Environmental Regulation, Financing Constraints And Carbon Emission Reductio

In the context of promoting carbon peak and carbon neutralization in China,environmental regulation can play a role in strengthening carbon emission reduction.High energy consumption listed companies are the main body of energy conservation and emission reduction in China,and are also the top priority for China to achieve "carbon peak and carbon neutralization" as soon as possible.In order to promote the carbon emission reduction of China’s high energy consumption listed companies,successfully achieve the goal of "carbon peaking,carbon neutralization",and promote the green and sustainable development of economy and society,this paper uses the relevant data of China’s high energy consumption listed companies from 2011 to 2020 as samples,and uses literature analysis and empirical analysis to study the direct impact and heterogeneity of environmental regulations on carbon emission reduction of high energy consumption listed companies,And further study the regulatory effect of financing constraints on environmental regulation on carbon emission reduction of energy consuming listed companies.The results show that:(1)On the whole,the improvement of the intensity of environmental regulation can significantly reduce the carbon emissions of listed companies with high energy consumption,that is,the environmental regulation can strengthen the carbon emission reduction effect of listed companies with high energy consumption.The conclusion is still supported after the endogenous test of instrumental variables,and the robustness test of replacing variables and eliminating municipalities directly under the Central Government,which shows that China’s environmental regulation policy is conducive to the development of low-carbon economy in the high energy consumption industry;(2)Financing constraints have a significant negative regulatory effect between environmental regulation and carbon emission reduction of energy-consuming listed companies.The higher the financing constraints,the weaker the promotion of environmental regulation on carbon emission reduction of energy-consuming listed companies;(3)The intensity of environmental regulation has a single threshold for the carbon emission reduction of energy-consuming listed companies;(4)The impact of environmental regulation on the carbon emission reduction effect of energy-consuming listed companies varies with regions: the increase in the intensity of environmental regulation will increase the carbon emissions of energy-consuming listed companies in the central and western regions,that is,environmental regulation weakens the carbon emission reduction effect of energy-consuming listed companies in the central and western regions,and the increase in the intensity of environmental regulation significantly reduces the carbon emissions of energy-consuming listed companies in the eastern regions,That is,environmental regulation has enhanced the carbon emission reduction effect of energy-consuming listed companies in the central and western regions.Finally,this paper puts forward three suggestions for the government,market and enterprises:(1)Establish a sound environmental regulation policy and reasonably control the regulatory force;(2)Making rational use of transitional finance to alleviate the pressure of corporate financing constraints;(3)Optimize enterprise development methods and build green transformation paths..