Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment
In light of global initiatives aimed at promoting sustainability and low-carbon growth, this research investigates how green finance affects regional technological innovation in China, specifically highlighting the mediating effect of R&D investment. Utilizing panel data from 30 provinces in Chi...
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| Format: | Article |
| Language: | English |
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MDPI AG
2025-05-01
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| Series: | International Journal of Financial Studies |
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| Online Access: | https://www.mdpi.com/2227-7072/13/2/78 |
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| author | Ading Li Adul Supanut Jianxu Liu |
| author_facet | Ading Li Adul Supanut Jianxu Liu |
| author_sort | Ading Li |
| collection | DOAJ |
| description | In light of global initiatives aimed at promoting sustainability and low-carbon growth, this research investigates how green finance affects regional technological innovation in China, specifically highlighting the mediating effect of R&D investment. Utilizing panel data from 30 provinces in China from 2008 to 2021, we apply fixed-effects and mediation models to explore these relationships. The results indicate a strong positive link between green finance and regional technological innovation, with R&D investment acting as a partial mediator. Furthermore, the capabilities for regional innovation and entrepreneurship enhance the influence of green finance on R&D investment. However, in areas with greater innovation and entrepreneurship capabilities, the additional effect of R&D investment tends to decrease. Based on these results, the study proposes targeted policy recommendations, including enhancing green finance policies, improving financial institution services, promoting enterprise-led R&D activities, and fostering regional collaboration to achieve balanced innovation development. These insights provide both theoretical and practical significance for leveraging green finance to advance sustainable innovation. |
| format | Article |
| id | doaj-art-ea6c51fed9024401947d5846fdec2ae8 |
| institution | Kabale University |
| issn | 2227-7072 |
| language | English |
| publishDate | 2025-05-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | International Journal of Financial Studies |
| spelling | doaj-art-ea6c51fed9024401947d5846fdec2ae82025-08-20T03:27:10ZengMDPI AGInternational Journal of Financial Studies2227-70722025-05-011327810.3390/ijfs13020078Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D InvestmentAding Li0Adul Supanut1Jianxu Liu2Faculty of Economics, Srinakharinwirot University, Bangkok 10110, ThailandFaculty of Economics, Srinakharinwirot University, Bangkok 10110, ThailandSchool of Economics, Shandong University of Finance and Economics, Jinan 250000, ChinaIn light of global initiatives aimed at promoting sustainability and low-carbon growth, this research investigates how green finance affects regional technological innovation in China, specifically highlighting the mediating effect of R&D investment. Utilizing panel data from 30 provinces in China from 2008 to 2021, we apply fixed-effects and mediation models to explore these relationships. The results indicate a strong positive link between green finance and regional technological innovation, with R&D investment acting as a partial mediator. Furthermore, the capabilities for regional innovation and entrepreneurship enhance the influence of green finance on R&D investment. However, in areas with greater innovation and entrepreneurship capabilities, the additional effect of R&D investment tends to decrease. Based on these results, the study proposes targeted policy recommendations, including enhancing green finance policies, improving financial institution services, promoting enterprise-led R&D activities, and fostering regional collaboration to achieve balanced innovation development. These insights provide both theoretical and practical significance for leveraging green finance to advance sustainable innovation.https://www.mdpi.com/2227-7072/13/2/78green financeregional technological innovationfixed effectsmediating effectsR&D investment |
| spellingShingle | Ading Li Adul Supanut Jianxu Liu Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment International Journal of Financial Studies green finance regional technological innovation fixed effects mediating effects R&D investment |
| title | Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment |
| title_full | Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment |
| title_fullStr | Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment |
| title_full_unstemmed | Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment |
| title_short | Green Finance and Regional Technological Innovation in China: The Mediating Role of R&D Investment |
| title_sort | green finance and regional technological innovation in china the mediating role of r d investment |
| topic | green finance regional technological innovation fixed effects mediating effects R&D investment |
| url | https://www.mdpi.com/2227-7072/13/2/78 |
| work_keys_str_mv | AT adingli greenfinanceandregionaltechnologicalinnovationinchinathemediatingroleofrdinvestment AT adulsupanut greenfinanceandregionaltechnologicalinnovationinchinathemediatingroleofrdinvestment AT jianxuliu greenfinanceandregionaltechnologicalinnovationinchinathemediatingroleofrdinvestment |