The local and spatial effects of green fiscal policy on firm carbon emissions: evidence from energy saving and emission reduction fiscal policy

Jing Qian, Ke Zhang, Zhenhua Zhang and Liangxi He

Journal of Chinese Economic and Business Studies, 2025, vol. 23, issue 4, 649-671

Abstract: This paper takes the “national comprehensive demonstration city of energy conservation and emission reduction fiscal policy” as a quasi-natural experiment of green fiscal policy. Based on the data of A-share listed companies from 2008 to 2022, this paper investigates the direct effect and spatial effect of fiscal energy conservation and emission reduction (ESER) on corporate carbon emissions. The study shows that there is some spatial correlation in corporate carbon emissions. Pilot areas will affect corporate carbon emissions in non-pilot areas. At the same time, ESER has a significant negative impact on the carbon emissions of firms in the pilot areas, but has no significant spatial spillover effect on the carbon emissions of firms in the non-pilot areas. In terms of heterogeneity, the impact of ESER on corporate carbon emissions will differ among firms, industries and regions.

Date: 2025
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DOI: 10.1080/14765284.2025.2525027

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