Finance and the Good Society:How Does the Establishment of City Commercial Banks Promote Enterprises'Emission Reduction?
This paper presents compelling evidence supporting the role of finance in fostering green economic de-velopment by investigating the impact of regional finance development on the reduction of enterprise emissions.Lever-aging the phased introduction of city commercial banks(CCB)in China as a quasi-natural experiment,we employ a stag-gered difference-in-differences model.Our findings indicate that the establishment of city commercial banks contributes to a reduction in both the quantity and intensity of pollutants emitted by enterprises.In-depth channel analyses reveal that city commercial banks,by enhancing the credit accessibility of enterprises,play a pivotal role in encouraging the adoption of cleaner production methods and end-of-pipe treatment management.Consequently,this support aids enter-prises in curbing pollutant emissions.Furthermore,the emission reduction effects of city commercial banks are particu-larly pronounced in private-owned enterprises,small firms,heavy-polluting industries,and cities characterized by supe-rior financial performance or located in non-eastern regions.This study holds significance in advocating for the involve-ment of small and medium-sized financial institutions in green finance,fostering the harmonious development of re-gional economies,and advancing the high-quality development of China's economy.
City Commercial BankEnterprise Emission ReductionCredit AvailabilityHigh Quality Development
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