Low-carbon city pilot policy and green investors entry

被引：11

作者：

Jiang, Yong ^{[1
]}

Ding, Xiao ^{[1
]}

Ren, Yi-Shuai ^{[2
,3
,4
,5
]}

Kong, Xiaolin ^{[3
,6
]}

Baltas, Konstantinos ^{[7
]}

机构：

[1] Nanjing Audit Univ, Sch Finance, Nanjing, Peoples R China

[2] Hunan Univ, Sch Publ Adm, Changsha, Peoples R China

[3] Hunan Univ, Res Inst Digital Soc & Blockchain, Changsha, Peoples R China

[4] Hunan Univ, Ctr Resource & Environm Management, Changsha, Peoples R China

[5] Univ Auckland, Energy Ctr, 12 Grafton Rd, Auckland 1010, New Zealand

[6] Hunan Univ, Business Sch, Changsha, Peoples R China

[7] Univ Essex, Essex Business Sch, Colchester, England

来源：

FINANCE RESEARCH LETTERS | 2024年 / 64卷

基金：

中国国家自然科学基金;

关键词：

Low-carbon city pilot policy; Green investor entry; Difference -in -differences model;

D O I：

10.1016/j.frl.2024.105421

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using low-carbon city pilot policy as a natural experiment, this study investigates whether lowcarbon city pilot policy can help enterprises attract green investor entry in China. The results show that low-carbon city pilot policy significantly attracts green investor entry, which is more pronounced in non-state-owned enterprises and heavily polluting enterprises. Mechanism studies indicate that low-carbon city pilot policy facilitates green investor entry by alleviating financing constraints and strengthening enterprises' risk-taking.

引用

页数：9

共 22 条

[1]

Barnea A., 2005, Structural Change and Economic Dynamics, V16, P332, DOI 10.1016/j.strueco.2004.04.002

[2]

Baumol W.J ..., 1988, The theory of environmental policy

[3] Do anti-corruption campaigns affect corporate environmental responsibility? Evidence from China [J].

Boubaker, Sabri ;

Liu, Pei-Zhi ;

Ren, Yi-Shuai ;

Ma, Chao-Qun .

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2024, 91

[4] Can urban low-carbon transitions promote enterprise digital transformation? [J].

Chen, Xinmin ;

Huang, Yuhong ;

Gao, Yajia .

FINANCE RESEARCH LETTERS, 2024, 59

[5] Does climate risk impact firms' ESG performance? Evidence from China [J].

Chen, Yongtai ;

Ren, Yi-Shuai ;

Narayan, Seema ;

Huynh, Ngoc Quang Anh .

ECONOMIC ANALYSIS AND POLICY, 2024, 81 :683-695

[6] Green investors and corporate ESG performance: Evidence from China [J].

Feng, Jingyu ;

Yuan, Ying .

FINANCE RESEARCH LETTERS, 2024, 60

[7] ESG performance and corporate risk-taking: Evidence from China [J].

He, Feng ;

Ding, Cong ;

Yue, Wei ;

Liu, Guanchun .

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 87

[8] Effects of of China's pilot low-carbon city policy on carbon emission reduction: A quasi-natural experiment based on satellite data [J].

Huo, Weidong ;

Qi, Jie ;

Yang, Tong ;

Liu, Jialu ;

Liu, Miaomiao ;

Zhou, Ziqi .

TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE, 2022, 175

[9] Corporate governance and risk-taking [J].

John, Kose ;

Litov, Lubomir ;

Yeung, Bernard .

JOURNAL OF FINANCE, 2008, 63 (04) :1679-1728

[10] How does culture influence corporate risk-taking? [J].

Li, Kai ;

Griffin, Dale ;

Yue, Heng ;

Zhao, Longkai .

JOURNAL OF CORPORATE FINANCE, 2013, 23 :1-22

← 1 2 3 →