The Impact of Green Investment on Enterprise New-Quality Productivity: Evidence from China

The Impact of Green Investment on Enterprise New-Quality Productivity: Evidence from China | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article The Impact of Green Investment on Enterprise New-Quality Productivity: Evidence from China Yalian Zhang, Siyi Teng, Xin Guo This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-8851509/v1 This work is licensed under a CC BY 4.0 License Status: Under Revision Version 1 posted 12 You are reading this latest preprint version Abstract This study aims to investigate the relationship between green investment and enterprise new-quality productivity (NQP) using data from Chinese A-share listed companies from 2012 to 2024. The findings shows that green investment has a positive effect on NQP. The moderating effect analysis indicates that market competition strengthens the link between green investment and NQP. In market environments with high competition, green investment produces stronger gains in NQP. The heterogeneity analysis shows that the effect of green investment on NQP is stronger in non-state-owned enterprises, enterprises in non-heavily polluting industries, and enterprises in eastern and western regions of China. The study provides theoretical and practical implications for enterprises seeking to make green investment decisions, support NQP development, and advance the green transformation of development models. Business and commerce/Business and management Social science/Business and management Business and commerce/Economics Social science/Economics Earth and environmental sciences/Environmental sciences Earth and environmental sciences/Environmental social sciences Social science/Environmental studies Green investment New-quality productivity Green innovation Entropy method 1 Introduction Green investment refers to investment in preventing and controlling environmental pollution and maintaining ecological balance. The concept emerged in the second half of the twentieth century, gaining attention as ethical investment and sustainable development grew (Xu et al., 2025 ). Western countries formed environmental, social and economic standards for green investment through legislation and environmental organisations. Research in China began in the early twenty-first century as green trade barriers appeared, which pushed enterprises to respond through green investment (Zhang, 2022 ). The Chinese government also encouraged private capital to enter fields such as waste treatment, which broadened channels for green investment and formed a more diverse investment pattern (Fan, 2020 ). Green investment links society, economy and environment, supports green productivity and relies on both market mechanisms and government functions. It aims to maximise economic, social and environmental outcomes and often involves technology. The report of the twentieth National Congress of the Communist Party of China stresses green development and coordination between human activity and nature. This indicates the internal link between the two. As basic units of the national economy, enterprises act as carriers of NQP (Zhang, 2025 ). Studying green investment is therefore important for understanding enterprise green transformation and the development of NQP. The development of NQP involves theory, history and practice. It supports Marxist theory in the Chinese context, reflects the development path of productive forces and aligns with the requirements of socialism with Chinese characteristics. It also emerges in response to information technology and changes in the international environment (AW et al.,2017). Sustainable development, which is part of green investment, aligns with national conditions and international trends and can support green transformation. Green productivity formed through green investment is consistent with NQP and contributes to high-quality development. However, existing research has three gaps. There is limited work on the enterprise-level drivers of NQP. There is little empirical evidence linking green investment to NQP.There are few studies on the economic effects of green investment within the framework of NQP. This study addresses these gaps by examining whether and how green investment affects enterprise NQP and by identifying the mechanisms involved. This study aims to investigate the relationship between green investment and enterprise new-quality productivity (NQP). It uses data from A-share listed companies from 2012–2024, applies quantitative indicators of NQP based on the entropy method and examines the impact and mechanism of green investment on NQP (Song et al., 2024 ). The contributions of the paper are three-fold. First, the paper extends research on the factors influencing NQP at the enterprise level. It verifies green investment as a significant NQP driver and constructs a theoretical framework linking "environmental investment" to "productivity upgrading," broadening the scope of NQP influencing factors. Second, it moves beyond qualitative analysis and provides quantitative evidence on the impact of green investment on NQP. This study develops a comprehensive NQP evaluation system using the entropy method and employs 13-year panel data (2012–2024) with robustness and endogeneity tests, confirming the positive causal relationship between green investment and NQP.Third, it extends research on the economic effects of enterprise green investment in the context of NQP,providing targeted theoretical references for policies and enterprise strategies. 2 Literature Review 2.1 Green Investment Green investment has external effects, risk and long-term characteristics, and the environmental and economic benefits it produces show a time lag (Liu et al., 2024). These characteristics create links between the green investment decisions of different enterprises. Horizontally, peer effects arise in green investment. Through learning and pressure mechanisms, enterprises can reduce costs, improve production efficiency and increase corporate value by referring to the green investment behaviour of peer enterprises, especially leading enterprises. Vertically, green investment supports cost sharing among supply chain enterprises, particularly upstream suppliers, through signalling and trust mechanisms, and promotes the formation of alliances across the supply chain (Dai et al., 2017 ). These patterns show that green investment involves convergence of decisions, cost sharing and benefit sharing within industries and supply chains. Green investment can bring economic benefits in addition to environmental benefits. These economic benefits arise mainly through cost reduction and innovation promotion (Shi, 2024 ). In terms of cost reduction, green investment can reduce information asymmetry and improve corporate reputation, which lowers the cost of equity capital. It can also improve internal risk management by reducing agency costs, increase risk-bearing capacity and reduce management costs. Under environmental protection tax policies, green investment can reduce the tax burden of enterprises. In terms of innovation promotion, green investment can ease financing constraints and increase enterprise growth. Under the Porter hypothesis, green investment can offset the costs of environmental responsibility, strengthen corporate image and attract customers, which increases market competitiveness (Peng, 2024 ). Green investment can also increase enterprise value by building reputation capital, promoting technological innovation and improving performance. 2.2 New-Quality Productivity New-quality productivity(NQP) has specific connotations. It reflects new forms of productive forces and involves changes driven by new technologies. It relies on new industries, including pillar industries and leading industries, and develops the new economy through the integration of scientific innovation and institutional innovation. This process provides new momentum for the transformation of scientific and technological achievements. The core of NQP is innovation-driven development, with the aim of increasing productivity through breakthroughs in key technologies (Sun, 2024 ). Its main features relate to technology, efficiency and development quality. In the development of a modern socialist economy, NQP and the green economy show strong compatibility. NQP represents a new form of productive forces, and the green economy represents a new form of economic activity. Both arise from social and economic development and support the goals of Chinese-style modernization. NQP emphasizes the optimal allocation of production factors., while the green economy focuses on the combination of economic and ecological outcomes (Qiao, 2025 ). Both place emphasis on development quality. NQP also reflects a green orientation in its theoretical basis, operation and results, which differentiates the green economy from the traditional economy. 3 Hypothesis Development 3.1 Green Investment and Enterprise New-Quality Productivity Green investment reflects the effort made by enterprises to prevent and control environmental pollution and maintain ecological balance (Zheng, 2023 ). While addressing economic and environmental outcomes, green investment can also increase the productivity level of enterprises. First, green investment can support technological innovation. Enterprises can use green investment to introduce new technologies. Many enterprises may not have sufficient technical reserves or research and development capacity to meet green development needs in the short term. Through green investment, enterprises can allocate funds to introduce green production technologies, which helps them overcome technical limitations. At the same time, green investment can strengthen internal research and development. When adopting green technologies, enterprises can combine external technologies with internal production and research practices to generate technological progress. Green investment therefore supports the development of technological capability and increases productivity. Second, green investment can support market expansion. As consumer awareness of environmental and health issues increases, the green consumption market continues to grow (Huang et al., 2022 ). Through green investment and technological adjustment, enterprises can decrease the environmental influence of their products and increase green attributes, which strengthens product competitiveness. Enterprises can also develop new products that meet green consumption needs, which expands market opportunities. Wider market space and stronger demand can lead enterprises to develop and produce new products, improve product quality and increase differentiation, which supports higher productivity. Third, green investment can increase corporate reputation and social recognition. Through green investment, enterprises can apply green development principles, build a green organisational culture and form a green brand image that attracts consumers (Chen et al., 2020). Increased green investment can also signal commitment to environmental responsibility, which strengthens confidence among investors, suppliers and other stakeholders. This supports stable cooperation, reduces innovation risk and creates favourable external conditions for higher productivity and long-term development. Drawing on the above analysis, Hypothesis 1 is proposed as follows: H 1 : Green investment can improve the level of enterprise new-quality productivity. 3.2 The Moderating Role of the Degree of Market Competition The degree of market competition refers to the intensity of competition among enterprises in a specific market. A higher degree of market competition reduces the market share available to each enterprise and increases product homogeneity. The degree of market competition is an important factor that influences enterprise investment decisions and strategies, and it may therefore moderate the relationship between green investment and NQP. First, strong market competition can lead enterprises to adopt differentiation strategies through green investment. In highly competitive markets, product homogeneity becomes more serious. To pursue higher profit, enterprises may increase green investment to strengthen the green attributes and technical content of their products (Zhang, 2022 ). Enterprises can adjust production processes and technologies to reduce environmental impact, making products more attractive to consumers concerned with environmental protection. Enterprises can also develop new products through green investment and technological innovation. For example, in the automotive market, some enterprises have entered the market through new energy vehicles. In this way, green investment can support product differentiation, increase market competitiveness and promote the formation of NQP through incremental or breakthrough innovation. Second, strong market competition can generate new consumer demand, including demand for green products. Highly competitive markets tend to reach maturity, and product attributes converge. In such markets, consumers may adopt new expectations for products. Green consumption is receiving increasing attention (Zivar, 2022). In some mature markets, green demand gradually becomes an important part of consumption. Enterprises may increase green investment to adjust product design and production technology and to include environmental considerations in materials, production, logistics and sales. These adjustments can increase consumer satisfaction, strengthen corporate image and create favourable conditions for enterprises to cultivate NQP. Finally, strong market competition can support the formation of enterprise clusters, which reduces resistance to green investment and promotes NQP. Enterprises can learn from the green investment strategies and technologies of leading firms in the industry (He et al., 2023 ). By learning from successful cases, enterprises can reduce trial-and-error cost, identify suitable green investment strategies and accelerate the conversion of green investment into NQP. Supply chain enterprises can also share green investment costs through cooperation, which lowers the burden on individual firms and addresses the externalities of green investment returns, creating cost and benefit sharing across the industrial chain and supporting NQP. Based on this analysis, the second hypothesis is proposed: H 2 : The degree of market competition plays a moderating role in the impact of green investment on enterprises’ new-quality productivity. 4 Research Design 4.1 Sample Selection and Data Sources Based on the purpose of the study, this paper uses the financial statement data of China’s A-share listed companies from 2012 to 2024. The data were processed as follows: (1) ST enterprises with poor operations were excluded; (2) financial industry enterprises were excluded; (3) enterprises with missing values in key variables, including green investment, were excluded; (4) all variables were winsorised at the 1% level at both ends. This process resulted in 28,387 valid observations. The data come from the CSMAR database, and Stata 17 was used for data processing and econometric analysis. 