The Impact Of Low-carbon City Pilot Policies On The Performance Of Listed Companies In Pilot Areas

People have been pushed to reconsider their future development model due to global economic expansion and environmental damage.The green economy has emerged as a key solution to ecological problems and sustainable development.In the reports of the 18 th and19th Party Congresses,we can see a series of programs to comprehensively deepen reforms and accelerate the construction of ecological civilization,which provide a framework structure for the development of China’s green economy,and the Amendment to the Constitution of the People’s Republic of China,which incorporates ecological civilization and lays the institutional foundation for the comprehensive promotion of sustainable development.In recent years,the environmental protection law has gone from revision to implementation,the carbon exchange has progressed from a pilot to a national standard,and the low-carbon city pilot program has progressed from the first to the third round,all of which undoubtedly do not represent the substantial advancement of China’s green transformation.In the process of transitioning to a green and low-carbon economy,we need to pay attention to the degree of adaptation of macro policies and micro subjects.The irreversible trend of low carbon society development means that the past rough economic development model is gone.It is critical for the government to combine environmental and economic performance.For enterprises,the cost of compliance will increase significantly,technological innovation will be significantly more difficult,and the pressure on economic efficiency will increase day by day.Therefore,the formulation of policies should be in line with the current socio-economic development rate and consider the affordability of enterprises.At the same time,due to the different degrees of development in each region,different industrial structures,different degrees of environmental friendliness of each industry,different degrees of response to the policy by different property rights enterprises,and different development goals of different scale enterprises,the implementation of the policy may have deviations.It is based on the above considerations that this paper focuses on the impact of low-carbon city pilot policies on the performance of listed enterprises,with a view to improving the policies and better promotion.This paper takes the pilot low-carbon city policy as the research object and uses externality theory,Porter’s hypothesis and firm heterogeneity theory as the theoretical basis to explore the impact of policy implementation on the performance of listed firms and whether green technology innovation plays a mediating role in it.Meanwhile,the heterogeneous impact of the policy is considered from the perspectives of firm size,nature of property rights.Differences in industries and regional growth.Tobin’s Q is utilized as a proxy variable for firm performance in the research process,and the PSM-DID as well as the mediating effect model are used in this paper.The findings suggest that low-carbon pilot policies can increase listed business performance significantly,and that green technology innovation can act as a significant mediating factor between low-carbon pilot policies and firm performance.At the same time,low-carbon city pilot policies have more significant effects on the performance of SMEs,state-owned enterprises,heavily polluting enterprises,and enterprises in the eastern region.Based on the findings,this paper concludes that low-carbon policies in each region should focus on improving the low-carbon economic development system,developing differentiated and distinctive strategic plans and increasing support for green innovation.