The impact mechanism of climate investment and financing policies on corporate carbon emission reduction: the mediating effect of financing constraints and the moderating effect of market competition

This study discusses the impact of climate investment and financing policies (CIFP) on corporate carbon emissions and its mechanism. The study finds that the CIFP can effectively promote corporate carbon emission reduction and have passed a series of robustness tests. The mechanism analysis shows that the CIFP mainly reduce corporate carbon emissions by alleviating the financing constraints faced by enterprises, and market competition has a negative moderating effect on the above emission reduction effects. Heterogeneity analysis shows that the CIFP have heterogeneity in carbon emissions of enterprises. The results reveal the interaction between policy, financing and corporate behavior, and provide a reference for optimizing the design of the CIFP and promoting enterprises to achieve green transformation in different market structures.