Research on the Impact of Green Finance on Extreme False ESG: From the Perspective of Greening

Yitong Liu; Zexu Zhu; Shijun Zhang

doi:10.54691/h1vqnw82

Authors

Yitong Liu
Zexu Zhu
Shijun Zhang

DOI:

https://doi.org/10.54691/h1vqnw82

Keywords:

Green Finance; Extremely False ESG; Greenish Behavior; Green Technology Innovation.

Abstract

This paper discusses the impact of Green Finance on extreme false ESG information disclosure, especially from the perspective of green drift. With the aggravation of global warming and resource depletion, China's economy is in the stage of green and low-carbon transition. Enterprises cater to external environmental protection standards through green drift to obtain low-cost green financial funds. Firstly, based on the theoretical mechanism, this study uses entropy method to construct green finance index, and verifies the impact of Green Finance on enterprises' green drift behavior based on dynamic panel regression model. Then, the heterogeneity test is carried out according to the region, the nature of property rights and industry characteristics, and green technology innovation is used as the intermediary variable to further explore its impact mechanism. The study found that green finance can significantly reduce the green drift behavior of enterprises and improve ESG performance. In addition, green technology innovation plays an important intermediary role in this process. Finally, this paper puts forward the corresponding policy recommendations to promote the development of green finance and the promotion of green innovation activities of enterprises.

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