Research on the Impact of Financing Constraints on Environmental Investment under Carbon Peaking and Carbon Neutrality Policy

Since the 13th Five-Year Plan, China has solemnly put forward the overall goal of "carbon neutrality and carbon peaking". Toward this goal, in order to increase energy conservation and emission reduction, China has released carbon peaking implementation plans and a series of carbon peaking in key areas and industries, and has built a carbon-peak, carbon-neutral "1+N" policy system. Based on that, this paper takes the A-share listed companies in China's Shanghai and Shenzhen stock exchanges from 2009 to 2020 as a research sample and uses the double difference model to explore the "Notice on Carrying out the Pilot Work of Carbon Emissions Trading". Whether the "dual carbon" policy, represented by the establishment of the pilot carbon emission trading market, has a positive impact on the environmental protection investment of enterprises, and the impact on the relationship between financing constraints and environmental protection investment. In this paper, factors such as company size, profitability are added to the model as control variables, and the differences in policy effects are further studied, and the inhibitory effect of the policy on financing constraints on environmental protection investment is obtained. There is a positive moderating effect, and the effect of policies on promoting environmental protection investment in non-state-owned enterprises is more significant than that of state-owned enterprises. Based on the research results, the article gives some suggestions to the government and enterprise.