How Do Green Investors Manage the High-Quality Development of New Energy Firms?

The rapid expansion of the global new energy industry has intensified concerns regarding overcapacity. As sustainable finance evolves, green investors have become an important information intermediary and monitoring force shaping firms' operational decisions. However, micro-level evidence on the link between green investors and firms' capacity utilization remains limited. Using data of Chinese new energy firms from 2011 to 2023, this study investigates how green investor influences firms' capacity utilization. The findings show that green investors enhance capacity utilization by fostering green technological innovation and enhancing managerial efficiency. Moreover, supply chain digitalization further amplifies the impact of green investors. This effect is more pronounced among non-state-owned firms facing tighter financing constraints and those located in regions characterized by lower climate policy uncertainty and in midwestern areas.