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Carbon trading policy pilot, green bond financing, and the valuation enhancement of specialized, fine, characteristic, and innovative enterprises

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  • Zhang, Xu
  • Wu, Shangxu

Abstract

This paper systematically examines the intrinsic relationship and mechanism between carbon trading policy pilots (Carbon_Pilot), green bond financing, and the valuation enhancement of specialized, fine, characteristic, and innovative (SFCI) enterprises based on data from A-share listed companies in China from 2010 to 2023. The study finds that Carbon_Pilot significantly promotes the valuation enhancement of SFCI enterprises. Further analysis indicates that the promotion effect of Carbon_Pilot on SFCI enterprise valuation shows significant differences between traditional and emerging enterprises. Mechanism tests reveal that green bond financing plays an important mediating role in the process of Carbon_Pilot impacting the valuation of SFCI enterprises. Heterogeneity analysis further reveals that, compared to enterprises with lower cash flow levels, the mediating effect of green bond financing in the relationship between Carbon_Pilot and the valuation enhancement of SFCI enterprises is more pronounced in enterprises with ample cash flow.

Suggested Citation

  • Zhang, Xu & Wu, Shangxu, 2026. "Carbon trading policy pilot, green bond financing, and the valuation enhancement of specialized, fine, characteristic, and innovative enterprises," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325026510
    DOI: 10.1016/j.frl.2025.109402
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