文献类型：期刊文献

英文题名：The Green Finance Pilot Policy Suppresses Green Innovation Efficiency: Evidence from Chinese Cities

作者：Zhu, Yanqiu[1];Zhang, Ming[2];Chen, Hongan[1];Ma, Jun[3]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]Nanjing Agr Univ, Sch Econ & Management, Nanjing 210095, Peoples R China;[3]Shanghai Univ, Sch Management, Shanghai 200444, Peoples R China

年份：2025

卷号：17

期号：13

外文期刊名：SUSTAINABILITY

收录：;WOS:【SSCI(收录号:WOS:001527593900001)，SCI-EXPANDED(收录号:WOS:001527593900001)】；

基金：This research was supported by the National Natural Science Foundation of China [Grant Number 71872111 and Grant Number 72202137].

语种：英文

外文关键词：green finance pilot policy; green innovation efficiency; cost pressure; innovation resource crowding out; market integration

摘要：Green finance is widely promoted as a tool for supporting low-carbon development, but its effects on innovation efficiency remain unclear. This study examines the impact of China's Green Finance Reform and Innovation Pilot Zones (GFRIPZ) on green innovation efficiency at the city level. Using the GFRIPZ policy as a quasi-natural experiment, we employ a difference-in-differences approach to identify the causal effects of the policy and explore the underlying mechanisms and contextual moderators. The results indicate that the policy significantly reduces green innovation efficiency in pilot cities, with the negative impact being more pronounced in non-central cities, provincial capitals, and cities in western China. Mechanism analysis reveals two key pathways: increased environmental costs contribute to resource lock-in, and strategic shifts toward quantity-focused innovation reduce overall efficiency. Furthermore, we find that the institutional environment plays a critical role-market integration mitigates the policy's adverse effects by improving resource allocation, while administrative environmental pressure intensifies distortions. These findings suggest that rigid green finance regulations may unintentionally suppress innovation performance. We propose that more flexible policy design, better cross-regional coordination, and refined local governance incentives are essential for aligning green finance tools with innovation-driven sustainability goals in emerging economies.