How does Green Finance Reform Affect Enterprise Green Technology Innovation? Quasi-natural Test Based on Pilot Zones for Green Finance Reform and Innovations

This paper uses A-share listed enterprises from 2011 to 2018 as a sample to examine the impact of the establishment of GFRI on corporate green technological innovation.
Source: CSMAR & IncoPat.
(1) Dependent Variables
Enterprise green technology innovation, expressed in terms of the number of green patent applications filed by enterprises.
(2)Independent Variables
Year is a dummy variable for the occurrence of the policy and Treat is a dummy variable for GFRI, which takes 1 if the enterprise is registered in the pilot region and 0 otherwise.
(3) Control Variables
Enterprise size: the logarithm of the enterprise's total assets at the end of the year.
Enterprise age: statistical year - year of enterprise establishment + 1.
Tobin's Q ratio: the ratio of the market value of a enterprise to its replacement capital value.
Gearing ratio: a ratio of end of period liabilities to end of period total assets.
Return on assets: divide a enterprise's net profit by its total assets.