https://repository.ufe.edu.mn/xmlui/handle/8524/4136 2026-04-14T06:21:50Z https://repository.ufe.edu.mn/xmlui/handle/8524/4650 THE IMPACT OF GREEN CREDIT POLICY ON CORPORATE GREEN TECHNOLOGICAL INNOVATION —A STUDY BASED ON CHINESE LISTED COMPANIES With the continuous development of China's social economy, environmental protection issues have become increasingly prominent, and green and sustainable development has become an important topic. Green technology innovation is an important way to achieve carbon peaking and carbon neutrality goals, and it helps to promote the clean energy structure and the low-carbon transformation and upgrading of the industrial structure. The key to energy conservation and emission reduction for enterprises lies in technological innovation, which requires both financial and talent support. At the same time, enterprises generally face financial constraints and insufficient innovation motivation in the process of green technology innovation. According to the "2024 China Patent Survey Report," among enterprises that have not carried out green technology innovation, 42.7% indicated that the lack of necessary R&D funds was the main obstacle to their green technology innovation. This paper takes the "Green Credit Guidelines" promulgated in 2012 as a quasi-natural experiment, selects A-share listed companies from 2006 to 2024 as the initial sample, uses sustainable development theory as the overall analytical framework, and employs a difference-in-differences model to examine the impact of the implementation of green credit policies on the green technology innovation activities of listed companies. The study shows that: (1) Green credit policies have a significant positive impact on promoting green innovation activities of enterprises, and their promotion effect on green utility model patents is more significant than that on green invention patents; (2) The mediation effect analysis results show that the mediation effect of the level of environmental information disclosure is particularly significant; (3) The moderating mechanism analysis shows that institutional investor shareholding plays a key moderating role in the relationship between green credit policies and corporate green technology innovation; (4) The heterogeneity analysis reveals that green credit policies have a more significant promoting effect on the green innovation activities of state-owned enterprises, large enterprises, manufacturing enterprises, and capital-intensive enterprises. Based on the above conclusions, this paper proposes the following recommendations: the government should continue to optimize the green credit system framework, strengthen policy xiv guidance and supervision, and coordinate the development of enterprises of all sizes; banks should accurately assess enterprises' needs for green technology innovation, increase credit support for green innovation enterprises, and establish a sound green credit risk management system; enterprises should increase investment in green technology research and development, strengthen environmental information disclosure, optimize their financing structure according to their own characteristics, and formulate green technology innovation strategies. 2026-04-07T00:00:00Z https://repository.ufe.edu.mn/xmlui/handle/8524/4649 ИРГЭДИЙН ХАРИЛЦАХ БАНКАА СОЛИХ ЗАН ТӨЛӨВИЙН СУДАЛГАА БАТМӨНХИЙН, ГАНШАГАЙ Сүүлийн жилүүдэд Монгол Улсын банкны салбар хурдацтай өөрчлөгдөж, дижитал шилжилт, өрсөлдөөн, хэрэглэгчийн хүлээлтийн өсөлт нь банкны үйл ажиллагаанд гүнзгий нөлөө үзүүлж байна. Банк хоорондын өрсөлдөөн ширүүсэж, хэрэглэгчийн итгэлцэл, сэтгэл ханамж, үнэнч байдал нь банкны урт хугацааны амжилтыг тодорхойлох чухал хүчин зүйлс болсон. Энэхүү судалгаа нь Монголын иргэдийн банкны хэрэглэгчдийн банк солих буюу шилжих зан төлөвт нөлөөлж буй хүчин зүйлсийг системтэйгээр судлах зорилготой юм. Судалгаа нь хэрэглэгчдийн шийдвэр гаргалтад нөлөөлдөг үйлчилгээний чанар, үнийн шударга байдал, итгэлцэл, брэндийн нэр хүнд, сурталчилгааны санал, солих зардал, албадан солих, амлалт, өнгөрсөн зан төлөв, зар сурталчилгааны өрсөлдөөн зэрэг хүчин зүйлсийг шинжилж, эдгээрийн харилцан нөлөөг Push-Pull-Mooring (PPM) загвар дээр тулгуурлан тайлбарласан болно. Судалгааны суурь үндэслэл нь Монголын банкны зах зээлд хэрэглэгчийн солих үзэгдэл нэмэгдэж, олон хүмүүс хэд хэдэн банк ашиглаж байгаа хэдий ч энэ үзэгдэлийн нөлөөлөл, механизмын талаар эмпирик судалгаа дутмаг байгаа явдал юм. Тиймээс энэхүү судалгаа нь тухайн үзэгдлийг онол болон практикийн аль аль түвшинд нарийвчлан судалж, банкны хэрэглэгч хадгалах стратегийн арга замыг тодорхойлох зорилготой. Энэхүү докторын диссертаци нь 5 хэсэгтэй бөгөөд дараах бүтэцтэй: • Удиртгал - Судалгааны хамрах хүрээ, зорилго, асуултууд арга зүй, ач холбогдлыг тодорхойлно. • Бүлэг 1. Хэрэглэгчийн солих зан төлөвийн онолын үндэслэл - Хэрэглэгчийн зан төлөв, үйлчилгээний чанар, итгэлцэл, сорилт, үнэнч байдлын талаарх дэлхийн болон бүс нутгийн судалгааг шүүмжлэн тоймлон авч үзсэн. Push-Pull-Mooring ба TPB онолд тулгуурласан загвар боловсруулж таамаглал дэвшүүлнэ. • Бүлэг 2. Судалгааны арга зүй - Судалгааны философи, загвар, өгөгдөл цуглуулах арга, түүвэр, шинжилгээний аргачлалыг тодорхойлно. • Бүлэг3. Үр дүн ба шинжилгээ хэлэлцүүлэг - Судалгааны өгөгдлийн статистикийн дүнг танилцуулж, таамаглалуудыг шалгана. Үр дүнг онол болон өмнөх судалгаануудтай харьцуулан тайлбарлана. • Дүгнэлт ба санал зөвлөмж - Судалгааны гол ололт, практик болон бодлогын үр нөлөөг дүгнэж, ирээдүйн судалгааны чиглэлийг санал болгоно. 