4.2. Model Design To study the impact of green investment on enterprise NQP and the moderating role of market competition, this paper constructs two multiple linear regression models. To test hypothesis H 1 , model (1) was constructed to tests the effect of green investment on enterprise NQP: $$\:{NPro}_{i,t}={\alpha\:}_{0}+{\alpha\:}_{1}{Green}_{i,t}+\sum\:{Controls}_{i,t}+\sum\:{Industry}_{i,t}+\sum\:{Year}_{i,t}+{\epsilon\:}_{i,t}$$ 1 Here, \(\:{NPro}_{i,t}\) represents new-quality productivity, \(\:{Green}_{i,t}\:\) represents green investment, \(\:{Controls}_{i,t}\) are control variables, including the debt-to-asset ratio (Lev), return on equity (ROE), current ratio (CR), listing age (Age), and enterprise size (Size), and \(\:{Industry}_{i,t}\) and \(\:{\:Year}_{i,t}\) are industry fixed effects and year fixed effects. \(\:{\epsilon\:}_{i,t}\) is the random error term. To test hypothesis H 2 , the interaction term(Green×CPT)of green investment (Green) and the degree of market competition (Competition) was constructed, and regression model (2) was constructed to test the moderating role of the degree of market competition: $$\:{NPro}_{i,t}={\alpha\:}_{0}+{\alpha\:}_{1}{Green}_{i,t}+{\alpha\:}_{2}\text{G}\text{r}\text{e}\text{e}\text{n}\times\:\text{C}\text{P}\text{T}+\sum\:{Controls}_{i,t}+\sum\:{Industry}_{i,t}+\sum\:{Year}_{i,t}+{\epsilon\:}_{i,t}$$ (2) 4.3 Definition of Variables 4.3.1 Explained Variable The explanatory variable in this paper is new-quality productivity (NPro). Following Song et al. ( 2024 ) and based on the two-factor theory of productivity, productivity is divided into labour force and means of production. Labour force is divided into live labour and materialised labour. The means of production is divided into hard science and technology and soft science and technology. These categories are then divided into specific financial indicators. The entropy method assigns weights to the indicators to calculate the level of NQP. Table 1 presents the indicators and weights. Table 1 Index of New Quality Productivity Factors Sub-factors Indicators Explanation Percentage Labor force Labor salary share of R & D personnel (R & D expenses-salary)༏operating income 28 R & D personnel ratio number of R & D personnel༏number of employees 4 highly educated personnel ratio bachelor degree or above༏number of employees 3 Objects of labor fixed assets ratio fixed assets༏total assets 2 manufacturing costs ratio (subtotal cash outflows from operating activities་depreciation of fixed assets་amortization of intangible assets་impairment provision-cash for purchasing goods and accepting payment for labor services།wages paid to and for employees)༏༈subtotal cash outflows from operating activities་depreciation of fixed assets་amortization of intangible assets་impairment provision༉ 1 Production tools Hard technology R & D depreciation and amortization ratio (R & D expenses-depreciation and amortization)༏ operating income 27 R & D lease fee ratio (R & D expenses-rental fee)༏operating income 2 direct investment in R & D ratio (R & D expenses-direct input)༏operating income 28 intangible assets ration intangible asset༏total assets 3 Soft technology total asset turnover operating income༏average total assets 1 reciprocal of equity multiplier owner’s equity༏total assets 1 New quality productivity 100 ∗, ∗∗ and *** represent significance levels of 5%, 1% and 0.1%, respectively, with the t statistic in parentheses, the same below. Data Source: CSMAR Database 4.3.2 Core Explanatory Variables In this paper,the core explanatory variable is green investment (Green), defined as the expenditure by enterprises on environmental protection. Green investment is measured as the sum of environmental protection-related expenditures under the “construction in progress”account,and greening fees and sewage fees disclosed under administrative expenses,or sourced from listed companies’annual reports. Because enterprises of different sizes record different levels of green investment, the logarithm of green investment is used as the observed value of Green. After processing, the distribution of Green is examined. The kurtosis is 2.729 and the skewness is 0.442, which indicates that the logarithmic form produces a distribution close to normal and supports its use. 4.3.3 Control Variables Green investment has external effects and a lag in returns. Based on this, this paper sets the control variables as follows. Financial leverage reflects capital structure and financial risk. Reliance on debt or equity affects an enterprise’s funding strategy and may influence its green investment decisions. Enterprise age reflects the stage of development. According to life cycle theory, enterprises at different stages have different growth patterns and objectives, which may affect green investment. Profitability is an indicator that influences investor decisions (Li, 2024 ). Because green investment may not increase current profit, investors adjust their strategies according to profitability, which may affect green investment across periods. The current ratio reflects liquidity and short-term solvency. As green investment returns lag, green investment may restrict cash flow in the short term, so the current ratio may limit green investment. Enterprise size reflects differences in capital and technology. Enterprises of different sizes face different financial and technical pressures from green investment and may adopt different strategies. In summary, the control variables in this paper are financial leverage (lev), enterprise age (age), profitability (roe), current ratio (cr), and enterprise size (size). Financial leverage is measured by the gearing ratio, and profitability is measured by return on net assets. 4.3.4 Moderating Variables Based on the previous hypothesis, a higher degree of market competition may reduce the marginal benefit of green investment and may increase financial risk for enterprises in the short term. Therefore, this paper uses the degree of market competition (Competition) as the moderating variable and adopts the Herfindahl Index (HHI) to measure it. The HHI is calculated as: $$\:HHI=\sum\:_{i=1}^{n}{\left(\frac{{x}_{i}}{X}\right)}^{2}$$ Where x i denotes the size of the enterprise i , X denotes the total market size, and \(\:\frac{{x}_{i}}{X}\) denotes the market share of the enterprise i , the square of the market share of each enterprise in the same period is summed as the degree of market competition. A larger value indicates a higher level of monopolisation and a lower level of market competition. 5 Findings 5.1 Descriptive Statistics To understand the basic position of the sample firms in relation to NQP and green investment, this paper first conducts descriptive statistics of the main variables. The variables include the explanatory variable new-quality productivity (NPro), the core explanatory variable green investment (Green), the moderating variable Competition, and the control variables. As shown in Table 2 , the maximum value of NPro is 12.34, the minimum value is 1.050, and the standard deviation is 2.070. This indicates that the NPro values of the sample firms vary and that some firms have further room for development. The minimum value of Green is 17.49, the maximum value is 22.43, and the standard deviation is 1.010, which indicates variation in green investment across firms (see Table 2 .) Table 2 Descriptive statistics Variables Sample size Mean Median Std Minimum Maximum NPro 28387 5.020 4.780 2.070 1.050 12.34 Green 28387 19.52 19.41 1.010 17.49 22.43 HHI 28387 0.190 0.140 0.170 0.040 0.170 Lev 28387 0.430 0.420 0.230 0.0100 11.51 ROE 28387 0.0500 0.0700 0.920 -85.65 43.25 CR 28387 2.370 1.650 2.590 0.0400 80.66 Age 28387 2.190 2.300 0.780 0 3.500 Size 28387 22.20 22.05 1.170 18.83 27.51 Data Source: CSMAR Database 5.2 Benchmark Regression Based on the research purpose and the construction of the regression model, this paper conducts regression analysis with new-quality productivity (NPro) as the explanatory variable and green investment (Green) as the core explanatory variable, together with the control variables. The results are shown in Table 3 . Columns (1) and (2) report the direct regression results between NPro and Green. Columns (3) and (4) report the regression results after the inclusion of control variables. Columns (1) and (3) report results without industry fixed effects and year fixed effects. Columns (2) and (4) report results with industry fixed effects and year fixed effects. The results show that the coefficient of Green is positive at the 0.1% level before and after the inclusion of control variables and before and after controlling for fixed effects. The Hausman test reports a chi-square value of 1588.86 with a p-value less than 0.001, which rejects the null hypothesis and indicates that the fixed effects model is preferred. Therefore, the results in columns (2) and (4) should be used. Collectively, the results show that green investment has a positive effect on NQP, and hypothesis H 1 is supported (see Table 3 .) Table 3 Benchmark regression (1) (2) (3) (4) NPro NPro NPro NPro Green 0.1643 *** 0.1645 *** 0.1919 *** 0.2436 *** (13.59) (14.42) (8.74) (10.62) lev -0.9592 *** -0.3192 *** (-14.33) (-5.12) roe -0.0254 -0.0087 (-1.92) (-0.73) cr -0.0749 *** -0.0576 *** (-13.27) (-11.23) age -0.0437 * -0.0171 (-2.47) (-1.02) size 0.0004 -0.1007 *** (0.02) (-4.82) cons 1.8132 *** 1.1905 *** 1.9504 *** 2.1800 *** (7.67) (4.39) (7.25) (7.39) fixed effect No Yes No Yes Sample size 28387 28387 28387 28387 Adjusted R 2 0.0064 0.2112 0.0160 0.2154 Data Source: CSMAR Database 5.3 Robustness Test 5.3.1 Replacement of Explanatory Variable Total factor productivity (TFP) is used to measure productivity. Therefore, this paper uses TFP as a replacement variable for new-quality productivity (NPro) (Mika, 2002 ). Common methods to measure TFP include the OP method, the LP method, and the ACF method. Based on data availability and calculation needs, this paper adopts the OP method. The results in column (1) of Table 4 show that the coefficient of green investment (Green) remains positive at the 0.1% level after replacing NPro with TFP. This indicates that hypothesis H 1 remains valid when the explanatory variable is replaced. Table 4 Robustness Test (1) (2) (3) TFP (explaned variable replaced) NPro (abnormal years excluded) NPro (lagged one period) Green 0.0779 *** 0.2789 *** 0.2295 *** (12.09) (10.13) (9.87) lev 0.1811 *** -0.2206 ** -0.4977 *** (10.34) (-3.11) (-6.84) roe 0.0265 *** -0.0204 -0.0140 (7.96) (-1.12) (-1.12) cr 0.0015 -0.0669 *** -0.0759 *** (1.02) (-11.66) (-11.86) age -0.0135 ** 0.0484 * -0.0731 *** (-2.87) (2.33) (-3.52) size 0.3860 *** -0.1628 *** -0.0866 *** (65.75) (-6.42) (-4.14) cons -3.8234 *** 2.5927 *** 2.5893 *** (-46.07) (7.29) (8.15) Fixed effects Yes Yes Yes Sample size 28387 18328 23888 Adjusted R 2 0.6046 0.2283 0.2115 Data Source: CSMAR Database 5.3.2 Excluding Abnormal Years The sample period is 2012 to 2024, which covers the epidemic period. The epidemic may influence the results. To address this, the data from 2020 to 2024 are excluded and the regression is repeated. The results in column (2) of Table 4 show that the coefficient of green investment (Green) remains positive at the 0.1% level, which indicates that hypothesis H1 still holds. The coefficient becomes larger after excluding these years, which suggests that the effect of green investment on NQP may be clearer when not affected by exceptional conditions such as the epidemic. 5.3.3 Endogeneity Test To address possible endogeneity from omitted variables, this paper uses the instrumental variable approach to test endogeneity. Because green investment takes time to transform into new productivity, the return of green investment has a lag. Therefore, the lagged value of Green is used as the instrumental variable (Ren et al., 2024 ). The results show that the coefficient of Green remains positive at the 0.1% level. Hypothesis H 1 remains valid, and no endogeneity problem is found (see Table 4 .) 5.4 Moderating Effect Test This paper constructs the interaction term Green×CPT and conducts the regression. The results show that the coefficient of Green×CPT is negative at the 0.01% level, which indicates that market competition moderates the relationship between green investment and NQP. Hypothesis H 2 is thus supported. Several factors may explain this result. First, in industries with a high degree of market competition, product homogenisation is common. To increase competitiveness and pursue excess profit, enterprises increase green investment to raise the green attributes and technical content of their products and achieve product differentiation (Mohammad, 2024). Second, in competitive markets, consumers set higher product requirements and show stronger preference for green products. This shift in market demand leads enterprises to increase green investment and R&D to meet demand, adjust production, and increase NQP (Luo et al., 2023). Third, competitive markets are more likely to form industrial clusters. These clusters create group effects, enabling enterprises to learn from the green investment strategies and technologies of leading firms and to share green investment costs with upstream and downstream firms. This process supports the transformation of green investment into NQP across the cluster (see Table 5 .) Table 5 Moderating Effect Test NPro Green 0.2449 *** (10.68) Competition 0.2035 (1.23) Green×CPT -0.2051 ** (-2.89) Lev -0.3201 *** (-5.14) ROE -0.0087 (-0.73) CR -0.0575 *** (-11.22) Age -0.0181 (-1.08) Size -0.1019 *** (-4.88) cons 2.1140 *** (7.04) Fixed effects Yes Sample size 28387 Adjusted R 2 0.2156 5.5 Heterogeneity Analysis 5.5.1 Property Rights Heterogeneity The nature of an enterprise property rights affects its business objectives. State-owned enterprises (SOEs) are often expected to take on social responsibilities such as environmental protection and may therefore place more weight on green investment. The political position of SOEs can also reduce resistance during the green investment process. In this paper, enterprises are classified as state-owned or non-state-owned based on property rights, and regressions are conducted separately. Columns (1) and (2) of Table 6 show that the coefficient of green investment (Green) for non-state-owned enterprises is positive at the 0.01% level and higher than the coefficient for the full sample. This indicates that green investment has a stronger effect on the NQP of non-state-owned enterprises than on state-owned enterprises. Several factors may explain this result. For state-owned enterprises, their position in the national economy requires them to meet social responsibilities. To respond to national green development policy and fulfil these responsibilities, SOEs often make large green investments (Li et al., 2025 ). This behaviour is common across SOEs, which leads to limited variation in their green investment levels. Many SOEs focus on areas such as energy-saving equipment and environmental protection projects (Wang, 2025 ). Such uniform investment patterns limit the extent to which green investment raises productivity because the strategies lack clear differentiation and innovation (Gao et al., 2024). Conversely, non-state-owned enterprises tend to show stronger voluntariness in green investment. Their decisions arise from their assessments of market trends, the need to shape corporate image, and long-term development plans rather than from policy requirements. This voluntariness produces green investment that is more targeted and aims to strengthen market position. Some non-state-owned enterprises invest in emerging green technologies or explore approaches such as green supply chain management. These actions attract attention from consumers, investors, and the media. Consumers often choose products from firms with strong green reputations, and investors are more willing