EN中文

China Population, Resources and Environment >

2026 , Vol. 36 >Issue 3: 89 - 102

DOI: https://doi.org/10.12062/cpre.20251022

How does the development of green manufacturing systems affect investment efficiency, in, manufacturing firms?

  • LI Cheng ,
  • WU Qinlin ,
  • WANG Feng
Expand
  • 1. School of Management, Xiamen University, Xiamen Fujian 361005, China;
    2. School of Economics and Business Administration, Chongqing University, Chongqing 400030, China

Received date: 2025-04-11

  Revised date: 2025-11-07

  Online published: 2026-06-05

Fold

Abstract

The development of green manufacturing systems not only serves as a key initiative to curb environmental pollution and im-prove resource utilization efficiency in the manufacturing sector but also as a significant driver for fostering new growth momentum. This study treated Green Factory Certification (GFC)—implemented under the demonstration program for green manufacturing systems—as a quasi-natural experiment. Drawing on the investment-investment opportunity sensitivity model and a multi-period difference-in-differ-ences (DID) approach, the study used data from Shanghai and Shenzhen A-share listed manufacturing firms between 2008 and 2022 to examine the impact of GFC on corporate investment efficiency from the perspective of uncertainty. The results showed that: ① GFC sig-nificantly improved manufacturing firms' investment efficiency. This result remained robust after a series of tests, including parallel trend testing, propensity score matching, entropy balancing, and instrumental variable approaches. ② Mechanism analysis indicated that GFC enhanced investment efficiency by reducing various forms of uncertainty: specifically, information uncertainty, governance un-certainty, capital uncertainty, and demand uncertainty. ③ Heterogeneity analysis, based on the classification of green factory disclosure texts from the Green Manufacturing Public Service Platform, showed that the positive effect of GFC on investment efficiency was stron-ger when firms disclosed more advanced practices. In contrast, forward-looking content in these disclosures did not provide incremental information and tended to weaken the positive relationship between GFC and investment efficiency. Moreover, the positive impact of GFC was more pronounced among firms operating in highly competitive industries and those in high-tech manufacturing sectors. Over-all, this study highlights the vital role of GFC in optimizing investment efficiency in manufacturing firms. It offers new insights into cor-porate investment behavior under environmental constraints and policy incentives, while providing theoretical and practical guidance for policymakers aiming to promote green development and high-quality growth in manufacturing.

Key words： green manufacturing; green factory certification; investment efficiency; uncertainty

Cite this article

LI Cheng , WU Qinlin , WANG Feng . How does the development of green manufacturing systems affect investment efficiency, in, manufacturing firms?[J]. China Population, Resources and Environment, 2026 , 36(3) : 89 -102 . DOI: 10.12062/cpre.20251022