2026-04-07T00:00:00Z https://repository.ufe.edu.mn/xmlui/handle/8524/4648 CORPORATE GREEN GOVERNANCE ON SHORT AND LONG-TERM FINANCIAL PERFORMANCE-A STUDY OF HEAVY POLLUTING ENTERPRICES YI RU, HAN In recent years, environmental pollution has intensified worldwide, making the alignment of economic growth with environmental sustainability one of the most critical challenges of sustainable development. Although the traditional post-industrial economic model has significantly enhanced productivity and economic growth, it has also led to the overexploitation of natural resources and substantial greenhouse gas emissions, thereby accelerating ecosystem degradation. Given the limited regenerative capacity of the environment, green development that balances economic growth with ecological sustainability has become a global priority. Within this context, China has proposed its “Dual Carbon” strategic goals, aiming to substantially reduce carbon emissions by 2030. As part of this initiative, industries characterized by high levels of pollution particularly in manufacturing, energy, and resource-intensive sectors are required to prioritize green transition policies. At the firm level, this necessitates a shift toward corporate green governance systems that integrate environmental management with sustainable development objectives. However, the implementation of green governance involves significant costs, including technological innovation, installation of pollution-control equipment, and the adoption of new management practices. These investments may negatively affect short-term profitability and financial performance, leading many firms to underestimate the long-term benefits of green governance and delay the transition. Against this backdrop, the present study empirically examines the impact of corporate green governance on financial performance using panel data from 675 large and medium-sized A-share listed firms in high-pollution industries in China over the period 2014–2024. Panel regression models and long-term effect analyses are employed to identify both the short- and long-term financial impacts of green governance. In addition, the study investigates the mediating roles of corporate reputation, green innovation, and financing constraints, as well as the moderating effects of government support and subsidies on this relationship. The findings reveal that corporate green governance exerts a time-varying, two-stage effect on financial performance. In the initial years following implementation, firms experience increased operating costs and reduced profitability, resulting in a negative impact on financial performance. However, over time, as firms strengthen their environmental responsibility, enhance their market reputation, gain greater trust from consumers and investors, improve access to financing, and benefit from government incentives and policy support, green governance significantly improves financial performance. These results demonstrate that green governance is not merely a compliance mechanism to meet regulatory requirements, but rather a strategic investment that enhances firms’ long-term financial sustainability and competitiveness. By providing large-scale, data-driven empirical evidence on the dynamic financial effects of green governance in high-pollution XIV industries, this study makes important theoretical and practical contributions. The findings offer valuable implications for policymakers seeking to refine incentive mechanisms for green transition, for firms aiming to plan green investments in a phased and strategic manner, and for investors evaluating ESG-based decisions more effectively. 2026-04-07T00:00:00Z https://repository.ufe.edu.mn/xmlui/handle/8524/4647 THE IMPACT OF ESG PERFORMANCE ON FIRM VALUE: A CASE STUDY OF CHINA'S A-SHARE LISTED COMPANIES JU, ZHIHONG This dissertation examines whether and how ESG performance increases firm value in China’s capital market. It focuses on A-share listed companies and explains the channels xxxx through which ESG creates value. Under China’s carbon reduction goals and the gradual improvement of disclosure rules, listed firms have paid increasing attention to ESG. In this context, ESG practice has shifted from a voluntary choice to a more institutionalized form of corporate governance. At the same time, expectations from regulators, investors, employees, and society have become clearer. However, prior studies still provide limited evidence on the relationship between ESG and firm value because of differences in measurement and identification strategies. In addition, the process through which value is created often remains a “black box.” Therefore, it is necessary to clarify whether firm value growth mainly comes from operational upgrading, financial conditions, or information and monitoring effects, and under what conditions the impact becomes stronger. Accordingly, this dissertation tests whether ESG performance improves firm value among China’s A-share listed firms, identifies stakeholder-mediated channels, and explains the boundary conditions of this relationship. To build the theoretical framework, the study compares and integrates institutional theory, signaling theory, the resource-based view, sustainable development theory, stakeholder theory, and the AMO framework. Institutional theory and signaling theory emphasize external pressure and information effects. However, they do not sufficiently explain how firms develop the internal conditions needed to implement ESG and sustain its effects. The resource-based view highlights the role of strategic resources, yet it is less effective in systematically modeling incentives and external