Can Green Finance Boost Enterprises' New Quality Productive Forces? Evidence From Prefecture‐Level Cities in China

ABSTRACT Although green finance is expected to underpin enterprises' development of new quality productive forces (NQPF), its actual effects lack empirical evidence. Using 2011–2022 panel data, we construct green finance and enterprise NQPF indices that incorporate digital and green low‐carbon permeable features. We find green finance significantly enhances NQPF, with stronger impacts on private, small, and tertiary‐industry firms. Green technological innovation serves as the key mediator, effective only in regions with higher economic development and driven mainly by high‐value green invention patents. We accordingly propose targeted policies to ease financing constraints and accelerate green transitions.