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Accompanying China's accession to the World Trade Organization, the rapid development of the Chinese economy has led to increasingly serious environmental issues. However, the inherent mechanisms underlying the impact of Environmental Information Disclosure (EID) policy and trade on the environmental effects of Chinese paper enterprises remain unclear in the context of the era's requirement for a resource-conserving and environmentally-friendly society. The pollution problem in the papermaking industry has received attention worldwide, and how to balance the environmental and development issues of papermaking enterprises is an urgent issue that needs to be solved in the academic community. This study explores the impact mechanisms of EID policy and trade on the environmental effects of enterprises from the perspective of financial constraints. Utilizing the PSM-DID model, the study investigates the moderating effects of financial constraints on the EID policy and import-export trade. The findings reveal that both external and internal financial constraints have negative, detrimental effects on the environmental effects of the EID policy and trade. These constraints impede research and development investment and technological upgrades, hinder productivity improvement, and hamper the realization of "regulatory and trade innovation effects". This study enriches our understanding of the mechanisms by which trade affects the environmental effects of Chinese paper enterprises and further identifies the impacts of Chinese EID policy and trade on pollution emissions by enterprises, providing a theoretical basis and practical foundation for the government in formulating financial, environmental, and trade policies. • Analyzing the environmental effects of Chinese paper enterprises from the perspective of financing constraints. • This study validated the research hypothesis using three micro databases. • This study decomposes the impact mechanism into three aspects: scale effects, technical effects, and structural effects. [ABSTRACT FROM AUTHOR]

The total quantity control and trading of carbon emission permits (CEPs) are important means to promote the development of a low-carbon economy, and the key is the initial allocation of the CEPs. For the initial allocation problem of CEPs in China, we analyze the disadvantages of the existing free allocation method, namely, that it cannot stimulate the polluters to declare their real marginal-cost information and so it is difficult to achieve effectiveness in resource allocation. Considering these disadvantages, we design an incentive auction mechanism for allocating CEPs based on the theory and methods of a divisible-good auction, to achieve the optimal supply strategy of the government and the equilibrium bidding strategies of polluters. The theoretical proof shows that this auction mechanism has properties such as stimulation of information and validity of allocation.The auction mechanism is applied to the problem of CEP allocation in fourteen cities in the Hanjiang River Basin in China. From the allocation results of this application example, we make some suggestions for improving the implementation of the CEP trading system and the design of future environmental policy in a low-carbon economy. [ABSTRACT FROM AUTHOR]