近日，我院万凯博士以第一作者身份完成的学术论文《Green Factory Certification and Firms’ Synergistic Gains in Pollution Abatement and Carbon Reduction: Market and Government Perspectives》在SSCI期刊《International Journal of Finance & Economics》在线发表。该期刊属于季刊，ABS三星期刊，致力于刊发有关金融市场、企业行为、风险管理、资产定价等领域的高质量理论与实证研究成果。
论文题目
Green Factory Certification and Firms’ Synergistic Gains in Pollution Abatement and Carbon Reduction: Market and Government Perspectives
论文摘要
As an emerging voluntary environmental regulation in China, the Green Factory Certification Policy raises a crucial research question: how can the coordinated control of multiple pollutants be effectively achieved? This paper examines the impact and underlying mechanisms of green factory certification on firms’ coordinated efforts in carbon reduction and pollution abatement, drawing on both market-based and government-led logics. Using a sample of A-share listed firms in China from 2011 to 2021, we integrate hand-collected data on 1,031 green-certified factories. The study finds that the Green Factory Certification Policy significantly promotes the coordinated advancement of pollution reduction and carbon mitigation in enterprises. This policy effect is driven by the dual governance of market and government logic. Through market mechanisms, it channels investors’ green preferences and stimulates green technological innovation, while through government mechanisms, it increases government subsidies and improves state-firm relations, thereby enhancing policy effectiveness. Further analysis reveals that firms’ greenwashing motives may weaken these synergistic gains. However, the non-binding mechanism of the voluntary program and the binding mechanism of mandatory environmental regulation can generate complementary effects, amplifying the environmental benefits of the Green Factory initiative. These effects are more pronounced in cleaner industries.
作者简介
万凯，博士，杭州电子科技大学经济学院讲师，硕士生导师。主要研究方向为低碳经济和技术创新，在International Journal of Finance & Economics、Journal of Environmental Management、Energy Policy、Economic Analysis and Policy、Economic Change and Restructuring、Emerging Markets Finance and Trade等SSCI/SCI期刊上发表学术论文24篇，主持国家社科基金，国家统计局课题，浙江省哲学社会科学专项课题，浙江省高校重大人文社科青年重点等省部级以上课题4项，指导本科生获得第十一届全国大学生能源经济学术创意大赛全国特等奖。
2025年以来万凯博士还以第一作者身份在Emerging Markets Finance and Trade(SSCI Q1)、Economic Analysis and Policy(SSCI Q1)、Applied Economics(SSCI Q2, 2篇)、Journal of Applied Economics(SSCI Q2)、Australian Economic Papers(SSCI Q2)上发表学术论文，以唯一通讯作者在Journal of Environmental Management(ESI高被引论文)、Economic Change and Restructuring(SSCI Q1)、The Annals of Regional Science(SSCI Q2)、Applied Economics(SSCI Q2)上发表论文。
引用格式
Wan, K., Yu, X., & Chang Tsangyao (2025). Green Factory Certification and Firms’ Synergistic Gains in Pollution Abatement and Carbon Reduction: Market and Government Perspectives. International Journal of Finance & Economics, 30(4). https://doi.org/10.1002/ijfe.70085.