References

[1] 解维敏 .中国企业投资效率省际差异及影响因素研究[J]. 数量经济技术经济研究,2018,35(9):41-59.
[2] 柳建华,卢锐,孙亮. 公司章程中董事会对外投资权限的设置与企业投资效率:基于公司章程自治的视角[J]. 管理世界,2015, 31(7):130-142.
[3] 韩国高,高铁梅,王立国,等. 中国制造业产能过剩的测度、波动及成因研究[J]. 经济研究,2011,46(12):18-31.
[4] 刘海建,胡化广. 政府环境治理如何“以点带面”:基于自愿型环境规制的非约束性机制研究[J]. 中国工业经济,2024(8):80-98.
[5] CAO S S,GONG G J,KIM Y,et al.Site visits and corporate invest-ment efficiency[J]. Management science,2025,71(1):635-658.
[6] XU W D,LUO Z J,LI D H.Investor-firm interactions and corporate investment efficiency:evidence from China[J]. Journal of corporate finance,2024,84:102539.
[7] 张纯,吕伟. 信息披露、信息中介与企业过度投资[J]. 会计研究,2009(1):60-65.
[8] 王玉涛,董天一,鲁重峦. 中小股东“用嘴投票”的治理效应与企业投资效率[J]. 经济管理,2022,44(6):115-132.
[9] LI Z S,LIU C,NI X R,et al.Stock market liberalization and corpo-rate investment revisited:evidence from China[J]. Journal of bank-ing & finance,2024,158:107053.
[10] 毛聚,谢昊宇,毛新述,等. 政府审计对企业投资行为的影响: 基于中央企业层面的经验证据[J]. 会计研究,2023(1):164-178.
[11] 刘艳霞,祁怀锦. 管理者自信会影响投资效率吗:兼论融资融券制度的公司外部治理效应[J]. 会计研究,2019(4):43-49.
[12] JIANG X,XIN B H.Financial reporting discretion,managerial my-opia,and investment efficiency[J]. Accounting review,2022,97(2):291-316.
[13] CHEN M,LIU S,WANG F,et al.The dark side effects of CEO gen-eral managerial skills on corporate overinvestment[J]. Asia Pacific journal of management,2024,41(4):2277-2300.
[14] WANG X Y,ZHU L.How does export VAT rebates policy affect corporate investment efficiency:evidence from corporate tax sticki-ness[J]. Pacific-basin finance journal,2023,82:102130.
[15] 于文超,梁平汉,高楠. 公开能带来效率吗:政府信息公开影响企业投资效率的经验研究[J]. 经济学(季刊),2020,20(3):1041-1058.
[16] 王雄元,徐晶. 放松市场准入管制提高了企业投资效率吗:基于“市场准入负面清单”试点的准自然实验[J]. 金融研究,2022(9):169-187.
[17] 曹越,辛红霞,张卓然. 新《环境保护法》实施对重污染行业投资效率的影响[J]. 中国软科学,2020(8):164-173.
[18] XIE L L,ZUO S Y,XIE Z Q.Environmental protection fee-to-tax and enterprise investment efficiency:evidence from China[J]. Re-search in international business and finance,2023,66:102057.
[19] CHEN W Y,ZHANG L G,SHI L J,et al.Carbon emissions trading system and investment efficiency:evidence from China[J]. Journal of cleaner production,2022,358:131782.
[20] 姚鹏,尤文浩,孙久文. 水资源“费改税”如何影响高耗水企业过度投资?[J]. 中国人口·资源与环境,2023,33(6):105-115.
[21] 戴魁早,王思曼,黄姿. 绿色工厂建设促进了企业绿色创新吗?[J]. 数量经济技术经济研究,2024,41(11):177-199.
[22] 王茂斌,叶涛,孔东民. 绿色制造与企业环境信息披露:基于中国绿色工厂创建的政策实验[J]. 经济研究,2024,59(2):116-134.
[23] 孙洪锋,刘嫦,郭娟娟. 政府绿色认证制度对制造业企业的环境激励效应与溢出效应[J]. 中国人口·资源与环境,2024,34(7):76-87.
[24] CHEN Y,SINGHAL V,ZHU Q H.Environmental policies and finan-cial performance:stock market reaction to firms for their proactive en-vironmental practices recognized by governmental programs[J]. Busi-ness strategy and the environment,2021,30(4):1548-1562.
[25] 陈艳莹,于千惠,刘经珂. 绿色产业政策能与资本市场有效“联动 ”吗:来自绿色工厂评定的证据[J]. 中国工业经济,2022(12):89-107.
[26] WEI X H,JIANG F,SU Y Q.More green,less labor gains:green factory and labor income share in China[J]. Energy economics, 2024,133:107481.
[27] 唐岑岑,邓建鹏,鲍晓华. 自愿性环境规制下的对外直接投资: 基于绿色工厂的证据[J]. 世界经济,2025,48(4):28-56.
[28] 陈少凌,李广众,杨海生,等. 规制性壁垒、异质不确定性与企业过度投资[J]. 经济研究,2021,56(5):162-179.
[29] KEYNES J M.The general theory of employment[J]. Quarterly journal of economics,1937,51(2):209.
[30] DIXIT A K,PINDYCK R S.Investment under uncertainty[M]. Princeton:Princeton University Press,1994.
[31] CLARKSON P M,LI Y,RICHARDSON G D,et al.Revisiting the relation between environmental performance and environmental disclosure:an empirical analysis[J]. Accounting,organizations and society,2008,33(4/5):303-327.
[32] ZHANG X F.Information uncertainty and stock returns[J]. Jour-nal of finance,2006,61(1):105-137.
