Wu Shijuan, Cai Dixin, Wang Xuanhe, Chen Hanyi
Newhuadu Business School, Minjiang University, China.
School of Finance, Dongbei University of Finance & Economics, China.
J Environ Manage. 2025 Jul;387:125810. doi: 10.1016/j.jenvman.2025.125810. Epub 2025 May 21.
Previous studies have examined the impact of green finance on corporate financial performance; however, how green finance affects corporate no-financial performance, especially corporate employee demand, remains rarely explored. Utilizing city variations and time variations from 2017 Chinese Green Finance Reform and Innovation Pilot Zones (GFRIPZ) policy, the new diversified green finance, we investigate the impact of green finance on corporate employee demand. Results show that green finance from GFRIPZ would increase corporate employee demand by 14.22 % on average. Additionally, this effect is prominent in non-state-owned enterprises (NSOE), corporates in heavy-polluting industries, and corporates located in high-financial development cities. Mechanism analysis reveals that green finance would increase innovation transformation, especially recruiting more R&D staff, more non-executives and high-educated employees, rather than relaxing financing constraints or improving corporate governance to affect the corporate employee demand. Our paper significantly enhances the comprehensive understanding of how green finance influences non-financial performance through corporate employee demand management.
以往的研究考察了绿色金融对企业财务绩效的影响；然而，绿色金融如何影响企业的非财务绩效，尤其是企业员工需求，仍鲜有探讨。利用2017年中国绿色金融改革创新试验区（GFRIPZ）政策中的城市差异和时间差异，即新型多元化绿色金融，我们研究了绿色金融对企业员工需求的影响。结果表明，来自GFRIPZ的绿色金融平均会使企业员工需求增加14.22%。此外，这种效应在非国有企业、重污染行业企业以及位于金融高度发达城市的企业中尤为显著。机制分析表明，绿色金融会促进创新转型，特别是招聘更多的研发人员、非执行董事和高学历员工，而不是通过缓解融资约束或改善公司治理来影响企业员工需求。我们的论文显著增强了对绿色金融如何通过企业员工需求管理影响非财务绩效的全面理解。
