Author(s)

Mingxin Ma ¹, Aihua Wang ¹

Affiliation(s)

¹ College of Business and Economics, Shanghai Business School, Shanghai, China

Corresponding Author

Aihua Wang

ABSTRACT

Using panel data on A-share listed firms in China's Shanghai and Shenzhen stock markets from 2012 to 2024, this study examines the impact of green finance pilot policies on corporate ESG performance using a staggered difference-in-differences (DID) approach. The results indicate that these policies significantly improve corporate ESG performance, with stronger effects among firms in central and western China and non-state-owned enterprises. Mechanism analyses suggest that green technological innovation and the alleviation of financing constraints are important channels through which these policies enhance corporate ESG performance. These findings provide empirical insights into refining green finance policies and promoting corporate sustainability.

KEYWORDS

Green finance pilot policy; ESG performance; Heterogeneity analysis; Mediating effect

CITE THIS PAPER

Mingxin Ma, Aihua Wang. The Impact of China's Green Finance Pilot Policies on Corporate ESG Performance. Accounting, Auditing and Finance (2026). Vol. 7, No.1, 73-81. DOI: http://dx.doi.org/10.23977/accaf.2026.070109.

REFERENCES

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