Abstract
This study theoretically analyzes and empirically tests the impact and mechanism of energy intensity constraints on corporate investment strategies. The results find that energy intensity constraints significantly increase corporate green investment, particularly in front-prevention investment. Heterogeneity analysis indicates that the optimization effect of energy intensity constraints on corporate investment strategies is stronger in state-owned enterprises and high energy-consuming industries. Mechanism analysis reveals that energy intensity constraints optimize corporate investment strategies by increasing policy incentives and policy restraints. The findings provide important implications for policymakers to promote corporate sustainability and potential directions for future related research.
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