to provide funding. As a result, the marginal benefits of green investment are greater for non-state-owned enterprises, which increases their NQP. 5.5.2 Industry Heterogeneity Enterprises in different industries face different policies and business conditions, and their purposes and methods of green investment may differ. For example, in high-pollution industries, green investment may focus on compliance, while in non-high-pollution industries it may support product innovation or corporate image needs (Zheng, 2023 ). In this paper, the sample firms are divided into high-pollution industries and non-high-pollution industries for separate regression analysis. Columns (3) and (4) of Table 6 show that the coefficients and significance levels of green investment (Green) are higher for firms in non-high-pollution industries than for firms in high-pollution industries. Table 6 Heterogeneity Analysis Property rights Industries Regions (1) (2) (3) (4) (5) (6) (7) state-owned non-state-owned High pollution non-high pollution East West Middle Green 0.0213 0.4126 *** 0.1159 ** 0.3027 *** 0.2914 *** 0.2890 *** 0.0257 (0.55) (14.67) (2.82) (11.16) (10.47) (5.20) (0.42) Lev -0.6817 *** -0.3134 *** 0.0280 -0.4492 *** -0.4819 *** 0.1948 -0.2175 (-6.21) (-4.17) (0.24) (-6.20) (-6.35) (1.37) (-1.23) ROE -0.0101 -0.0037 -0.0602 * 0.0019 -0.0159 0.0212 -0.0334 (-0.43) (-0.28) (-2.24) (0.14) (-0.68) (1.03) (-1.86) CR -0.1444 *** -0.0399 *** -0.0774 *** -0.0482 *** -0.0443 *** -0.0931 *** -0.0949 *** (-11.18) (-7.30) (-8.44) (-7.96) (-7.36) (-6.23) (-7.56) Age -0.3019 *** -0.0530 ** 0.1293 *** -0.0554 ** -0.0429 * 0.0058 -0.0043 (-8.20) (-2.61) (4.28) (-2.81) (-2.13) (0.13) (-0.09) Size 0.0926 ** -0.3377 *** 0.0515 -0.1677 *** -0.1147 *** -0.1775 *** -0.0023 (2.68) (-12.95) (1.44) (-6.70) (-4.50) (-3.55) (-0.04) cons 2.8789 *** 4.6840 *** 1.4554 ** 2.5307 *** 1.6890 *** 3.4335 *** 3.7113 *** (6.11) (11.85) (3.11) (7.39) (4.26) (4.81) (5.30) Fixed effects Yes Yes Yes Yes Yes Yes Yes Sample size 9550 18837 6734 21653 19855 4703 3829 Adjusted R 2 0.2671 0.2271 0.1900 0.2182 0.2283 0.2323 0.2488 Several factors may explain this result. First, firms in high-pollution industries face strict policy requirements. To meet environmental protection and sustainable development standards, these firms must invest in compliance, including pollution treatment equipment and environmental protection facilities (Du et al., 2022 ). The aim of these investments is often limited to meeting regulatory requirements and avoiding penalties, rather than pursuing technological progress. As such, these investments do not link strongly with long-term development strategy. Because these firms focus on compliance rather than innovation, green investment is less likely to generate technological improvement. Homogeneous investment patterns also limit the effect of green investment on productivity. Second, firms in non-high-pollution industries often show stronger voluntariness in green investment. Their decisions arise from assessments of market trends, corporate image needs, and long-term development plans, rather than from regulatory pressure (Xia et al., 2021 ). This produces more targeted green investment. Some non-state-owned enterprises focus on green technology research or explore green supply chain management. These actions attract attention from consumers, investors, and the media. Consumers often choose products from firms with strong green reputations, and investors are more willing to support such firms. As a result, green investment produces larger marginal benefits and raises NQP more effectively. These firms are not subject to the same regulatory pressures as firms in high-pollution industries. Their green investment arises from market judgement, corporate responsibility, and competitive needs. These motives support technological innovation and encourage exploration of new production methods, which increases the likelihood that green investment will raise NQP. 5.5.3 Regional Heterogeneity Enterprises in different regions may face different costs and benefits of green investment because of differences in economic development, legal policy, technology, industrial structure, and natural resources. In regions with stronger economic development, enterprises can shift from single economic goals and place earlier focus on environmental performance, which leads to greater attention to green investment. In regions with stricter legal rules and stronger policy support for green production, enterprises have stronger incentives to invest in green activities and receive higher returns. In regions with more advanced technology, enterprises can convert green investment into technological advantage more quickly, which increases the efficiency of green investment. Regions with stronger industrial foundations provide better conditions for transformation and upgrading, which may lead firms to place more value on green investment. In regions with natural resource advantages, such as clean energy, green investment has clearer resource support (Yang et al., 2023 ). To examine whether the effect of green investment on NQP differs across regions, the sample is divided into eastern, western, and central regions. Columns (5), (6), and (7) of Table 6 show that the coefficients of green investment (Green) are higher in the eastern and western regions, which suggests stronger effects in these regions. Two factors may explain these results. First, the eastern region benefits from economic development and industrial structure, with established green financing systems and advanced green technologies. Firms in this region can draw on the experience of other regional firms and convert green investment into productivity more effectively. Second, the western region benefits from policy support and latecomer advantage. Firms in this region receive national policy support, such as tax incentives for green investment, and can use renewable energy and related industries to reduce the cost of green investment and increase its marginal benefits (see Table 6 .) 6 Discussion and Implications This study investigates the relationship between green investment and enterprise new-quality productivity (NQP). The analysis applies multiple linear regression models and related empirical methods to examine these relationships. The study finds three key results. First, green investment increases the level of NQP in enterprises. Second, the degree of market competition reduces the effect of green investment on NQP, as stronger competition weakens this impact. Third, The heterogeneity analysis reveals that green investment exerts a more pronounced effect on NQP in non-state-owned enterprises, non-heavily polluting industries, and firms located in eastern and western China. Based on the findings, we propose recommendations for enterprises and regulators at three levels. (i) Macro-level Recommendations The government should refine policy support under the ‘dual carbon’ goal and increase policy incentives for enterprise green investment. A green development fund should support enterprises that carry out green investment through financial subsidies, tax relief and subsidised loans to reduce barriers and increase motivation. The government should also strengthen the carbon emissions trading market to widen value creation channels for green investment, increase carbon asset income for low-carbon enterprises, and encourage enterprises to allocate production factors more effectively and raise NQP. In addition, regional coordination policies should support balanced green development by improving infrastructure in less developed regions, facilitating the flow of green capital, technology and talent, and making use of the leading position of the eastern region, the bridging position of the central region and the development potential of the western region to promote joint green development. (ii) Meso-level Recommendations Industry-level standards for green investment should be developed and improved to provide clear guidance for enterprises. Strengthened environmental regulation and certification can increase the effect of green investment and support its conversion into competitiveness. Enforcement should target false green claims and illegal emissions to maintain fair competition and transparency in the green market. Green industry development should be supported through cooperation and information sharing across the green industry chain. This can help form an industry structure in which large, medium and small enterprises develop together and jointly support the green transformation of the industry and the increase in NQP. (iii) Micro-level Recommendations Enterprises should make green investment decisions based on their industry characteristics and business models. Green investment increases NQP, and enterprises should make use of policy support, strengthen the development and introduction of green technology, and increase the green attributes of products. Green investment should support innovation and raise technological capacity. Enterprises should balance environmental and economic outcomes, fulfil environmental responsibilities, support technological progress, stabilise their business conditions and maintain a positive corporate image to support long-term development. Three directions are suggested for future research. First, research should deepen investment decision-making mechanisms in segmented contexts. This includes examining the investment logic of enterprises in different industries, sizes and regions. At the industry level, research should study the investment priorities of core elements of new productive forces in areas such as equipment and biomanufacturing. At the enterprise level, research should examine differences in investment capacity in enterprises of different scales and analyse how policy measures and supply chain cooperation reduce investment constraints for small and medium-sized enterprises. At the regional level, research should study the investment layout of enterprises across regions based on regional industrial foundations. Second, future research should optimise policy and market guidance mechanisms. This includes comparing the incentive effects of policy tools such as tax measures and research and development subsidies on investment in new productive forces, assessing the influence of market signals such as carbon prices and patent prices, and exploring how a collaborative investment system involving government, enterprises and research institutions can reduce investment costs. Finally, it would be interesting to examine the integration of ESG and social responsibility. This includes analysing how enterprises incorporate ESG indicators into investment evaluation, studying how enterprises balance social effects such as labour substitution with investment returns, and examining the long-term social value of investment in new productive forces. Declarations Ethical Approval This article does not contain any studies with human participants performed by any of the authors. Disclosure Statement No potential conflict of interest was reported by the author(s). Data availability statement The panel data and statistical code supporting the findings of this study are available within the supplementary material of this article. Author Contribution Author T was responsible for project design, literature review, data collection and analysis, and drafted the original manuscript. Author Z participated in refining the research scheme, discussing results and revising the paper. Author G provided overall guidance and review on the research idea, theoretical framework and content. All authors have read and approved the final manuscript and are responsible for its content. References Ng AW, BKB Kwok (2017) Emergence of Fintech and cybersecurity in a global financial centre:Strategic approach by a regulator. J Financial Regul Compliance 25(4):422–434 Chen YS, Lin CL (2020) Improving green product development performance from green vision and organizational culture perspectives. Corp Social Responsib Environ Management27(1):222–231 Dai RJ, Zhang W, Tang (2017) Cartelization or Cost-sharing? Comparison of cooperation modes in a green supply chain. J Clean Prod 156(16):159–173 Du M, Chai S, Li S (2022) Z Sun How Environmental Regulation Affects Green Investment of Heavily Polluting Enterprises: Evidence from Steel and Chemical Industries in China. Sustainability 14(19), 11971 Fan Y, C Fang (2020) Circular economy development in China-current situation, evaluation and policy implications. Environmental impact assessment review 84,106441 Gao D, Zhou X, J Wan (2024) Unlocking sustainability potential: The impact of green finance reform on corporate ESG performance. Corp Soc Responsib Environ Manag 31(5):4211–4226 He ZL, Kuai,J, Wang (2023) Driving mechanism model of enterprise green strategy evolution under digital technology empowerment: A case study based on Zhejiang Enterprises. Bus Strategy Environ 32(1):408–429 Huang HR, Long H, Chen Q, Li M, Wu XG (2022) Knowledge domain and research progress in green consumption: a phase upgrade study. Environ Sci Pollut Res 29(26):38797–38824 Liu QX, Yang ZS (2024) Digital economy and substantial green innovation: empirical evidence from Chinese listed companies. Technol Analysis&Strategic Manage 36(10):2609–2623 Li X (2024) Research on the Impact of Financial Leverage on Corporate Capital Structure. J Mod Bus Econ 1(3):065200 Li X, Tian Z, Liu Q, B Chang (2025) The Impact and Mechanisms of State-Owned Shareholding on Greenwashing Behaviors in Chinese A-Share Private Enterprises. Sustainability17(2):741 Luo GJ, Guo F, Yang,C Wang 2023.Environmental regulation, green innovation and high-quality development of enterprise: Evidence from China. J Clean Prod, 418,138112 Mika (2002) Total productivity measurement based on partial productivity ratios.International Journal of Production Economics 78(1)57–67 Mohammad,Pedro (2024) Green is the new black: How research and development and green innovation provide businesses a competitive edge. Business Strategy and the Environment 32(2),1004–1023 Peng X (2024) Environmental regulation and agricultural green productivity growth in China: A retest based on ‘Porter Hypothesis’. Environ Technol 45(16):3105–3117 Qiao X, Li H (2025) X Wu Green Finance Empowering Forestry New Quality Productivity: Mechanisms and Practical Paths. Forests 16(9), 1445 Ren FT, Wu Y, Ren X, Liu X, Yuan (2024) The impact of environmental regulation on green investment efficiency of thermal power enterprises in China-based on a three-stage exogenous variable model. Scientific Reports 14,8400 Shi PQ, Huang (2024) The impact of financial investment on corporate environmental sustainability: Reservoir effect or crowding-out effect? Bus Strategy theEnvironment 33(6):6084–6105 Song JJ, Zhang,Y, Pan (2024) A study on the impact of ESG development on firms’ new quality productivity-empirical evidence from Chinese A-share listed firms. Contemp Economic Manage 46(06):1–11 Sun X (2024) The Value of New Quality Productive Forces and its Epochal Connotation under the Perspective of Scientific and Technological Revolution. Journal of Modern Business and Economics 1(3) Wang LB, Zhang (2025) Research on the Green Investment of Traditional Energy Enterprises and Its Effectiveness Under Environmental Regulation. Sustainability17(2):590 Xia D, Chen W, Gao Q, Zhang R, Zhang Y (2021) Research on Enterprises’ Intention to Adopt Green Technology Imposed by Environmental Regulations with Perspective of State Ownership. Sustainability 13(3), 1368 Xu YAI, Hunjra T, Mishra S, Zhao (2025) Carbon neutrality and synergy between industrial and innovation chains: green finance perspective. Int J Prod Research63(1):1–394 Yang W, Lai P, Han Z, Z Tang (2023) Do government policies drive institutional preferences on green investment? Evidence from China. Environ Sci Pollut Res 30(4):8297–8316 Zhang P, Li H (2025) Sustainable Transformation Paths for Value Realization of Eco-Products Empowered by New Quality Productivity: Based on Provincial Panel Data in China. Sustainability17(11):4773 Zhang YH (2022) The Impact of Green Investment and Green Marketing on Business Performance: The Mediation Role of Corporate Social Responsibility in Ethiopia’s Chinese Textile Companies. Sustainability 14(7),3883 Zhang Y (2022) HM Berhe The Impact of Green Investment and Green Marketing on Business Performance: The Mediation Role of Corporate Social Responsibility in Ethiopia’s Chinese Textile Companies. Sustainability 14(7), 3883 Zheng S, S Jin (2023) Can Enterprises in China Achieve Sustainable Development through Green. Investment?International J Environ Res Public Health20(3):1787 Zivar,Natavan (2022) Revealing Consumer Behav toward Green Consum Sustainability 14(10):5806 Additional Declarations No competing interests reported. 