[33] BIDDLE G C,HILARY G,VERDI R S.How does financial report-ing quality relate to investment efficiency?[J]. Journal of account-ing and economics,2009,48(2/3):112-131.
[34] CUTILLAS GOMARIZ M F,SÁNCHEZ BALLESTA J P. Financial reporting quality,debt maturity and investment efficiency[J]. Jour-nal of banking & finance,2014,40:494-506.
[35] GODSELL D,JUNG B,MESCALL D.Investor relations and invest-ment efficiency[J]. Contemporary accounting research,2023,40(3):1966-1998.
[36] ZHENG J Y.Institutional attention and investment efficiency[J]. Accounting & finance,2024,64(4):3241-3273.
[37] 张云,吕纤,韩云. 机构投资者驱动企业绿色治理:监督效应与内在机理[J]. 管理世界,2024,40(4):197-221.
[38] 刘艳霞,曹钰琪,李宾. 企业ESG 表现对盈余管理行为的影响[J]. 改革,2024(11):114-132.
[39] YU Z,SHEN Y R,JIANG S J.The effects of corporate governance uncertainty on state-owned enterprises' green innovation in China: perspective from the participation of non-state-owned shareholders[J]. Energy economics,2022,115:106402.
[40] 罗进辉 .媒体报道的公司治理作用:双重代理成本视角[J]. 金融研究,2012(10):153-166.
[41] HO K C,YAN C,MAO Z C,et al.Corporate sustainability policies and corporate investment efficiency:evidence from the quasi-natu-ral experiment in China[J]. Energy economics,2023,127:107050.
[42] WANG Y C,HUSCROFT J R,HAZEN B T,et al.Green informa-tion,green certification and consumer perceptions of remanufc-tured automobile parts[J]. Resources,conservation and recycling, 2018,128:187-196.
[43] CHIU T T,KIM J B,WANG Z.Customers' risk factor disclosures and suppliersʹ investment efficiency[J]. Contemporary accounting research,2019,36(2):773-804.
[44] 曹春方,涂漫漫,刘薇. 知识产权监管与企业集团内部专利转移[J]. 经济研究,2024,59(2):135-152.
[45] CHEN S M,SUN Z,TANG S,et al.Government intervention and investment efficiency:evidence from China[J]. Journal of corpo-rate finance,2011,17(2):259-271.
[46] 严子淳,王伟楠,王凯,等. 数字化转型能够提升企业投资效率吗:来自制造业上市公司的证据[J]. 管理评论,2023,35(12):20-30.
[47] KONG D M,JI M M,LIU L H.Mandatory dividend policy and in-vestment efficiency within state-owned business groups[J]. Pacific-basin finance journal,2023,77:101910.
[48] CENGIZ D,DUBE A,LINDNER A,et al.The effect of minimum wages on low-wage jobs[J]. Quarterly journal of economics,2019, 134(3):1405-1454.
[49] 陈丽莉,张若琪,戎珂. 数据要素赋能企业创新:基于内外部资源视角[J]. 管理评论,2024,36(12):15-25.
[50] HOU K W,MOSKOWITZ T J.Market frictions,price delay,and the cross-section of expected returns[J]. Review of financial stud-ies,2005,18(3):981-1020.
[51] 沈洪涛,冯杰. 舆论监督、政府监管与企业环境信息披露[J]. 会计研究,2012(2):72-78.
[52] 何瑛,陈丽丽,杜亚光. 数据资产化能否缓解“专精特新”中小企业融资约束[J]. 中国工业经济,2024(8):154-173.
[53] 李子健,李春涛,冯旭南. 非财务信息披露与资本市场定价效率[J]. 财贸经济,2022,43(9):38-52.
[54] 许帅,邵帅,何贤杰. 业绩说明会前瞻性信息对分析师盈余预测准确性的影响:信口雌黄还是言而有征[J]. 中国管理科学, 2025,33(3):34-44.
[55] PORTER M E,STRATEGY C.Techniques for analyzing indus-tries and competitors[M]. New York:Free Press,1980.
[56] 田时中,蔡雅冰. 数字普惠金融、横向税收竞争与城乡收入差距[J]. 山东财经大学学报,2024(1):41-55.
[57] BANKER R D,MA X J,POMARE C,et al.When doing good for society is good for shareholders:importance of alignment between strategy and CSR performance[J]. Review of accounting studies, 2023,28(2):1074-1106.
[58] 刘鹏飞,韩晓琳,刘燕. 营商环境对区域创新能力的影响研究: 作用机制与实证检验[J]. 山东财经大学学报,2023(1):27-38.
[59] HAINMUELLER J.Entropy balancing for causal effects:a multi-variate reweighting method to produce balanced samples in obser-vational studies[J]. Political analysis,2012,20(1):25-46.
[60] RICHARDSON S.Over-zinvestment of free cash flow[J]. Review of accounting studies,2006,11(2):159-189.
[61] CHEN F,HOPE O K,LI Q Y,et al.Financial reporting quality and investment efficiency of private firms in emerging markets[J]. Ac-counting review,2011,86(4):1255-1288.
Options
Outlines

/

〈 〉