Research on the Impact of Green Transformation Policies on Commercial Banks'Risk-Taking:Evidence from Quasi Natural Experiments Based on Low-Carbon City Pilot Projects
Under the background of the"dual carbon"goal and national financial se-curity,evaluating the effects of green transformation policies is of great significance for achieving economic green and low-carbon transformation and reducing systemic risks.Based on panel data of commercial banks listed on the Shanghai and Shenzhen stock markets from 2007 to 2021,this paper takes the low-carbon city pilot as a quasi natural experiment,and uses a multi period DID model to analyze the impact of green transformation policies(low-carbon city pilot)on commercial banks'risk-taking,as well as its mechanism and heterogeneity.The result indicates that the green the low-carbon city pilot has significantly increased the commercial banks'risk-taking,and the conclusion remains robust through placebo testing and PSM-DID robustness testing.This impact exhibits heterogeneity in differences in carbon emission intensity and financial development level.Further analysis reveals that macro prudential policies and economic policy uncertainty respectively strengthen and weaken the positive impact of low-carbon city pilot projects on commercial banks'risk-taking.The conclusions lay a theoretical foundation and practical reference for achieving economic green and low-carbon transformation and reducing systemic risks.
Green Transformation PolicyLow Carbon City PilotCommercial Banks'Risk-taking
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