Environmental regulation,carbon finance and new quality productivity:An empirical study from the perspective of enterprises

SHI Xinxin; JIA Kunjiao; HE Lingyun

Abstract：To meet the needs of economic transformation and upgrading in the new era,enterprises urgently need to use innovative financial tools to develop new quality productivity and promote high-quality development.Based on the relevant data of 1 334 A-share listed companies and 31 provinces and cities from 2014 to 2022,the comprehensive indices of enterprises'new quality productivity,enterprises'carbon finance level and government environmental regulation intensity of enterprises are constructed through the entropy weight method and the text analysis method based on crawler technology.In addition,panel data model is employed to empirically analyze the impact of enterprise carbon finance level on new quality productivity,and the moderating effect of environmental regulation intensity on the relationship between the two.The results show that:① The level of enterprises'carbon finance has a significant role in promoting its new productivity.② The intensity of environmental regulation has a negative moderating effect on the relationship between the level of enterprises'carbon finance and the new quality productivity.③ The effect of enterprises'carbon finance level on new quality productivity varies depending on the nature of the enterprise and the level of carbon emissions.It is relatively greater for state-owned enterprises and high carbon emitting enterprises,but the difference is not significant.Based on this,policy recommendations are proposed from the perspectives of both the government and enterprises.