The impact of green finance on persistence of green innovation at firm-level: A moderating perspective based on environmental regulation intensity

Amid escalating global climate change and environmental degradation, green finance has emerged as a crucial tool for sustainable development and environmental protection. This paper examines data from Chinese A-share listed manufacturing companies (2004-2021), exploring the relationship between green finance, firms' persistent green innovation, and environmental regulation intensity. Key findings include: 1. There is a positive correlation between green finance and persistent green innovation; 2. Environmental regulation intensity moderates this relationship; 3. Heterogeneity analysis reveals a stronger promotion of persistent green innovation by green finance in large-scale and state-owned enterprises.