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The concept emerged in the second half of the twentieth century, gaining attention as ethical investment and sustainable development grew (Xu et al., \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). Western countries formed environmental, social and economic standards for green investment through legislation and environmental organisations. Research in China began in the early twenty-first century as green trade barriers appeared, which pushed enterprises to respond through green investment (Zhang, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). The Chinese government also encouraged private capital to enter fields such as waste treatment, which broadened channels for green investment and formed a more diverse investment pattern (Fan, \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2020\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eGreen investment links society, economy and environment, supports green productivity and relies on both market mechanisms and government functions. It aims to maximise economic, social and environmental outcomes and often involves technology. The report of the twentieth National Congress of the Communist Party of China stresses green development and coordination between human activity and nature. This indicates the internal link between the two. As basic units of the national economy, enterprises act as carriers of NQP (Zhang, \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). Studying green investment is therefore important for understanding enterprise green transformation and the development of NQP.\u003c/p\u003e \u003cp\u003eThe development of NQP involves theory, history and practice. It supports Marxist theory in the Chinese context, reflects the development path of productive forces and aligns with the requirements of socialism with Chinese characteristics. It also emerges in response to information technology and changes in the international environment (AW et al.,2017). Sustainable development, which is part of green investment, aligns with national conditions and international trends and can support green transformation. Green productivity formed through green investment is consistent with NQP and contributes to high-quality development.\u003c/p\u003e \u003cp\u003eHowever, existing research has three gaps. There is limited work on the enterprise-level drivers of NQP. There is little empirical evidence linking green investment to NQP.There are few studies on the economic effects of green investment within the framework of NQP. This study addresses these gaps by examining whether and how green investment affects enterprise NQP and by identifying the mechanisms involved.\u003c/p\u003e \u003cp\u003eThis study aims to investigate the relationship between green investment and enterprise new-quality productivity (NQP). It uses data from A-share listed companies from 2012\u0026ndash;2024, applies quantitative indicators of NQP based on the entropy method and examines the impact and mechanism of green investment on NQP (Song et al., \u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2024\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe contributions of the paper are three-fold. First, the paper extends research on the factors influencing NQP at the enterprise level. It verifies green investment as a significant NQP driver and constructs a theoretical framework linking \"environmental investment\" to \"productivity upgrading,\" broadening the scope of NQP influencing factors. Second, it moves beyond qualitative analysis and provides quantitative evidence on the impact of green investment on NQP. This study develops a comprehensive NQP evaluation system using the entropy method and employs 13-year panel data (2012\u0026ndash;2024) with robustness and endogeneity tests, confirming the positive causal relationship between green investment and NQP.Third, it extends research on the economic effects of enterprise green investment in the context of NQP,providing targeted theoretical references for policies and enterprise strategies.\u003c/p\u003e"},{"header":"2 Literature Review","content":"\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003ch2\u003e2.1 Green Investment\u003c/h2\u003e \u003cp\u003eGreen investment has external effects, risk and long-term characteristics, and the environmental and economic benefits it produces show a time lag (Liu et al., 2024). These characteristics create links between the green investment decisions of different enterprises. Horizontally, peer effects arise in green investment. Through learning and pressure mechanisms, enterprises can reduce costs, improve production efficiency and increase corporate value by referring to the green investment behaviour of peer enterprises, especially leading enterprises. Vertically, green investment supports cost sharing among supply chain enterprises, particularly upstream suppliers, through signalling and trust mechanisms, and promotes the formation of alliances across the supply chain (Dai et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). These patterns show that green investment involves convergence of decisions, cost sharing and benefit sharing within industries and supply chains.\u003c/p\u003e \u003cp\u003eGreen investment can bring economic benefits in addition to environmental benefits. These economic benefits arise mainly through cost reduction and innovation promotion (Shi, \u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). In terms of cost reduction, green investment can reduce information asymmetry and improve corporate reputation, which lowers the cost of equity capital. It can also improve internal risk management by reducing agency costs, increase risk-bearing capacity and reduce management costs. Under environmental protection tax policies, green investment can reduce the tax burden of enterprises. In terms of innovation promotion, green investment can ease financing constraints and increase enterprise growth. Under the Porter hypothesis, green investment can offset the costs of environmental responsibility, strengthen corporate image and attract customers, which increases market competitiveness (Peng, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). Green investment can also increase enterprise value by building reputation capital, promoting technological innovation and improving performance.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec4\" class=\"Section2\"\u003e \u003ch2\u003e2.2 New-Quality Productivity\u003c/h2\u003e \u003cp\u003eNew-quality productivity(NQP) has specific connotations. It reflects new forms of productive forces and involves changes driven by new technologies. It relies on new industries, including pillar industries and leading industries, and develops the new economy through the integration of scientific innovation and institutional innovation. This process provides new momentum for the transformation of scientific and technological achievements. The core of NQP is innovation-driven development, with the aim of increasing productivity through breakthroughs in key technologies (Sun, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). Its main features relate to technology, efficiency and development quality.\u003c/p\u003e \u003cp\u003eIn the development of a modern socialist economy, NQP and the green economy show strong compatibility. NQP represents a new form of productive forces, and the green economy represents a new form of economic activity. Both arise from social and economic development and support the goals of Chinese-style modernization. NQP emphasizes the optimal allocation of production factors., while the green economy focuses on the combination of economic and ecological outcomes (Qiao, \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). Both place emphasis on development quality. NQP also reflects a green orientation in its theoretical basis, operation and results, which differentiates the green economy from the traditional economy.\u003c/p\u003e \u003c/div\u003e"},{"header":"3 Hypothesis Development","content":"\u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003e3.1 Green Investment and Enterprise New-Quality Productivity\u003c/h2\u003e \u003cp\u003eGreen investment reflects the effort made by enterprises to prevent and control environmental pollution and maintain ecological balance (Zheng, \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). While addressing economic and environmental outcomes, green investment can also increase the productivity level of enterprises.\u003c/p\u003e \u003cp\u003eFirst, green investment can support technological innovation. Enterprises can use green investment to introduce new technologies. Many enterprises may not have sufficient technical reserves or research and development capacity to meet green development needs in the short term. Through green investment, enterprises can allocate funds to introduce green production technologies, which helps them overcome technical limitations. At the same time, green investment can strengthen internal research and development. When adopting green technologies, enterprises can combine external technologies with internal production and research practices to generate technological progress. Green investment therefore supports the development of technological capability and increases productivity.\u003c/p\u003e \u003cp\u003eSecond, green investment can support market expansion. As consumer awareness of environmental and health issues increases, the green consumption market continues to grow (Huang et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Through green investment and technological adjustment, enterprises can decrease the environmental influence of their products and increase green attributes, which strengthens product competitiveness. Enterprises can also develop new products that meet green consumption needs, which expands market opportunities. Wider market space and stronger demand can lead enterprises to develop and produce new products, improve product quality and increase differentiation, which supports higher productivity.\u003c/p\u003e \u003cp\u003eThird, green investment can increase corporate reputation and social recognition. Through green investment, enterprises can apply green development principles, build a green organisational culture and form a green brand image that attracts consumers (Chen et al., 2020). Increased green investment can also signal commitment to environmental responsibility, which strengthens confidence among investors, suppliers and other stakeholders. This supports stable cooperation, reduces innovation risk and creates favourable external conditions for higher productivity and long-term development. Drawing on the above analysis, Hypothesis 1 is proposed as follows:\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e \u003cem\u003eH\u003c/em\u003e \u003csub\u003e \u003cem\u003e1\u003c/em\u003e \u003c/sub\u003e: \u003cem\u003eGreen investment can improve the level of enterprise new-quality productivity.\u003c/em\u003e\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec7\" class=\"Section2\"\u003e \u003ch2\u003e3.2 The Moderating Role of the Degree of Market Competition\u003c/h2\u003e \u003cp\u003eThe degree of market competition refers to the intensity of competition among enterprises in a specific market. A higher degree of market competition reduces the market share available to each enterprise and increases product homogeneity. The degree of market competition is an important factor that influences enterprise investment decisions and strategies, and it may therefore moderate the relationship between green investment and NQP.\u003c/p\u003e \u003cp\u003eFirst, strong market competition can lead enterprises to adopt differentiation strategies through green investment. In highly competitive markets, product homogeneity becomes more serious. To pursue higher profit, enterprises may increase green investment to strengthen the green attributes and technical content of their products (Zhang, \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Enterprises can adjust production processes and technologies to reduce environmental impact, making products more attractive to consumers concerned with environmental protection. Enterprises can also develop new products through green investment and technological innovation. For example, in the automotive market, some enterprises have entered the market through new energy vehicles. In this way, green investment can support product differentiation, increase market competitiveness and promote the formation of NQP through incremental or breakthrough innovation.\u003c/p\u003e \u003cp\u003eSecond, strong market competition can generate new consumer demand, including demand for green products. Highly competitive markets tend to reach maturity, and product attributes converge. In such markets, consumers may adopt new expectations for products. Green consumption is receiving increasing attention (Zivar, 2022). In some mature markets, green demand gradually becomes an important part of consumption. Enterprises may increase green investment to adjust product design and production technology and to include environmental considerations in materials, production, logistics and sales. These adjustments can increase consumer satisfaction, strengthen corporate image and create favourable conditions for enterprises to cultivate NQP.\u003c/p\u003e \u003cp\u003eFinally, strong market competition can support the formation of enterprise clusters, which reduces resistance to green investment and promotes NQP. Enterprises can learn from the green investment strategies and technologies of leading firms in the industry (He et al., \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). By learning from successful cases, enterprises can reduce trial-and-error cost, identify suitable green investment strategies and accelerate the conversion of green investment into NQP. Supply chain enterprises can also share green investment costs through cooperation, which lowers the burden on individual firms and addresses the externalities of green investment returns, creating cost and benefit sharing across the industrial chain and supporting NQP. Based on this analysis, the second hypothesis is proposed:\u003c/p\u003e \u003cp\u003e \u003cem\u003eH\u003c/em\u003e \u003csub\u003e \u003cem\u003e2\u003c/em\u003e \u003c/sub\u003e: \u003cem\u003eThe degree of market competition plays a moderating role in the impact of green investment on enterprises\u0026rsquo; new-quality productivity.