Has the low-carbon pilot policy driven the green transformation of manufacturing enterprises?--A quasi-natural experiment based on pilot low-carbon cities
As a positive policy to deal with climate change and achieve economic growth,low-carbon pilot policy provides an opportunity for manufacturing enterprises to transform into green.Based on the data of A-share listed manufacturing companies from 2012 to 2020,this paper takes the pilot low-carbon cities as the natural experiment,and uses the progressive differential model to test the driving effect of low-carbon pilot policies on the green transformation of manufacturing enterprises.The findings are as follows:(1)The implementation of low-carbon pilot policies can significantly drive the green transformation of manufacturing enterprises;(2)Enterprise innovation and enterprise digital transformation play a part of intermediary role;(3)Financing constraints have a negative inhibitory effect,while digital finance has a positive promoting effect.The research conclusions provide policy implications for deepening the construction of low-carbon pilot cities and driving the green transformation of manufacturing enterprises.
Low-carbon pilot policyEnterprise green transformationManufacturing listed companiesAsymptotic double difference
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