Impact of corporate carbon emission reduction on financing constraints.

The carbon emission reduction behaviour of enterprises is a crucial element for achieving the "double-carbon" target. Based on the panel data of China's Shanghai and Shenzhen A-share nonfinancial listed companies from 2008 to 2022, this paper explores the impact of corporate carbon emission reduction on financing constraints using the fixed effect model and further dissects the path and heterogeneity of its impact. The results show that carbon emission reduction can significantly alleviate the level of financing constraints. The path test shows that corporate carbon emission reduction alleviates financing constraints through gaining business credit, improving information transparency, and increasing government subsidies. The heterogeneity analysis shows that carbon emission reduction in less economically developed regions, non-heavily polluting industries, and nonstate-owned enterprises has a better effect on alleviating financing constraints than in economically developed regions, heavily polluting industries and state-owned enterprises. Additionally, relevant policy recommendations are put forward, which are conducive to promoting enterprises to actively reduce carbon emissions and facilitate the achievement of the dual carbon goal.