Low-Carbon City Pilot Policy and Corporate Debt Financing Costs

在“双碳”目标驱动及绿色金融蓬勃发展的时代背景下，低碳城市试点政策作为推动城市绿色转型的关键举措，其对企业债务融资成本的影响备受关注。本文将深入剖析低碳城市试点政策与企业债务融资成本之间的内在关联，研究发现，低碳城市试点政策显著降低了企业的债务融资成本，低碳城市试点政策通过优化企业绿色形象、提升企业信息透明度、缓解企业融资约束三条路径，实现对债务融资成本的降低。本研究不仅为低碳城市试点政策的经济效果评估提供了微观证据，也为企业降低融资成本、政府完善绿色政策体系提供了理论依据与实践参考，对推动经济绿色低碳高质量发展具有重要意义。Against the backdrop of the “dual-carbon” goals and the vigorous development of green finance, the low-carbon city pilot policy, as a crucial measure to promote urban green transformation, has drawn significant attention regarding its impact on the debt financing costs of enterprises. This paper conducts an in-depth analysis of the internal relationship between the low-carbon city pilot policy and the debt financing costs of enterprises. It is found that the low-carbon city pilot policy significantly reduces the debt financing costs of enterprises. The policy achieves this reduction through three channels: optimizing the green image of enterprises, enhancing corporate information transparency, and alleviating corporate financing constraints. This study not only provides micro-level evidence for evaluating the economic effects of the low-carbon city pilot policy but also offers a theoretical basis and practical references for enterprises to reduce financing costs and for the government to improve the green policy system. It holds great significance for promoting the high-quality development of the economy in a green and low-carbon manner.