Abstract
Using Difference-in-Differences (DID) and Propensity Score Matching combined with Difference-in-Differences-in-Differences (PSM-DDD) methodologies, this paper examines the impact of China's carbon trading pilot policy on enterprise financing. We find that the high-emission enterprises in pilot regions are less financially constrained, especially for state-owned enterprises. The carbon trading policy may motivate high-emission enterprises to reduce carbon emissions through green technology innovation, thereby ameliorating their financing environment. Our findings suggest the economic significance of carbon emission trading in enterprise financing.
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