When Green Certification Pays Off: Financial Returns from Environmental Regulation Compliance

This dataset supports the study “When Green Certification Pays Off: Financial Returns from Environmental Regulation Compliance”, which examines whether participation in China’s green manufacturing demonstration program improves corporate financial performance. The core research hypothesis is that green factory certification, as a form of voluntary environmental regulation, enhances firms’ financial performance by encouraging green innovation and attracting green investors, thereby generating both operational and market benefits. The study further explores whether this effect varies across firms with different certification intensity, environmental compliance records, public environmental awareness, industry pollution intensity, and exposure to extreme weather shocks.本数据集用于支撑研究《绿色认证何以见效：环境合规监管的财务回报》，该研究旨在检验参与中国绿色制造示范项目是否能够提升企业财务绩效。其核心研究假设为：作为自愿性环境监管（voluntary environmental regulation）形式的绿色工厂认证（green factory certification），可通过激励企业开展绿色创新、吸引绿色投资者，同时产生运营收益与市场收益，进而提升企业财务绩效。该研究还进一步探讨了，在认证强度、环境合规记录、公众环保意识、行业污染强度以及极端天气冲击（extreme weather shocks）暴露程度存在差异的企业中，这一效应是否存在异质性。