Environmental regulation policies promote green transformation of high polluting enterprises:quasi natural experiment based on low-carbon city pilot policies
HONG YiMiao
WANG Rong
Abstract：The low-carbon city pilot policy is an important measure for the country to promote high-quality development.Taking the low-carbon city pilot policy as a quasi natural experiment,and taking the high polluting enterprises of China's A-share listed companies from 2008 to 2023 as samples,this paper uses the double difference model to study the impact of environmental regulation policy on the green transformation of high polluting enterprises.The results show that:① the low-carbon city pilot policy has significantly promoted the green transformation of high pollution enterprises,and this conclusion is still true after a series of robustness tests.② the promotion effect is heterogeneous in the performance of different types of enterprises,and the promotion effect is more obvious in areas with high concentration of factors and the green transformation of high polluting enterprises not audited by the big four.③ the low-carbon city pilot policy mainly promotes the green transformation of high polluting enterprises by reducing financing constraints and improving green innovation capabilities.
Keywords：environmental regulationshighly polluting enterprisesgreen transformationfinancing constraintsgreen innovation capability
Publication Date：2025-09-28
Online Publishing Date：2025-11-05(First online date of this platform, not the publication date of the document)
Pages：9( 83-91 )