\u003c/em\u003e\u003c/p\u003e \u003c/div\u003e"},{"header":"4 Research Design","content":"\u003cdiv id=\"Sec9\" class=\"Section2\"\u003e \u003ch2\u003e4.1 Sample Selection and Data Sources\u003c/h2\u003e \u003cp\u003eBased on the purpose of the study, this paper uses the financial statement data of China\u0026rsquo;s A-share listed companies from 2012 to 2024. The data were processed as follows: (1) ST enterprises with poor operations were excluded; (2) financial industry enterprises were excluded; (3) enterprises with missing values in key variables, including green investment, were excluded; (4) all variables were winsorised at the 1% level at both ends. This process resulted in 28,387 valid observations. The data come from the CSMAR database, and Stata 17 was used for data processing and econometric analysis.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec10\" class=\"Section2\"\u003e \u003ch2\u003e4.2. Model Design\u003c/h2\u003e \u003cp\u003eTo study the impact of green investment on enterprise NQP and the moderating role of market competition, this paper constructs two multiple linear regression models.\u003c/p\u003e \u003cp\u003eTo test hypothesis H\u003csub\u003e1\u003c/sub\u003e, model (1) was constructed to tests the effect of green investment on enterprise NQP:\u003cdiv id=\"Equ1\" class=\"Equation\"\u003e\u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equ1\" name=\"EquationSource\"\u003e\n$$\\:{NPro}_{i,t}={\\alpha\\:}_{0}+{\\alpha\\:}_{1}{Green}_{i,t}+\\sum\\:{Controls}_{i,t}+\\sum\\:{Industry}_{i,t}+\\sum\\:{Year}_{i,t}+{\\epsilon\\:}_{i,t}$$\u003c/div\u003e\u003cdiv class=\"EquationNumber\"\u003e1\u003c/div\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eHere, \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{NPro}_{i,t}\\)\u003c/span\u003e\u003c/span\u003e represents new-quality productivity, \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{Green}_{i,t}\\:\\)\u003c/span\u003e\u003c/span\u003erepresents green investment, \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{Controls}_{i,t}\\)\u003c/span\u003e\u003c/span\u003e are control variables, including the debt-to-asset ratio (Lev), return on equity (ROE), current ratio (CR), listing age (Age), and enterprise size (Size), and \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{Industry}_{i,t}\\)\u003c/span\u003e\u003c/span\u003e and\u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{\\:Year}_{i,t}\\)\u003c/span\u003e\u003c/span\u003e are industry fixed effects and year fixed effects. \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:{\\epsilon\\:}_{i,t}\\)\u003c/span\u003e\u003c/span\u003e is the random error term.\u003c/p\u003e \u003cp\u003eTo test hypothesis H\u003csub\u003e2\u003c/sub\u003e, the interaction term(Green\u0026times;CPT)of green investment (Green) and the degree of market competition (Competition) was constructed, and regression model (2) was constructed to test the moderating role of the degree of market competition:\u003cdiv id=\"Equa\" class=\"Equation\"\u003e\u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equa\" name=\"EquationSource\"\u003e\n$$\\:{NPro}_{i,t}={\\alpha\\:}_{0}+{\\alpha\\:}_{1}{Green}_{i,t}+{\\alpha\\:}_{2}\\text{G}\\text{r}\\text{e}\\text{e}\\text{n}\\times\\:\\text{C}\\text{P}\\text{T}+\\sum\\:{Controls}_{i,t}+\\sum\\:{Industry}_{i,t}+\\sum\\:{Year}_{i,t}+{\\epsilon\\:}_{i,t}$$\u003c/div\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003e(2)\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec11\" class=\"Section2\"\u003e \u003ch2\u003e4.3 Definition of Variables\u003c/h2\u003e \u003cdiv id=\"Sec12\" class=\"Section3\"\u003e \u003ch2\u003e4.3.1 Explained Variable\u003c/h2\u003e \u003cp\u003eThe explanatory variable in this paper is new-quality productivity (NPro). Following Song et al. (\u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2024\u003c/span\u003e) and based on the two-factor theory of productivity, productivity is divided into labour force and means of production. Labour force is divided into live labour and materialised labour. The means of production is divided into hard science and technology and soft science and technology. These categories are then divided into specific financial indicators. The entropy method assigns weights to the indicators to calculate the level of NQP. Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e presents the indicators and weights.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eIndex of New Quality Productivity\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"5\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFactors\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSub-factors\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eIndicators\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eExplanation\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003ePercentage\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"4\" rowspan=\"5\"\u003e \u003cp\u003eLabor force\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eLabor\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003esalary share of R \u0026amp; D personnel\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(R \u0026amp; D expenses-salary)༏operating income\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e28\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eR \u0026amp; D personnel ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003enumber of R \u0026amp; D personnel༏number of employees\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e4\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003ehighly educated personnel ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003ebachelor degree or above༏number of employees\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eObjects of labor\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003efixed assets ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003efixed assets༏total assets\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003emanufacturing costs ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(subtotal cash outflows from operating activities་depreciation of fixed assets་amortization of intangible assets་impairment provision-cash for purchasing goods and accepting payment for labor services།wages paid to and for employees)༏༈subtotal cash outflows from operating activities་depreciation of fixed assets་amortization of intangible assets་impairment provision༉\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"5\" rowspan=\"6\"\u003e \u003cp\u003eProduction tools\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\" morerows=\"3\" rowspan=\"4\"\u003e \u003cp\u003eHard technology\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eR \u0026amp; D depreciation and amortization ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(R \u0026amp; D expenses-depreciation and amortization)༏ operating income\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e27\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eR \u0026amp; D lease fee ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(R \u0026amp; D expenses-rental fee)༏operating income\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003edirect investment in R \u0026amp; D ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(R \u0026amp; D expenses-direct input)༏operating income\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e28\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eintangible assets ration\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eintangible asset༏total assets\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\" morerows=\"1\" rowspan=\"2\"\u003e \u003cp\u003eSoft technology\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003etotal asset turnover\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eoperating income༏average total assets\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003ereciprocal of equity multiplier\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eowner\u0026rsquo;s equity༏total assets\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colspan=\"4\" nameend=\"c4\" namest=\"c1\"\u003e \u003cp\u003eNew quality productivity\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003e\u0026lowast;, \u0026lowast;\u0026lowast; and *** represent significance levels of 5%, 1% and 0.1%, respectively, with the t statistic in parentheses, the same below.\u003c/p\u003e \u003cp\u003eData Source: CSMAR Database\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec13\" class=\"Section3\"\u003e \u003ch2\u003e4.3.2 Core Explanatory Variables\u003c/h2\u003e \u003cp\u003eIn this paper,the core explanatory variable is green investment (Green), defined as the expenditure by enterprises on environmental protection. Green investment is measured as the sum of environmental protection-related expenditures under the \u0026ldquo;construction in progress\u0026rdquo;account,and greening fees and sewage fees disclosed under administrative expenses,or sourced from listed companies\u0026rsquo;annual reports. Because enterprises of different sizes record different levels of green investment, the logarithm of green investment is used as the observed value of Green. After processing, the distribution of Green is examined. The kurtosis is 2.729 and the skewness is 0.442, which indicates that the logarithmic form produces a distribution close to normal and supports its use.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec14\" class=\"Section3\"\u003e \u003ch2\u003e4.3.3 Control Variables\u003c/h2\u003e \u003cp\u003eGreen investment has external effects and a lag in returns. Based on this, this paper sets the control variables as follows. Financial leverage reflects capital structure and financial risk. Reliance on debt or equity affects an enterprise\u0026rsquo;s funding strategy and may influence its green investment decisions. Enterprise age reflects the stage of development. According to life cycle theory, enterprises at different stages have different growth patterns and objectives, which may affect green investment. Profitability is an indicator that influences investor decisions (Li, \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). Because green investment may not increase current profit, investors adjust their strategies according to profitability, which may affect green investment across periods. The current ratio reflects liquidity and short-term solvency. As green investment returns lag, green investment may restrict cash flow in the short term, so the current ratio may limit green investment. Enterprise size reflects differences in capital and technology. Enterprises of different sizes face different financial and technical pressures from green investment and may adopt different strategies.\u003c/p\u003e \u003cp\u003eIn summary, the control variables in this paper are financial leverage (lev), enterprise age (age), profitability (roe), current ratio (cr), and enterprise size (size). Financial leverage is measured by the gearing ratio, and profitability is measured by return on net assets.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec15\" class=\"Section3\"\u003e \u003ch2\u003e4.3.4 Moderating Variables\u003c/h2\u003e \u003cp\u003eBased on the previous hypothesis, a higher degree of market competition may reduce the marginal benefit of green investment and may increase financial risk for enterprises in the short term. Therefore, this paper uses the degree of market competition (Competition) as the moderating variable and adopts the Herfindahl Index (HHI) to measure it. The HHI is calculated as:\u003cdiv id=\"Equb\" class=\"Equation\"\u003e\u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equb\" name=\"EquationSource\"\u003e\n$$\\:HHI=\\sum\\:_{i=1}^{n}{\\left(\\frac{{x}_{i}}{X}\\right)}^{2}$$\u003c/div\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eWhere \u003cem\u003ex\u003c/em\u003e\u003csub\u003e\u003cem\u003ei\u003c/em\u003e\u003c/sub\u003e denotes the size of the enterprise \u003cem\u003ei\u003c/em\u003e, \u003cem\u003eX\u003c/em\u003e denotes the total market size, and \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:\\frac{{x}_{i}}{X}\\)\u003c/span\u003e\u003c/span\u003e denotes the market share of the enterprise \u003cem\u003ei\u003c/em\u003e, the square of the market share of each enterprise in the same period is summed as the degree of market competition. A larger value indicates a higher level of monopolisation and a lower level of market competition.\u003c/p\u003e \u003c/div\u003e \u003c/div\u003e"},{"header":"5 Findings","content":"\u003cdiv id=\"Sec17\" class=\"Section2\"\u003e \u003ch2\u003e5.1 Descriptive Statistics\u003c/h2\u003e \u003cp\u003eTo understand the basic position of the sample firms in relation to NQP and green investment, this paper first conducts descriptive statistics of the main variables. The variables include the explanatory variable new-quality productivity (NPro), the core explanatory variable green investment (Green), the moderating variable Competition, and the control variables. As shown in Table\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e, the maximum value of NPro is 12.34, the minimum value is 1.050, and the standard deviation is 2.070. This indicates that the NPro values of the sample firms vary and that some firms have further room for development. The minimum value of Green is 17.49, the maximum value is 22.43, and the standard deviation is 1.010, which indicates variation in green investment across firms (see Table\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e.)