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

摘要： 碳金融指以碳排放权交易为核心的碳金融衍生产品交易，碳金融市场的发展为企业绿色融资提供新渠道，企业是否会利用“漂绿”达到吸引资金的效果，值得深入研究。以碳排放权交易试点政策的实施为准自然实验，基于2009—2020年上市A股企业数据，采用双重差分法，分析碳金融与企业“漂绿”的作用机制。在碳金融市场发展尚不完善的现实下，碳金融引致企业“漂绿”；从机制分析来看，企业的环境信息披露增大碳金融引致企业“漂绿”的作用，政府的环保补助抑制碳金融引致企业“漂绿”的作用；通过异质性分析进一步发现，非重污染企业与低媒体关注度企业在碳金融政策下更易“漂绿”。为减少企业“漂绿”，应当完善碳金融市场监管制度，提升企业参与碳金融市场的积极性，充分发挥碳金融政策促进企业节能减排、推进社会可持续发展的重要作用。

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