Financing Constraints and Solutions for the Green Transformation of Heavily Polluting Enterprises under Environmental Regulations

Abstract

Against the backdrop of ecological civilization construction and the "dual carbon" goals, the severe financing constraints faced by heavily polluting enterprises in their green transformation have shifted towards research on solutions. Based on the data of listed companies in China's heavily polluting industries, this paper constructs a theoretical framework among environmental regulations, financing constraints, and enterprise green transformation, and conducts empirical test data analysis using a panel data model. Research findings show that environmental regulations curb the green transformation of heavily polluting enterprises by intensifying financing constraints, and this inhibitory effect is more pronounced among groups such as private enterprises, small and medium-sized enterprises, and highly indebted enterprises. However, the policy synergy still needs to be enhanced. The research proposes paths to break through financing constraints from three levels: government regulation, financial market, and corporate governance, providing theoretical basis and policy inspiration for improving the environmental policy system, optimizing the green financial support mechanism, and promoting the green transformation of heavily polluting enterprises. However, the construction of a long-term mechanism cannot be fully guaranteed.

https://doi.org/10.65281/905221