【摘要】 绿色金融作为建设金融强国的“五篇大文章”之一，是中国经济新的增长引擎之一。重污染行业的低碳转型是当前绿色金融面临的重大课题，也是实现“双碳”目标的重要一环。基于此，本文探究了环境规制和绿色金融对重污染企业经营绩效的影响。研究结果表明，环境规制强度的提高，显著降低了重污染企业的经营绩效。主要机制包括环境规制强度对管理费用和融资成本产生影响。同时，当前的绿色金融服务针对环境规制对重污染企业的经营绩效抑制作用有显著的影响，使重污染企业低碳转型之路更加艰难。在此基础上，本文从助力重污染企业低碳转型的角度提出政策建议，这有利于产业转型和绿色金融与环境规制的协同，助推“双碳”目标的实现和经济高质量发展。更多还原

【Abstract】 Green finance,as one of the five major articles in building a strong financial country,is one of the new growth engines of the Chinese economy. The low-carbon transformation of heavily polluting industries is a major issue facing green finance. It is also an important part of achieving the goal of "double carbon". Based on it,this paper explores the impact of environmental regulations on the performance of heavy polluting enterprises. The results show that with the increase of environmental regulation intensity,the performance of heavy polluting enterprises decreases significantly. In the transmission process of this influence,management cost and financing cost are important intermediary variables. At the same time,the current green financial services have a significant impact on the inhibition eff ect of environmental regulations on the performance of heavy polluting enterprises,making the road of low-carbon transformation of heavy polluting enterprises more difficult. On this basis,this article proposes policy recommendations from the perspective of assisting heavily polluting enterprises in low-carbon transformation,which is conducive to industrial transformation and the coordination of green finance and environmental regulation,promoting the achievement of the "dual carbon" goal and high-quality economic development.更多还原