Proceedings of the 2026 11th International Conference on Financial Innovation and Economic Development (ICFIED 2026)

<Previous Article In Volume
Next Article In Volume>

The Impact of Green Finance on Green Innovation Efficiency

—— Based on Financing Constraints as an Mediator

Authors
Jinming Sheng1, *
1Renmin Business School, Renmin University of China, Haidian District, Beijing, 100872, China
*Corresponding author. Email: sjmyuzu@ruc.edu.cn
Corresponding Author
Jinming Sheng
Available Online 29 April 2026.
DOI
10.2991/978-94-6239-642-5_73How to use a DOI?
Keywords
Green Finance; Green Innovation; Financing Restriction
Abstract

Climate change and ecological degradation pose systemic global challenges, with green innovation crucial for low-carbon transition. Yet, its long R&D cycles, high costs, and environmental spillovers intensify firms’ financing constraints. Green finance, through loans, bonds, and carbon finance, integrates environmental values into decision-making and reduces financing costs for green projects. Using the resource-based view and data from Chinese A-share firms (2014–2023), This study focuses on how green finance enhances green innovation efficiency and explores the mediating role of financing constraints. The empirical results confirm that green finance indeed provides a powerful impetus for improving innovation efficiency, while financing constraints partially mediate this effect, accounting for 7.37% of the total. Firm size, revenue growth, and independent director ratio enhance innovation, whereas concentrated ownership hinders it. This study establishes a “resource input to constraint alleviation to innovation improvement” framework, offering micro-level evidence and policy insights for optimizing green finance and promoting sustainable innovation.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

<Previous Article In Volume
Next Article In Volume>
Volume Title
Proceedings of the 2026 11th International Conference on Financial Innovation and Economic Development (ICFIED 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
29 April 2026
ISBN
978-94-6239-642-5
ISSN
2352-5428
DOI
10.2991/978-94-6239-642-5_73How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Jinming Sheng
PY  - 2026
DA  - 2026/04/29
TI  - The Impact of Green Finance on Green Innovation Efficiency
BT  - Proceedings of the 2026 11th International Conference on Financial Innovation and Economic Development (ICFIED 2026)
PB  - Atlantis Press
SP  - 722
EP  - 733
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-642-5_73
DO  - 10.2991/978-94-6239-642-5_73
ID  - Sheng2026
ER  -