opportunities. Therefore, this study treats ESG not only as a response to external pressure but also as an organizational outcome shaped by internal conditions. Specifically, the drivers of ESG are explained through AMO conditions, namely ability, motivation, and opportunity, while the realization of firm value is explained through stakeholder recognition and response. In this framework, sustainable development theory provides the logic of long-term value creation, stakeholder theory explains the micro-level transmission mechanisms, and AMO supports the hypotheses on ESG drivers. This study has four main objectives. First, it tests whether ESG performance is positively associated with firm value. Second, it evaluates whether ability, motivation, and opportunity factors under the AMO framework can explain ESG performance. Third, it analyzes four parallel channels, namely green cognition, innovation investment, financing conditions, and media influence and monitoring, in order to clarify where value is created. xxix i Fourth, it examines heterogeneity across manufacturing and non-manufacturing firms, state-owned and non-state-owned firms, and heavily polluting and less-polluting industries, so as to explain how the results vary under different governance and regulatory environments. The empirical analysis uses an unbalanced panel of China’s A-share listed companies from 2011 to 2024. Firm value is mainly measured by Tobin’s Q, while ROA is used as an alternative outcome variable. The baseline regressions include firm and year fixed effects and use a consistent set of control variables. Robustness checks cover alternative outcome measures, sample adjustments, and different inference settings. In addition, to evaluate dynamic effects, current ESG is replaced by one, two, and three period lagged ESG variables. Endogeneity is addressed through the Heckman two-step selection model and propensity score matching. For the mediation analysis, bootstrap methods are used to estimate the total, direct, and indirect effects. Granger causality tests are also reported in the appendix as an additional directional check. The results show substantial variation in ESG performance across firms, and the governance and social pillars are generally stronger than the environmental pillar. The regressions on ESG drivers support the AMO logic. Financial resources, liquidity, dividends, and external green development opportunities are positively and significantly associated with ESG performance. The baseline regressions show a strong positive relationship between ESG and Tobin’s Q, and the coefficient remains stable after control variables are added step by step. At the pillar level, the valuation effects of the governance and social dimensions are more stable, while the direct effect of the environmental dimension is weaker in some specifications. This suggests that the returns to environmental performance may be realized more through indirect channels or may require more time to be recognized by the market. The lagged ESG models remain positive, which is consistent with the idea that the value effect of ESG matures over time. In addition, the Heckman and PSM estimates continue to show a positive ESG coefficient. This indicates that sample selection bias and selection on observable characteristics are unlikely to overturn the main findings. The mechanism analysis further shows that ESG affects firm value through multiple stakeholder-mediated channels. The bootstrap mediation results confirm that all four channels have statistically significant indirect effects, among which the financing channel is the strongest. In other words, ESG mainly increases firm value by improving contract conditions, reducing risk perceptions, and lowering the cost of external financing. Innovation investment and green cognition are also significant channels, indicating that capability accumulation and green orientation play an additional role in supporting expectations of long-term cash flows. The xxxixi ii media channel is relatively weaker, but it still highlights the role of information intermediation and external monitoring. The mediation results also show that the environmental pillar tends to influence firm value mainly through indirect channels, whereas the governance and social pillars may have stronger direct valuation effects. Moreover, the heterogeneity tests confirm that the value effect of ESG is stronger among manufacturing firms, non-state-owned firms, and less-polluting industries. The contributions of this dissertation are threefold. First, by comparing different theories, it proposes an integrated framework that links ESG drivers, ESG behavior, and firm value within one analytical structure. Second, it quantitatively distinguishes the relative importance of four stakeholder-mediated channels. Third, it shows that the benefits of ESG are not evenly distributed across A-share listed firms, but vary under different conditions. In practical terms, firms should treat ESG as a strategic resource system, embed ESG targets into governance and incentive arrangements, and improve the credibility of ESG-related information through stronger disclosure assurance. This can reduce information asymmetry and financing costs, which is consistent with the strongest mechanism identified in this study. Policymakers can further improve market trust and valuation efficiency by refining reporting standards and by combining incentives with appropriate regulatory constraints. Investors, in turn, can use ESG quality information to improve valuation and risk assessment. 2026-04-03T00:00:00Z