Green Finance,Carbon Emission Intensity and ESG Performance——Empirical Research Based on Micro Data of Listed Enterprises
To achieve the"dual carbon goals"(carbon peaking and carbon neutrality goals),the development of green finance has become an important way to promote the green and low-carbon transformation of economic structure and the harmonious coexistence of human and nature.Based on the micro-data of listed enterprises from 2010 to 2019,this paper examines the impact of green finance development on the carbon emission intensity of enterprises.We find that green finance significantly reduces the carbon emission intensity of enterprises,which remains valid in robustness tests.Through the mechanism test,we find that the development of green finance can achieve corporate carbon emission reduction by enhancing corporate environmental awareness,increasing green investment via easing financing constraints,and improving corporate productivity;meanwhile,the development of green finance has improved the ESG performance and economic performance of enterprises,achieving"win-win"between economic growth and environmental protection.It is further found that the development of green finance has a more significant inhibition effect on the carbon emission intensity of non-state-owned enterprises,non-heavy polluting enterprises and high-tech enterprises,and is more conducive to reducing the carbon emission intensity of enterprises in first-tier cities,non-resource-based cities and areas with stronger basic institutional regulations.
Green FinanceCarbon Emission IntensityEnvironmental AwarenessGreen InvestmentESG
NETL
NSTL
万方数据
