Abstract: Based on the micro data of A-share listed companies in China's industrial industry from 2004 to 2018, this paper uses the Differences-in-Differences method to analyze the impact of low-carbon policies on micro-enterprise performance and the credit constraints faced by enterprises. The results show that low-carbon policies can improve the performance of industrial enterprises. However, the economic effects of low-carbon policies show a certain degree of heterogeneity at the enterprise and industry levels, and are also affected by corporate credit constraints. Stronger credit constraints will make companies fall into the “low-carbon trap” under low-carbon policies.

Key words: Low-carbon Policy, Corporate Performance, Credit Constraint, Heterogeneity

摘要： 基于2004—2018年中国工业行业A股上市公司的微观数据,采用双重差分法分析低碳政策对微观企业绩效的影响及企业面临的信贷约束。研究结果表明,低碳政策能够提高工业企业的绩效水平。但是,低碳政策的经济效应在企业和行业层面表现出一定的异质性,还会受企业信贷约束的影响,较强的信贷约束会使企业在低碳政策下陷入“低碳陷阱”。

关键词: 低碳政策, 企业绩效, 信贷约束, 异质性