\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eDescriptive statistics\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"7\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eVariables\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSample size\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eMean\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eMedian\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003eStd\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\"\u003e \u003cp\u003eMinimum\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c7\"\u003e \u003cp\u003eMaximum\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e5.020\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e4.780\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e2.070\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e1.050\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e12.34\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGreen\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e19.52\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e19.41\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e1.010\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e17.49\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e22.43\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eHHI\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.190\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.140\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.170\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e0.040\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e0.170\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLev\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.430\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.420\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.230\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e0.0100\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e11.51\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eROE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.0500\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.0700\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.920\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e-85.65\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e43.25\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCR\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e2.370\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e1.650\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e2.590\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e0.0400\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e80.66\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAge\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e2.190\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e2.300\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.780\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e0\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e3.500\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e22.20\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e22.05\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e1.170\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e \u003cp\u003e18.83\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003e27.51\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"7\"\u003eData Source: CSMAR Database\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec18\" class=\"Section2\"\u003e \u003ch2\u003e5.2 Benchmark Regression\u003c/h2\u003e \u003cp\u003eBased on the research purpose and the construction of the regression model, this paper conducts regression analysis with new-quality productivity (NPro) as the explanatory variable and green investment (Green) as the core explanatory variable, together with the control variables. The results are shown in Table\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e. Columns (1) and (2) report the direct regression results between NPro and Green. Columns (3) and (4) report the regression results after the inclusion of control variables. Columns (1) and (3) report results without industry fixed effects and year fixed effects. Columns (2) and (4) report results with industry fixed effects and year fixed effects.\u003c/p\u003e \u003cp\u003eThe results show that the coefficient of Green is positive at the 0.1% level before and after the inclusion of control variables and before and after controlling for fixed effects. The Hausman test reports a chi-square value of 1588.86 with a p-value less than 0.001, which rejects the null hypothesis and indicates that the fixed effects model is preferred. Therefore, the results in columns (2) and (4) should be used.\u003c/p\u003e \u003cp\u003eCollectively, the results show that green investment has a positive effect on NQP, and hypothesis H\u003csub\u003e1\u003c/sub\u003e is supported (see Table\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e.)\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eBenchmark regression\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"5\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(1)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(2)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(3)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(4)\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGreen\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.1643\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.1645\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.1919\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.2436\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(13.59)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(14.42)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(8.74)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(10.62)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003elev\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.9592\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.3192\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-14.33)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-5.12)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eroe\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0254\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.0087\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-1.92)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-0.73)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003ecr\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0749\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.0576\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-13.27)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-11.23)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eage\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0437\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.0171\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-2.47)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-1.02)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003esize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.0004\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.1007\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(0.02)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-4.82)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003econs\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e1.8132\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e1.1905\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e1.9504\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e2.1800\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(7.67)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(4.39)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(7.25)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(7.39)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003efixed effect\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSample size\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAdjusted R\u003csup\u003e2\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.0064\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.2112\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.0160\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.2154\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"5\"\u003eData Source: CSMAR Database\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec19\" class=\"Section2\"\u003e \u003ch2\u003e5.3 Robustness Test\u003c/h2\u003e \u003cdiv id=\"Sec20\" class=\"Section3\"\u003e \u003ch2\u003e5.3.1 Replacement of Explanatory Variable\u003c/h2\u003e \u003cp\u003eTotal factor productivity (TFP) is used to measure productivity. Therefore, this paper uses TFP as a replacement variable for new-quality productivity (NPro) (Mika, \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2002\u003c/span\u003e). Common methods to measure TFP include the OP method, the LP method, and the ACF method. Based on data availability and calculation needs, this paper adopts the OP method. The results in column (1) of Table\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e show that the coefficient of green investment (Green) remains positive at the 0.1% level after replacing NPro with TFP. This indicates that hypothesis H\u003csub\u003e1\u003c/sub\u003e remains valid when the explanatory variable is replaced.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab4\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eRobustness Test\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(1)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(2)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(3)\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eTFP\u003c/p\u003e \u003cp\u003e(explaned variable replaced)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003cp\u003e(abnormal years excluded)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003cp\u003e(lagged one period)\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGreen\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.0779\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.2789\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.2295\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(12.09)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(10.13)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(9.87)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003elev\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.1811\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.2206\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.4977\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(10.34)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-3.11)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-6.84)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eroe\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.0265\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.0204\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0140\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(7.96)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-1.12)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-1.12)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003ecr\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.0015\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.0669\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0759\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(1.02)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-11.66)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-11.86)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eage\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.0135\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.0484\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0731\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-2.87)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(2.33)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-3.52)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003esize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.3860\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.1628\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0866\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(65.75)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-6.42)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-4.14)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003econs\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-3.8234\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e2.5927\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e2.5893\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-46.07)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(7.29)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(8.15)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFixed effects\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSample size\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e18328\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e23888\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAdjusted R\u003csup\u003e2\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.6046\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.2283\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.2115\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"4\"\u003eData Source: CSMAR Database\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec21\" class=\"Section3\"\u003e \u003ch2\u003e5.3.2 Excluding Abnormal Years\u003c/h2\u003e \u003cp\u003eThe sample period is 2012 to 2024, which covers the epidemic period. The epidemic may influence the results. To address this, the data from 2020 to 2024 are excluded and the regression is repeated. The results in column (2) of Table\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e show that the coefficient of green investment (Green) remains positive at the 0.1% level, which indicates that hypothesis H1 still holds. The coefficient becomes larger after excluding these years, which suggests that the effect of green investment on NQP may be clearer when not affected by exceptional conditions such as the epidemic.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec22\" class=\"Section3\"\u003e \u003ch2\u003e5.3.3 Endogeneity Test\u003c/h2\u003e \u003cp\u003eTo address possible endogeneity from omitted variables, this paper uses the instrumental variable approach to test endogeneity. Because green investment takes time to transform into new productivity, the return of green investment has a lag. Therefore, the lagged value of Green is used as the instrumental variable (Ren et al., \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). The results show that the coefficient of Green remains positive at the 0.1% level. Hypothesis H\u003csub\u003e1\u003c/sub\u003e remains valid, and no endogeneity problem is found (see Table\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e.)\u003c/p\u003e \u003c/div\u003e \u003c/div\u003e \u003cdiv id=\"Sec23\" class=\"Section2\"\u003e \u003ch2\u003e5.4 Moderating Effect Test\u003c/h2\u003e \u003cp\u003eThis paper constructs the interaction term Green\u0026times;CPT and conducts the regression. The results show that the coefficient of Green\u0026times;CPT is negative at the 0.01% level, which indicates that market competition moderates the relationship between green investment and NQP. Hypothesis H\u003csub\u003e2\u003c/sub\u003e is thus supported.\u003c/p\u003e \u003cp\u003eSeveral factors may explain this result. First, in industries with a high degree of market competition, product homogenisation is common. To increase competitiveness and pursue excess profit, enterprises increase green investment to raise the green attributes and technical content of their products and achieve product differentiation (Mohammad, 2024). Second, in competitive markets, consumers set higher product requirements and show stronger preference for green products. This shift in market demand leads enterprises to increase green investment and R\u0026amp;D to meet demand, adjust production, and increase NQP (Luo et al., 2023). Third, competitive markets are more likely to form industrial clusters. These clusters create group effects, enabling enterprises to learn from the green investment strategies and technologies of leading firms and to share green investment costs with upstream and downstream firms. This process supports the transformation of green investment into NQP across the cluster (see Table\u0026nbsp;\u003cspan refid=\"Tab5\" class=\"InternalRef\"\u003e5\u003c/span\u003e.)