Robustness check results.

Carbon emissions have become a global challenge, and China, as the world’s largest developing country, has a serious emissions problem. Developing green buildings is an important way of reducing carbon emissions. China’s low-carbon city pilot policy may be an effective way of promoting green building development and reducing these emissions. This study uses the low carbon city pilot policy as a quasi-natural experiment and employs the staggered difference-in-differences method to investigate its impact on green building development. The results show that the low-carbon city pilot policy promotes green building development, and this policy promotes it by enhancing regional green innovation capacity, improving green total factor productivity at the firm and regional levels, and reducing the financing constraints of firms in the construction and real estate sectors. In addition, the promotion effect of the policy on green building development is stronger in western and non-resource-based regions and large-scale cities in China. This study contributes to the literature related to environmental policy, green building, and carbon emissions and supports the promotion of green building development and the reduction of carbon emissions.

碳排放已成为全球性挑战，作为全球最大发展中国家，中国面临着严峻的碳排放问题。发展绿色建筑是降低碳排放的重要路径。中国的低碳城市试点政策（low-carbon city pilot policy）或许是推动绿色建筑发展、减少碳排放的有效举措。本研究以该政策为准自然实验，采用渐进双重差分法（staggered difference-in-differences method）探究其对绿色建筑发展的影响。研究结果表明，低碳城市试点政策能够推动绿色建筑发展，其作用机制包括提升区域绿色创新能力、提高企业与区域层面的绿色全要素生产率（green total factor productivity），以及缓解建筑与房地产行业企业的融资约束。此外，该政策对绿色建筑发展的推动效应在我国西部非资源型地区以及大型城市中更为显著。本研究丰富了环境政策、绿色建筑与碳排放相关领域的文献，同时为推动绿色建筑发展、降低碳排放提供了实证支撑。