Enterprise Green Transition, Pollution Mitigation, and Financing Constraints

Amidst the deepening implementation of China’s “Dual Carbon” national strategy, this study integrates the Natural Resource-Based View with financing constraint theory to investigate the pollution mitigation effects of corporate green transition. Utilizing textual analysis on panel data from heavily polluting A-share listed companies (2013-2022), we develop a multidimensional green transition index and employ fixed-effects regression models. Key findings reveal: (1) Corporate green transition demonstrates significant marginal improvement effects on pollution abatement, with enhanced efficacy observed in firms facing stringent environmental regulations; (2) Financing constraints exhibit substantial negative moderating effects on the green transition-pollution reduction nexus. Theoretically, this research advances micro-level understanding of environmental governance economics. Practically, it provides empirical support for optimizing transition finance instruments and calibrating environmental regulation intensity gradients.