Macro-environmental Regulation and Corporate Financial Constraints - A Quasi-Natural Experiment of China’s Low-Carbon City Pilot

Qi Liu, Yongyu Gui, Wei Wang and Hua Wang ()
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Hua Wang: Network Information Center, Guangxi Normal University, China

Energy RESEARCH LETTERS, 2023, vol. 3, issue 4, 1-7

Abstract: This paper examines the impact of macro-environmental regulations on corporate financial constraints, using the shocks of China’s low-carbon city pilots and panel data on Chinese A-share listed companies from 2009 to 2018. We find that low-carbon city pilot regulation lessens the intensity of corporate financial constraints. We further find that this negative relation is more significant for state-owned enterprises and manufacturing enterprises.

Keywords: low-carbon city; Corporate financial constraints; Macro-environmental regulation (search for similar items in EconPapers)
JEL-codes: G32 Q53 Q58 (search for similar items in EconPapers)
Date: 2023
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