The Impact of Green Finance Policies on the Enterprise Export Resilience—Empirical Evidence From China's Manufacturing Industry

ABSTRACT In recent years, global economic uncertainty has intensified, making it crucial for export‐oriented enterprises to bolster their export resilience to withstand external risks. This study uses the 2012 release of the “Green Credit Guidelines” by the former China Banking Regulatory Commission as a quasi‐natural experiment, using data from China's listed manufacturing firms between 2009 and 2016. We conduct a difference‐in‐differences model to investigate experimentally how green financing policies affect export resilience. According to the findings, green finance policies considerably improve the export resilience of non‐heavily polluting enterprises (NHPEs) relative to their heavily polluting counterparts (HPEs). We conduct a number of robustness tests to guarantee the validity of our conclusions. Mechanism analyses reveal that green finance policies improve export resilience through the effects of green innovation, alleviating financing constraints, and enhancing ESG performance. Heterogeneity tests indicate stronger impacts in state‐owned enterprises, large‐scale firms, and firms with longer operating histories. Additionally, higher levels of regional digital inclusive finance and greater industry market concentration further reinforce export resilience. Further analysis demonstrates that green finance policies not only improve NHPEs' risk resistance but also enhance their export recovery capabilities. For businesses looking to use green finance to increase export resilience, these findings provide insightful information.