Replication Data for: Green Manufacturing Certification Alleviates Financial Constraints of Enterprises: Evidence from Chinese Listed Companies

The Green Factory Certification pilot program, introduced under the dual carbon goals, serves as a market-based environmental regulation tool. Using panel data from 4,653 Chinese A-share listed firms (2009–2023) and a difference-in-differences (DID) approach, this study finds that the policy significantly alleviates financing constraints for certified firms. The results are robust across various tests, including alternative clustering, exclusion of other policies, PSM-DID, and endogeneity checks. The policy’s effects vary by firm characteristics, such as industry pollution levels, productivity, market value, ESG performance, and waste emissions. Mechanism analysis reveals that the policy reduces financing constraints by promoting green innovation, improving compliance, enhancing reputation, attracting green investment, and optimizing green governance.