The relationship and its mechanism between financial leasing and lessee's carbon emis-sions are examined empirically,by using the data of financial leasing from 2009 to 2022,with the matched enterprise-level carbon emission data.The results show that financial leasing provided by financial leasing companies to lessees with high carbon emission level or carbon intensity is signifi-cantly less and decreases faster,and financial leasing has the"Green"tendency.The mechanism test based on the supply and demand of financial leasing finds that the driving factor of the supply of leasehold finance,which is controlled by the lessor,is not determined by factors such as insufficient capital demand or replacing lease financing with other low-cost debt,etc.This shows that the source of funds and channels play an important intermediary role.The policy implications of this study are to stimulate the green financial leasing for small and medium-sized enterprises to decarbonize.
financial leasingcarbon riskthe supply and the demand of lease financing
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