Energy conservation and emission reduction policies, green finance, and the green transformation of construction enterprises

This study empirically examines the impact of energy conservation and emission reduction policies (ESER_Policy) and green finance (GreenFin) on the green transformation of construction enterprises (GreenTrans), using panel data from Chinese A-share listed construction firms between 2008 and 2023. The findings reveal that ESER_Policy significantly enhances the level of green transformation in construction enterprises. Further heterogeneity analysis indicates that the strength of environmental regulation across different regions moderates this positive effect. Mechanism tests demonstrate that GreenFin partially mediates the relationship between ESER_Policy and corporate green transformation, with the magnitude of this mediating effect varying significantly depending on the firm's level of social responsibility. This study enriches the research outcomes in the fields of ESER_Policy, GreenFin, and corporate green transformation, providing important theoretical foundations and practical references for the government in formulating more effective ESER_Policy and GreenFin development strategies, as well as for construction enterprises in developing green transformation strategies.