文献类型：期刊文献

英文题名：Carbon Regulation and Enterprise Investment: Evidence from China

作者：Bing, Young[1]; Zhao, Ziyi[2]; Shao, Shuai[3]; Yang, Lili[4]; Yang, Zhenbing[1]

机构：[1] School of Economics, Nanjing University of Finance and Economics, Nanjing, 210023, China; [2] Faculty of Materials and Manufacturing, Beijing University of Technology, Beijing, 100124, China; [3] School of Business, East China University of Science and Technology, Shanghai, 200237, China; [4] School of International Economics and Trade, Shanghai Lixin University of Accounting and Finance, Shanghai, 201209, China

年份：2023

外文期刊名：SSRN

收录：EI(收录号：20230222964)

语种：英文

外文关键词：Carbon

摘要：Enterprises’ investment response to China’s carbon regulation policy is essential to the country’s high-quality development. Using a difference-in-differences model, we investigate the differential impacts of China’s Low-carbon Pilot (LP) program on both state-owned enterprises (SOEs) and non-SOEs, in order to reveal the differences in response to government intervention. The results show that the LP program has a negative effect on the productive investments of non-SOEs, but SOEs show unclear effect from the LP program. This conclusion remains credible after robustness tests. The negative impact of the LP program on the productive investments of non-SOEs is particularly evident in carbon-intensive sectors; investment diminishes in correlation with increases in the carbon intensity reduction targets. China’s LP program is found to cause a decrease in the available credit resources and an increase in financing costs, in addition to a loss of technical efficiency and a reduction in investment willingness for non-SOEs, resulting in reduced productive investments. ? 2023, The Authors. All rights reserved.