Abstract：As an important measure for all regions to explore the road of economic and environmental win-win, green and low-carbon transition has an important impact on guiding enterprises’ investment behavior. Based on the data of China’s A-share listed companies, this study uses a progressive difference-difference model to explore the impact of green low-carbon transformation on corporate investment behavior. The study finds that green low-carbon transformation has significantly promoted the “real” development of enterprises, while the impact on the “virtual” of enterprises is not obvious. The impact mechanism test finds that green and low-carbon transformation can significantly increase corporate industrial investment through innovation compensation effects and financial support effects. Among them, the innovation compensation effects are reflected in the improvement of green invention patents of enterprises, including green energy-saving invention patents and alternative energy invention patents; The financial support effects are reflected in the increase of government subsidies for enterprises, which improves the cash flow of enterprises and eases the financing constraints of enterprises. Heterogeneity analysis finds that the promotion effect of green and low-carbon transformation on corporate industrial investment is more obvious in non-state-owned enterprises, non-high-carbon industries and non-resource-based cities.
郭金花，郭檬楠. 绿色低碳转型对企业脱虚向实的影响研究[J]. 管理学报, 2024, 21(4): 517-.
GUO Jinhua，GUO Mengnan. Study on the Impact of Green Low-Carbon Transformation on Enterprises from Virtual to Real. Chinese Journal of Management, 2024, 21(4): 517-.
