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Can green finance policy reduce corporate carbon emissions? Evidence from a quasi-natural experiment in China

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dc.contributor.authorLiu, Xiaoqian
dc.contributor.authorWan, Chang’an
dc.contributor.authorWan, Long
dc.contributor.authorCifuentes Faura, Javier
dc.contributor.departmentCiencia Política, Antropología Social y Hacienda Pública
dc.contributor.otherFacultad de Economía y Empresa
dc.date.accessioned2026-02-16T13:04:30Z
dc.date.available2026-02-16T13:04:30Z
dc.date.copyright© 2024 Elsevier Ltd.
dc.date.issued2024-12-04
dc.description.abstractThe construction of pilot zones for green finance reform and innovation (PZGFRI) is China's regional exploration aimed at increasing financial support for green transformation and development. However, its impact on corporate carbon emission governance is uncertain. This paper examines the impact of the PZGFRI policy on corporate carbon emissions (CCEs) and its mechanisms based on the difference-in-differences model. The results indicate that this PZGFRI policy notably reduces the carbon emissions of enterprises in the pilot regions. Mechanism analysis reveals that this green finance policy reduces CCEs via alleviating corporate financing constraints, promoting corporate green innovation and corporate ESG performance. Heterogeneity results show that this negative impact is more pronounced for non-SOEs than SOEs. Furthermore, the PZGFRI policy dramatically reduces the carbon emissions of enterprises with short-sighted managers, while having insignificant performance on those with long-sighted management. Moreover, carbon reduction effect is notable for high-carbon industry enterprises, and this impact is insignificant for non-high carbon emission industry enterprises. Additionally, this policy has a prominent carbon reduction influence on enterprises in eastern and central regions, but its effect is minimal for those in western regions. This paper provides empirical evidence for other countries to implement green finance policies to promote low-carbon transformation development.
dc.formatapplication/pdf
dc.format.extent18
dc.identifier.citationBritish Accounting Review, 57(2025), 101540
dc.identifier.doihttps://doi.org/10.1016/j.bar.2024.101540
dc.identifier.eissn1095-8347
dc.identifier.issn0890-8389
dc.identifier.urihttp://hdl.handle.net/10201/205841
dc.languageeng
dc.publisherElsevier
dc.relationPostdoctoral Fellowship Program of CPSF under Grant Number GZB20240484; Sichuan Philosophy and Social Science Foundation under Grant Number SCJJ24ND086; Sichuan Postdoctoral Science Foundation Special Support Project under Grant Number TB2024048.
dc.relation.publisherversionhttps://www.sciencedirect.com/science/article/pii/S0890838924003226
dc.rights.accessRightsinfo:eu-repo/semantics/restrictedAccess
dc.subjectGreen finance
dc.subjectPilot zones for green finance reform and innovation
dc.subjectCorporate carbon emissions
dc.subjectFinancing constraints
dc.subjectGreen innovation
dc.subjectESG performance
dc.subject.odsObjetivo 7: Energía
dc.subject.odsObjetivo 8: Crecimiento económico
dc.subject.odsObjetivo 9: Infraestructura
dc.subject.odsObjetivo 12: Producción y consumo sostenibles
dc.subject.odsObjetivo 13: Cambio climático
dc.titleCan green finance policy reduce corporate carbon emissions? Evidence from a quasi-natural experiment in China
dc.typeinfo:eu-repo/semantics/article
dc.type.versioninfo:eu-repo/semantics/publishedVersion
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relation.isAuthorOfPublicationa6138dea-1d3d-4501-b79e-405d3cbb03fd
relation.isAuthorOfPublication.latestForDiscoverya6138dea-1d3d-4501-b79e-405d3cbb03fd
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