\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab5\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 5\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eModerating Effect Test\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"2\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eNPro\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGreen\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.2449\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(10.68)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCompetition\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.2035\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(1.23)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGreen\u0026times;CPT\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.2051\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-2.89)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLev\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.3201\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-5.14)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eROE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.0087\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-0.73)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCR\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.0575\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-11.22)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAge\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.0181\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-1.08)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.1019\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-4.88)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003econs\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e2.1140\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(7.04)\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFixed effects\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSample size\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28387\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAdjusted R\u003csup\u003e2\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.2156\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec24\" class=\"Section2\"\u003e \u003ch2\u003e5.5 Heterogeneity Analysis\u003c/h2\u003e \u003cdiv id=\"Sec25\" class=\"Section3\"\u003e \u003ch2\u003e5.5.1 Property Rights Heterogeneity\u003c/h2\u003e \u003cp\u003eThe nature of an enterprise property rights affects its business objectives. State-owned enterprises (SOEs) are often expected to take on social responsibilities such as environmental protection and may therefore place more weight on green investment. The political position of SOEs can also reduce resistance during the green investment process. In this paper, enterprises are classified as state-owned or non-state-owned based on property rights, and regressions are conducted separately. Columns (1) and (2) of Table\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e show that the coefficient of green investment (Green) for non-state-owned enterprises is positive at the 0.01% level and higher than the coefficient for the full sample. This indicates that green investment has a stronger effect on the NQP of non-state-owned enterprises than on state-owned enterprises.\u003c/p\u003e \u003cp\u003eSeveral factors may explain this result. For state-owned enterprises, their position in the national economy requires them to meet social responsibilities. To respond to national green development policy and fulfil these responsibilities, SOEs often make large green investments (Li et al., \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). This behaviour is common across SOEs, which leads to limited variation in their green investment levels. Many SOEs focus on areas such as energy-saving equipment and environmental protection projects (Wang, \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2025\u003c/span\u003e). Such uniform investment patterns limit the extent to which green investment raises productivity because the strategies lack clear differentiation and innovation (Gao et al., 2024).\u003c/p\u003e \u003cp\u003eConversely, non-state-owned enterprises tend to show stronger voluntariness in green investment. Their decisions arise from their assessments of market trends, the need to shape corporate image, and long-term development plans rather than from policy requirements. This voluntariness produces green investment that is more targeted and aims to strengthen market position. Some non-state-owned enterprises invest in emerging green technologies or explore approaches such as green supply chain management. These actions attract attention from consumers, investors, and the media. Consumers often choose products from firms with strong green reputations, and investors are more willing to provide funding. As a result, the marginal benefits of green investment are greater for non-state-owned enterprises, which increases their NQP.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec26\" class=\"Section3\"\u003e \u003ch2\u003e5.5.2 Industry Heterogeneity\u003c/h2\u003e \u003cp\u003eEnterprises in different industries face different policies and business conditions, and their purposes and methods of green investment may differ. For example, in high-pollution industries, green investment may focus on compliance, while in non-high-pollution industries it may support product innovation or corporate image needs (Zheng, \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). In this paper, the sample firms are divided into high-pollution industries and non-high-pollution industries for separate regression analysis. Columns (3) and (4) of Table\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e show that the coefficients and significance levels of green investment (Green) are higher for firms in non-high-pollution industries than for firms in high-pollution industries.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab6\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 6\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eHeterogeneity Analysis\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"10\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c8\" colnum=\"8\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c9\" colnum=\"9\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c10\" colnum=\"10\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\" morerows=\"1\" rowspan=\"2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colspan=\"2\" nameend=\"c3\" namest=\"c2\"\u003e \u003cp\u003eProperty rights\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colspan=\"3\" nameend=\"c6\" namest=\"c4\"\u003e \u003cp\u003eIndustries\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colspan=\"4\" nameend=\"c10\" namest=\"c7\"\u003e \u003cp\u003eRegions\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(1)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(2)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(3)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(4)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(5)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(6)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(7)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003estate-owned\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003enon-state-owned\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eHigh pollution\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003enon-high pollution\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003eEast\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eWest\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003eMiddle\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGreen\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.0213\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.4126\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.1159\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.3027\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e0.2914\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e0.2890\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e0.0257\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(0.55)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(14.67)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(2.82)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(11.16)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(10.47)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(5.20)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(0.42)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLev\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.6817\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.3134\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.0280\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.4492\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e-0.4819\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e0.1948\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e-0.2175\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-6.21)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-4.17)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(0.24)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-6.20)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(-6.35)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(1.37)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(-1.23)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eROE\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.0101\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.0037\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0602\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.0019\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e-0.0159\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e0.0212\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e-0.0334\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-0.43)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-0.28)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-2.24)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(0.14)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(-0.68)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(1.03)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(-1.86)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCR\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.1444\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.0399\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e-0.0774\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.0482\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e-0.0443\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e-0.0931\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e-0.0949\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-11.18)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-7.30)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(-8.44)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-7.96)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(-7.36)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(-6.23)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(-7.56)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAge\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e-0.3019\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.0530\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.1293\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.0554\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e-0.0429\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e0.0058\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e-0.0043\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(-8.20)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-2.61)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(4.28)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-2.81)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(-2.13)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(0.13)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(-0.09)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSize\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.0926\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e-0.3377\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.0515\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e-0.1677\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e-0.1147\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e-0.1775\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e-0.0023\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(2.68)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(-12.95)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(1.44)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(-6.70)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(-4.50)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(-3.55)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(-0.04)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003econs\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e2.8789\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e4.6840\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e1.4554\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e2.5307\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e1.6890\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e3.4335\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e3.7113\u003csup\u003e***\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e(6.11)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e(11.85)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e(3.11)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e(7.39)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e(4.26)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e(4.81)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e(5.30)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFixed effects\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSample size\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e9550\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e18837\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e6734\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e21653\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e19855\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e4703\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e3829\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAdjusted R\u003csup\u003e2\u003c/sup\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0.2671\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.2271\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e \u003cp\u003e0.1900\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e \u003cp\u003e0.2182\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"2\" nameend=\"c7\" namest=\"c6\"\u003e \u003cp\u003e0.2283\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c8\"\u003e \u003cp\u003e0.2323\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c9\"\u003e \u003cp\u003e0.2488\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colspan=\"1\" nameend=\"c10\" namest=\"c10\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eSeveral factors may explain this result. First, firms in high-pollution industries face strict policy requirements. To meet environmental protection and sustainable development standards, these firms must invest in compliance, including pollution treatment equipment and environmental protection facilities (Du et al., \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). The aim of these investments is often limited to meeting regulatory requirements and avoiding penalties, rather than pursuing technological progress. As such, these investments do not link strongly with long-term development strategy. Because these firms focus on compliance rather than innovation, green investment is less likely to generate technological improvement. Homogeneous investment patterns also limit the effect of green investment on productivity.