Does Green Investment Affect Enterprises’ New Quality Productivity Forces? Evidence from A-Share Listed Companies in China

This study examines the impact of green investment on firms’ new quality productivity within the signaling theory framework. Using panel data from A-share listed companies in Shanghai and Shenzhen from 2012 to 2022, we find that green investment significantly enhances corporate productivity, a conclusion that remains robust across alternative measurement approaches and instrumental variable estimation. Further analysis indicates that supply chain concentration strengthens the positive effect of green investment, while higher information disclosure can attenuate its marginal returns. These findings extend the understanding of green investment from an environmental commitment to a strategic driver of productivity, thereby enriching the application of signaling theory in the field of sustainable development. The results provide practical insights for firms seeking to optimize green resource allocation and manage supply chain relationships, while also offering evidence-based guidance for policymakers to design differentiated incentives and refine information disclosure frameworks.