| In recent years,as global climate change issues have become more prominent and China has become more urbanised,low carbon city pilot policies have become an important part of China’s work.The aim of the low carbon city pilot policy is to find a "win-win" path for low carbon and economy by controlling greenhouse gas emissions in cities,in order to reduce the pressure on the environment and protect the ecological environment.As a means of environmental regulation,the implementation of the low-carbon city pilot policy plays an important role in promoting the modernisation of the national governance system and governance capacity,and has brought about a key drive,breakthrough and leadership for low-carbon development across the country.In order to explore whether the pilot low-carbon city policy can combine both economic and environmental benefits and promote high-quality economic development through improving the total factor productivity of enterprises,this paper explores the impact of the pilot low-carbon city policy on the total factor productivity of enterprises and its mechanism of action based on a multi-period double-difference method using panel data of A-share listed enterprises in Shanghai and Shenzhen from 2006 to 2020.The results show that the implementation of low-carbon city pilot policies has a positive impact on the improvement of total factor productivity of enterprises;the impact of low-carbon city pilot policies on the total factor productivity of enterprises differs according to the ownership of enterprises and whether they are resource-based cities;the results of the mechanism test indicate that low-carbon city pilot policies can improve the total factor productivity of enterprises by increasing the level of technological innovation.The findings of the study provide some insights into the effects of the pilot low-carbon city policies and the subsequent further implementation of the pilot low-carbon cities. |
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