\u003c/p\u003e \u003cp\u003eSecond, firms in non-high-pollution industries often show stronger voluntariness in green investment. Their decisions arise from assessments of market trends, corporate image needs, and long-term development plans, rather than from regulatory pressure (Xia et al., \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). This produces more targeted green investment. Some non-state-owned enterprises focus on green technology research or explore green supply chain management. These actions attract attention from consumers, investors, and the media. Consumers often choose products from firms with strong green reputations, and investors are more willing to support such firms. As a result, green investment produces larger marginal benefits and raises NQP more effectively.\u003c/p\u003e \u003cp\u003eThese firms are not subject to the same regulatory pressures as firms in high-pollution industries. Their green investment arises from market judgement, corporate responsibility, and competitive needs. These motives support technological innovation and encourage exploration of new production methods, which increases the likelihood that green investment will raise NQP.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec27\" class=\"Section3\"\u003e \u003ch2\u003e5.5.3 Regional Heterogeneity\u003c/h2\u003e \u003cp\u003eEnterprises in different regions may face different costs and benefits of green investment because of differences in economic development, legal policy, technology, industrial structure, and natural resources. In regions with stronger economic development, enterprises can shift from single economic goals and place earlier focus on environmental performance, which leads to greater attention to green investment. In regions with stricter legal rules and stronger policy support for green production, enterprises have stronger incentives to invest in green activities and receive higher returns. In regions with more advanced technology, enterprises can convert green investment into technological advantage more quickly, which increases the efficiency of green investment. Regions with stronger industrial foundations provide better conditions for transformation and upgrading, which may lead firms to place more value on green investment. In regions with natural resource advantages, such as clean energy, green investment has clearer resource support (Yang et al., \u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eTo examine whether the effect of green investment on NQP differs across regions, the sample is divided into eastern, western, and central regions. Columns (5), (6), and (7) of Table\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e show that the coefficients of green investment (Green) are higher in the eastern and western regions, which suggests stronger effects in these regions.\u003c/p\u003e \u003cp\u003eTwo factors may explain these results. First, the eastern region benefits from economic development and industrial structure, with established green financing systems and advanced green technologies. Firms in this region can draw on the experience of other regional firms and convert green investment into productivity more effectively. Second, the western region benefits from policy support and latecomer advantage. Firms in this region receive national policy support, such as tax incentives for green investment, and can use renewable energy and related industries to reduce the cost of green investment and increase its marginal benefits (see Table\u0026nbsp;\u003cspan refid=\"Tab6\" class=\"InternalRef\"\u003e6\u003c/span\u003e.)\u003c/p\u003e \u003c/div\u003e \u003c/div\u003e"},{"header":"6 Discussion and Implications","content":"\u003cp\u003eThis study investigates the relationship between green investment and enterprise new-quality productivity (NQP). The analysis applies multiple linear regression models and related empirical methods to examine these relationships.\u003c/p\u003e \u003cp\u003eThe study finds three key results. First, green investment increases the level of NQP in enterprises. Second, the degree of market competition reduces the effect of green investment on NQP, as stronger competition weakens this impact. Third, The heterogeneity analysis reveals that green investment exerts a more pronounced effect on NQP in non-state-owned enterprises, non-heavily polluting industries, and firms located in eastern and western China.\u003c/p\u003e \u003cp\u003eBased on the findings, we propose recommendations for enterprises and regulators at three levels.\u003c/p\u003e \u003cp\u003e \u003cem\u003e(i) Macro-level Recommendations\u003c/em\u003e \u003c/p\u003e \u003cp\u003eThe government should refine policy support under the \u0026lsquo;dual carbon\u0026rsquo; goal and increase policy incentives for enterprise green investment. A green development fund should support enterprises that carry out green investment through financial subsidies, tax relief and subsidised loans to reduce barriers and increase motivation. The government should also strengthen the carbon emissions trading market to widen value creation channels for green investment, increase carbon asset income for low-carbon enterprises, and encourage enterprises to allocate production factors more effectively and raise NQP. In addition, regional coordination policies should support balanced green development by improving infrastructure in less developed regions, facilitating the flow of green capital, technology and talent, and making use of the leading position of the eastern region, the bridging position of the central region and the development potential of the western region to promote joint green development.\u003c/p\u003e \u003cp\u003e \u003cem\u003e(ii) Meso-level Recommendations\u003c/em\u003e \u003c/p\u003e \u003cp\u003eIndustry-level standards for green investment should be developed and improved to provide clear guidance for enterprises. Strengthened environmental regulation and certification can increase the effect of green investment and support its conversion into competitiveness. Enforcement should target false green claims and illegal emissions to maintain fair competition and transparency in the green market. Green industry development should be supported through cooperation and information sharing across the green industry chain. This can help form an industry structure in which large, medium and small enterprises develop together and jointly support the green transformation of the industry and the increase in NQP.\u003c/p\u003e \u003cp\u003e \u003cem\u003e(iii) Micro-level Recommendations\u003c/em\u003e \u003c/p\u003e \u003cp\u003eEnterprises should make green investment decisions based on their industry characteristics and business models. Green investment increases NQP, and enterprises should make use of policy support, strengthen the development and introduction of green technology, and increase the green attributes of products. Green investment should support innovation and raise technological capacity. Enterprises should balance environmental and economic outcomes, fulfil environmental responsibilities, support technological progress, stabilise their business conditions and maintain a positive corporate image to support long-term development.\u003c/p\u003e \u003cp\u003eThree directions are suggested for future research. First, research should deepen investment decision-making mechanisms in segmented contexts. This includes examining the investment logic of enterprises in different industries, sizes and regions. At the industry level, research should study the investment priorities of core elements of new productive forces in areas such as equipment and biomanufacturing. At the enterprise level, research should examine differences in investment capacity in enterprises of different scales and analyse how policy measures and supply chain cooperation reduce investment constraints for small and medium-sized enterprises. At the regional level, research should study the investment layout of enterprises across regions based on regional industrial foundations.\u003c/p\u003e \u003cp\u003eSecond, future research should optimise policy and market guidance mechanisms. This includes comparing the incentive effects of policy tools such as tax measures and research and development subsidies on investment in new productive forces, assessing the influence of market signals such as carbon prices and patent prices, and exploring how a collaborative investment system involving government, enterprises and research institutions can reduce investment costs.\u003c/p\u003e \u003cp\u003eFinally, it would be interesting to examine the integration of ESG and social responsibility. This includes analysing how enterprises incorporate ESG indicators into investment evaluation, studying how enterprises balance social effects such as labour substitution with investment returns, and examining the long-term social value of investment in new productive forces.\u003c/p\u003e"},{"header":"Declarations","content":"\u003ch3\u003eEthical Approval\u003c/h3\u003e\n\u003cp\u003eThis article does not contain any studies with human participants performed by any of the authors.\u003c/p\u003e\n\u003ch3\u003eDisclosure Statement\u003c/h3\u003e\n\u003cp\u003eNo potential conflict of interest was reported by the author(s).\u003c/p\u003e\n\u003ch3\u003eData availability statement\u003c/h3\u003e\n\u003cp\u003eThe panel data and statistical code supporting the findings of this study are available within the supplementary material of this article.\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eAuthor T was responsible for project design, literature review, data collection and analysis, and drafted the original manuscript. Author Z participated in refining the research scheme, discussing results and revising the paper. Author G provided overall guidance and review on the research idea, theoretical framework and content. All authors have read and approved the final manuscript and are responsible for its content.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eNg AW, BKB Kwok (2017) Emergence of Fintech and cybersecurity in a global financial centre:Strategic approach by a regulator. J Financial Regul Compliance 25(4):422\u0026ndash;434\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eChen YS, Lin CL (2020) Improving green product development performance from green vision and organizational culture perspectives. Corp Social Responsib Environ Management27(1):222\u0026ndash;231\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eDai RJ, Zhang W, Tang (2017) Cartelization or Cost-sharing? 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Investment?International J Environ Res Public Health20(3):1787\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eZivar,Natavan (2022) Revealing Consumer Behav toward Green Consum Sustainability 14(10):5806\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"humanities-and-social-sciences-communications","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"palcomms","sideBox":"Learn more about [Humanities \u0026 Social Sciences Communications](http://www.nature.com/palcomms/)","snPcode":"41599","submissionUrl":"https://submission.springernature.com/new-submission/41599/3","title":"Humanities and Social Sciences Communications","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Nature AJ","inReviewEnabled":true,"inReviewRevisionsEnabled":false},"keywords":"Green investment, New-quality productivity, Green innovation, Entropy method","lastPublishedDoi":"10.21203/rs.3.rs-8851509/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-8851509/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThis study aims to investigate the relationship between green investment and enterprise new-quality productivity (NQP) using data from Chinese A-share listed companies from 2012 to 2024. The findings shows that green investment has a positive effect on NQP. The moderating effect analysis indicates that market competition strengthens the link between green investment and NQP. In market environments with high competition, green investment produces stronger gains in NQP. The heterogeneity analysis shows that the effect of green investment on NQP is stronger in non-state-owned enterprises, enterprises in non-heavily polluting industries, and enterprises in eastern and western regions of China. The study provides theoretical and practical implications for enterprises seeking to make green investment decisions, support NQP development, and advance the green transformation of development models.\u003c/p\u003e","manuscriptTitle":"The Impact of Green Investment on Enterprise New-Quality Productivity: Evidence from China","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2026-03-06 04:50:18","doi":"10.21203/rs.3.rs-8851509/v1","editorialEvents":[{"type":"communityComments","content":0},{"type":"decision","content":"Revision requested","date":"2026-04-21T18:00:46+00:00","index":"","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2026-04-02T03:02:49+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2026-03-20T04:13:28+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2026-03-14T11:08:08+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"8950517226100283052967066706878913869","date":"2026-03-07T23:41:34+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"260727690179818059562763173185552161448","date":"2026-03-06T07:05:36+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"199042581612400875588756801778517723508","date":"2026-03-04T00:43:38+00:00","index":"hide","fulltext":""},{"type":"reviewersInvited","content":"","date":"2026-03-03T23:24:22+00:00","index":"","fulltext":""},{"type":"editorAssigned","content":"","date":"2026-03-03T23:22:35+00:00","index":"","fulltext":""},{"type":"editorInvited","content":"","date":"2026-02-25T12:44:16+00:00","index":"","fulltext":""},{"type":"checksComplete","content":"","date":"2026-02-24T02:48:40+00:00","index":"","fulltext":""},{"type":"submitted","content":"Humanities and Social Sciences Communications","date":"2026-02-24T01:59:10+00:00","index":"","fulltext":""}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"humanities-and-social-sciences-communications","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"palcomms","sideBox":"Learn more about [Humanities \u0026 Social Sciences Communications](http://www.nature.com/palcomms/)","snPcode":"41599","submissionUrl":"https://submission.springernature.com/new-submission/41599/3","title":"Humanities and Social Sciences Communications","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Nature AJ","inReviewEnabled":true,"inReviewRevisionsEnabled":false}}],"origin":"","ownerIdentity":"7078cb68-b39a-4aea-b2c2-3ed767330567","owner":[],"postedDate":"March 6th, 2026","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"in-revision","subjectAreas":[{"id":64014287,"name":"Business and commerce/Business and management"},{"id":64014288,"name":"Social science/Business and management"},{"id":64014289,"name":"Business and commerce/Economics"},{"id":64014290,"name":"Social science/Economics"},{"id":64014291,"name":"Earth and environmental sciences/Environmental sciences"},{"id":64014292,"name":"Earth and environmental sciences/Environmental social sciences"},{"id":64014293,"name":"Social science/Environmental studies"}],"tags":[],"updatedAt":"2026-04-21T18:09:27+00:00","versionOfRecord":[],"versionCreatedAt":"2026-03-06 04:50:18","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-8851509","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-8851509","identity":"rs-8851509","version":["v1"]},"buildId":"XKTyCvWXoU3ODBz1xrDgd","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}