Can Fiscal and Financial Coordination Promote the Low-Carbon Transfor-mation of Enterprises?Evidence from High-Energy-Consuming Enterprises in 31 Provinces and Autonomous Regions in China
In 2020,China articulated the"dual carbon"targets,positioning green and low-carbon development as the main theme of industrial transformation.Addressing the capital needs of high-energy-consuming enterprises during their low-carbon transition is imperative for the realization of the"dual-carbon"goals.Fiscal and financial measures,as two critical tools in"dual carbon"governance,serve as significant external funding sources to support this transition.Using a sample of high-ener-gy-consuming enterprises listed on the A-share market from 2012 to 2021,this study empirically examines the impact and mechanisms of fiscal and financial coordination on corporate low-carbon transformation.Findings indicate that Beijing,Jiangsu,Shanghai,Fujian,and Sichuan lead the nation in fiscal and financial coordination levels.Compared to standalone fiscal or fi-nancial support,the coordination of both has a stronger effect on promoting low-carbon transformation,especially in non-state-owned enterprises,those with substantial government subsidies,and enterprises in the eastern regions.The mechanism analysis reveals that the fiscal and financial coordination can promote the low-carbon transformation of high-energy-consuming enterprises by easing financing constraints and improving the intensity of government environmental supervision.To fully lever-age the role of fiscal and financial coordination in promoting the low-carbon transition of high-energy-consuming enterprises,local governments should integrate fiscal and financial policies,improve the financial environment,and reduce financing con-straints on businesses.Additionally,oversight of fiscal subsidy use should be strengthened,environmental regulation intensified,and stringent standards set to enhance regulatory effectiveness.
Fiscal and Financial CoordinationLow-Carbon TransformationFinancing ConstraintsCoupling Coordination Degree Model
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