Enterprises＇　investment　response　to　China＇s　carbon　regulation　policy　is　essential　to　the　country＇s　high-quality　development.　Using　a　difference-in-differences　model,　we　investigate　the　differential　impacts　of　China＇s　Low-carbon　Pilot　(LP)　program　on　both　state-owned　enterprises　(SOEs)　and　non-SOEs,　in　order　to　reveal　the　differences　in　response　to　government　intervention.　The　results　show　that　the　LP　program　has　a　negative　effect　on　the　productive　investments　of　non-SOEs,　but　SOEs　show　unclear　effect　from　the　LP　program.　This　conclusion　remains　credible　after　robustness　tests.　The　negative　impact　of　the　LP　program　on　the　productive　investments　of　non-SOEs　is　particularly　evident　in　carbon-intensive　sectors　and　large　enterprises;　investment　diminishes　in　correlation　with　increases　in　the　carbon　intensity　reduction　targets.　China＇s　LP　program　is　found　to　cause　a　decrease　in　the　available　credit　resources　and　an　increase　in　financing　costs,　in　addition　to　a　loss　of　technical　efficiency　and　a　reduction　in　investment　willingness　for　non-SOEs,　resulting　in　reduced　productive　investments.