Research on the Impact of Low Carbon Economy on Financing Efficiency of Enterprises

Abstract

This article focuses on the efficiency of corporate financing and uses data from A-share listed companies from 2009 to 2022 to conduct a quasi natural experiment on the implementation effect of low-carbon city pilot policies, examining whether the pilot policies can promote corporate financing efficiency. Research analysis reveals that policies have a promoting effect on corporate financing efficiency, mainly through reducing agency costs and improving the quality of environmental information disclosure. It has a significant positive impact on companies in the tertiary industry, enterprises facing major pollution challenges, large-scale enterprises, and state-owned enterprises. Finally, some insights are put forward on the development of low-carbon cities and the green transformation of enterprises in the context of dual carbon.