Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)

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Green Finance Pilot and Carbon Efficiency

——A Study on Total Factor Carbon Emission Rate

Authors
Tingyuan Chen1, *
1University of International Business and Economics, Beijing, China
*Corresponding author. Email: chentingyuan@163.com
Corresponding Author
Tingyuan Chen
Available Online 12 May 2026.
DOI
10.2991/978-94-6239-672-2_62How to use a DOI?
Keywords
Green finance reform and innovation pilot zone; Enterprise total factor carbon emission rate; Difference-in-differences model
Abstract

The Green Finance Reform and Innovation Pilot Zone policy is a key institutional innovation for China’s “dual carbon” goals. Using A-share listed companies from 2011 to 2024, this study treats pilot zone establishment as a quasi-natural experiment and employs a multi-period difference-in-differences model to evaluate the policy’s impact on enterprise total factor carbon emission rate (TFCE) and mechanisms. Findings reveal: (1) The policy significantly enhances enterprise TFCE, robust to parallel trend, placebo, PSM-DID, and other tests. (2) Mechanism analysis shows reducing financing costs and stimulating green technology innovation are core transmission channels. (3) Heterogeneity analysis indicates non-state-owned and high-tech firms respond more positively, with stronger effects in central/western regions and lower financial development cities. This paper provides causal evidence on micro-level effects of green finance and offers implications for improving green finance systems and promoting corporate low-carbon transition.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
12 May 2026
ISBN
978-94-6239-672-2
ISSN
2352-5428
DOI
10.2991/978-94-6239-672-2_62How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Tingyuan Chen
PY  - 2026
DA  - 2026/05/12
TI  - Green Finance Pilot and Carbon Efficiency
BT  - Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)
PB  - Atlantis Press
SP  - 632
EP  - 640
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-672-2_62
DO  - 10.2991/978-94-6239-672-2_62
ID  - Chen2026
ER  -