Do Environmental Subsidies Improve Corporate Carbon Performance——An Empirical Analysis Based on A-share Listed Companies
Environmental subsidies are not only a macro-control tool to achieve the"double carbon"target,but also a driving force to reduce the environmental burden of enterprises and guide them to save energy and reduce emissions.A sample of 3735 observations of 1094 A-share listed companies receiving environmental subsidies from 2014 to 2019 was selected to empirically investigate the impact of environmental subsidies on corporate carbon performance using a two-way fixed effects model.The study shows that environmental subsidies with a lag of one period or two are significantly and positively related to corporate carbon performance,and the hetero-geneous test shovos that the effect of environmental subsidies on state-owned enterprises,eastern regions and medium and low-polluting enterprises is significant.Further study finds that energy-saving and emission reduc-tion subsidies among environmental subsidies are significantly and positively related to corporate carbon per-formance,while environmental pollution control subsidies have a negative impact on corporate carbon perform-ance.Accordingly,it is proposed that environmental subsidies should focus on carbon reduction and aim to re-duce both pollution and carbon.
Environmental subsidiesCarbon performanceEnergy-saving and emission reduction subsidiesEnvironmental pollution control subsidiesLagging effect
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