关键词: 碳金融, 企业“漂绿”, 环境信息披露, 政府环保补助, 媒体关注

Abstract: Carbon finance refers to the trading of carbon derivative financial products with carbon emission trading as the core. The development of the carbon finance market provides a new channel for green financing for enterprises. Whether enterprises will use “greenwashing” to attract funds is worth further research. Based on the implementation of carbon emission trading pilot policies as a natural experiment， and using data from Ashare listed companies from 2008 to 2020， the double difference method was used to analyze the mechanism of carbon finance and corporate “greenwashing”. The results show that: in the reality of incomplete development of the carbon finance market， carbon finance has led to corporate “greenwashing”; from the perspective of mechanism analysis， the increased disclosure of environmental information by enterprises has led to the role of carbon finance in causing corporate “greenwashing” while government environmental subsidies have suppressed the role of carbon finance in causing corporate “greenwashing”; through heterogeneity analysis， it was further found that non heavy polluting enterprises and low media attention enterprises are more prone to “greenwashing” under carbon finance policies. Therefore， in order to reduce the “greenwashing” of enterprises， it is necessary to improve the regulatory system of carbon finance market， enhance the enthusiasm of enterprises to participate in the carbon finance market， and fully play the important role of carbon finance policies in promoting energy conservation and emission reduction of enterprises and advancing social sustainable development.

Key words: carbon finance;enterprise “greenwashing”, environmental information disclosure, government environmental subsidies, media attention