{"p"=>{"__content__"=>"Family businesses have long faced financing difficulties due to ownership discrimination, and they have a natural disadvantage in obtaining bank credit financing.This paper selects 3162 family businesses in China from 2008 to 2022, establishes a high-dimensional fixed effects model of multi period DID, and explores the impact of carbon emission trading pilot policies on the availability of family business loans from the perspective of family inheritance through a four-dimensional theoretical framework. Research has found that the pilot policy of carbon emission trading has significantly increased the availability of loans for family businesses. Specifically, In the participatory management stage and joint management stage, carbon emission trading mechanism may further enhance the loan availability for family businesses.In the reception management stage, carbon emission trading mechanism may not affect the loan availability for family businesses.Mechanism analysis found that the carbon emission trading mechanism reduces the connection between enterprises and governments, enhances reputation value, lowers the proportion of family directors, and improves ESG scores, enabling family businesses to obtain more credit financing.Further analysis shows that when family businesses are in cleaning industries and high competitive industries,located in areas with high CO emission quotas areas and high CO regulation areas, the positive relationship between carbon emission trading pilot policies and the availability of family business loans is more significant, ultimately reducing the cash holding level of family businesses. Therefore, this paper proposes suggestions from four dimensions to achieve the long-lasting and sustainable development of family businesses.", "sub"=>[{"__content__"=>"2"}, {"__content__"=>"2"}], "sup"=>{"__content__"=>"’"}}}