises to withstand risks and ensure sustainable development. Integrating green and environmentally friendly practices into the supply chain has become an increasingly prominent trend. This study examines the impact of green supply chain management (GSCM) on supply chain resilience, using the green supply chain pilot projects implemented in China as a quasi-natural experiment, employing a multi-period difference-in-difference (DID) model. Based on panel data from manufacturing enterprises listed on the A-share market in China from 2014 to 2022, the findings reveal three key insights. First, GSCM significantly improves the resilience of enterprise supply chains. Second, GSCM has both signaling and cost effects, as it can reduce corporate financing costs and enhance market value, lower market transaction costs, and improve productivity. These are potential channels through which GSCM exerts a positive influence. Third, the positive impact of GSCM on supply chain resilience is more pronounced in enterprises with third-party environmental certifications and higher institutional shareholder ratios. Additionally, this study also extends to demonstrate that GSCM directly and positively influences corporate environmental performance. These findings provide policy recommendations for enhancing green supply chain development and offer managerial insights to help enterprises proactively embrace green transformation.