Based on the data of Chinese Shanghai and Shenzhen A-share manufacturing companies from 2009 to 2024 and the WTOrelated TBT/SPS notification information, this study empirically examined the impact of green trade barriers on the financial asset allocation of export firms. The research show that green trade barriers significantly increased the level of financial asset allocation of export firms, mainly manifested as an increase in short-term financial asset allocation, and overall presenting a“reservoir effect”dominated by precautionary savings. Heterogeneity analysis indicated that in the eastern regions, non-polluting industries, and non-state-owned firms, the impact effect of green trade barriers on the financial asset allocation of export firms was more significant. Mechanism testing revealed that green trade barriers affected the financial asset allocation of export firms by intensifying liquidity constraints, adjusting physical investment, and suppressing green innovation. Further moderation effect analysis found that green total factor productivity could strengthen the strategic buffering function of financial asset allocation, while financing constraints would weaken this effect and increase the risk of transformation into an“crowding-out effect”. This study expanded the micro-finance explanation of the economic consequences of green trade barriers and provided empirical evidence to guide the allocation of financial resources to serve the green transformation of firms.