A Study On The Impact Of Green Finance Development On The Scale Of Corporate Employment And Its Mechanisms

Green finance helps enterprises to achieve green transformation by directing funds to green projects and enterprises.The 14 th Five-Year Plan outlines the need to accelerate the green transformation of development and to implement a strategy that prioritizes employment.Existing studies have not reached a uniform conclusion on the relationship between the two.It is of great theoretical value and practical significance to study the impact and path of green finance development on the scale of corporate employment.Based on the data of A-share listed companies from 2012 to 2020,this study empirically examines the impact of green financial development on the scale of corporate employment,and explores how green financial development affects the scale of corporate employment through financing constraints,technological innovation and environmental expenditure.The results show that green financial development has a negative impact on the employment size.In terms of the mechanism,financing constraints and environmental expenditure play a partly mediating role in the impact of green financial development on corporate employment size,while technological innovation plays a masking role.Specifically,green finance development affects the corporate employment size by easing the level of financing constraints,enhancing corporate technological innovation and increasing corporate environmental expenditure.Further research found that the impact of green financial development on the employment size differs across different enterprise sizes and different enterprise attributes.Green development is an inevitable trend for future economic development.The results of the empirical analysis help to understanding the mechanism of the impact.It has important implications for how governments and enterprises can reconcile the development of green finance and stable employment.