The Impact of Government Green Fund Investment on Corporate Green Governance: An Analysis Based on Green Patient Capital and Green Development Strategy

Abstract

Abstract: Corporate green governance is a vital component in establishing a modern environmental governance system and requires strong support from government green funds. Utilizing data on government green fund investment and A-share listed companies from 2010 to 2022, this study systematically explores the impact and mechanisms of government green fund investment on corporate green governance. The findings reveal that government green fund investment effectively drives corporate green governance, as evidenced by a significant improvement in corporate green governance performance following the investment. Mechanism analysis indicates that government green fund investment promotes corporate green governance performance by fostering green patient capital and supporting firms in implementing green development strategies. Further analysis shows that the effects of government green fund investment are more pronounced in private firms and firms subject to stricter oversight from institutional investors, the media, the public, and the government. Government departments should accelerate the development of a multi-tiered and diversified green financial market system with Chinese characteristics, increase investment from government green funds, and cultivate patient capital to support corporate green governance.

Key words: government green fund investment, corporate green governance, green patient capital, green development strategy

CLC Number:

F275

Zheng Zhuo-ji, Li Xue-qin, Han Xian-feng. The Impact of Government Green Fund Investment on Corporate Green Governance: An Analysis Based on Green Patient Capital and Green Development Strategy[J]. Contemporary Finance & Economics, 2026, 0(7): 46-58.

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