The green transformation effect of climate investment and financing pilot policies

Green transformation of enterprises is an inevitable path for them to avoid environmental risks, seize future market opportunities, and achieve sustainable development. This study is based on the climate investment and financing pilot policies (CIFPP), and systematically examines its impact mechanism and situational heterogeneity on the green transformation (GT) of enterprises. The main findings are as follows: First, this policy significantly promotes the GT of enterprises, with green innovation capability and agile response capability playing a mediating role. Second, the quality of corporate environmental information disclosure (EID) has a positive moderating effect between policies and GT. Third, heterogeneity analysis further indicates that policy effects are more prominent in large enterprises, non heavy polluting enterprises, enterprises with longer management tenure, high levels of digital transformation, and industries with high competition intensity. Fourth, the intensity of climate risk has a non-linear moderating effect on policy effectiveness, reflecting the complexity of policy response. This study provides theoretical basis and practical inspiration for optimizing climate investment and financing policy design, enhancing corporate climate resilience, and promoting high-quality GT.