{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,25]],"date-time":"2026-06-25T22:04:28Z","timestamp":1782425068766,"version":"3.54.5"},"reference-count":80,"publisher":"MDPI AG","issue":"3","license":[{"start":{"date-parts":[[2025,3,10]],"date-time":"2025-03-10T00:00:00Z","timestamp":1741564800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100012456","name":"National Social Science Fund of China","doi-asserted-by":"publisher","award":["22BTJ026"],"award-info":[{"award-number":["22BTJ026"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Green innovation in heavily polluting firms is crucial for sustainable development, yet financial constraints remain a major barrier. This study employs a Spatial Durbin Model to analyze how financialization influences green innovation in China\u2019s A-share listed firms. The results indicate that financialization intensifies financing constraints, leading to a suppression of green innovation. This effect is primarily driven by the \u201ccrowding-out effect\u201d, which outweighs the \u201creservoir effect\u201d that financialization may provide. Additionally, industry-wide peer effects further spread the negative impact, while agency conflicts and managerial incentives exacerbate the problem. Regional disparities are also observed, with stronger negative effects in eastern and central regions and among firms with high managerial compensation. To address these issues, the study recommends strengthening policy guidance, expanding green finance mechanisms, promoting industry collaboration, and improving corporate governance. These findings enhance our understanding of the dual impact of financialization on green innovation and provide actionable policy recommendations for achieving sustainable development in high-pollution industries.<\/jats:p>","DOI":"10.3390\/systems13030192","type":"journal-article","created":{"date-parts":[[2025,3,10]],"date-time":"2025-03-10T06:59:59Z","timestamp":1741589999000},"page":"192","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Does Financialization Alleviate the Funding Dilemma of Green Innovation in Heavily Polluting Firms?: Evidence from China\u2019s A-Share Listed Companies"],"prefix":"10.3390","volume":"13","author":[{"given":"Zifeng","family":"Zhong","sequence":"first","affiliation":[{"name":"College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Shaoxiong","family":"Wu","sequence":"additional","affiliation":[{"name":"College of Computer and Information Sciences, Fujian Agriculture and Forestry University, Fuzhou 350002, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jieying","family":"Hu","sequence":"additional","affiliation":[{"name":"College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Liting","family":"Fang","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Fuzhou University, Fuzhou 350108, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Kunming","family":"Li","sequence":"additional","affiliation":[{"name":"College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2025,3,10]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1257\/jep.9.4.97","article-title":"Toward a New Conception of the Environment-Competitiveness Relationship","volume":"9","author":"Porter","year":"1995","journal-title":"J. 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