财政金融协同能否促进企业低碳转型?——来自中国31省市自治区高能耗企业的证据
Can Fiscal and Financial Coordination Promote the Low-Carbon Transfor-mation of Enterprises?Evidence from High-Energy-Consuming Enterprises in 31 Provinces and Autonomous Regions in China
薛庆 1腾宇静1
作者信息
- 1. 中国石油大学(北京)经济管理学院,北京,102249
- 折叠
摘要
2020 年,我国明确提出"双碳"目标,绿色低碳成为工业转型发展的"主旋律".如何满足高能耗企业在低碳转型过程中的资金需求,是实现"双碳"目标必须优先考虑和解决的问题,而财税与金融作为"双碳"治理的两大关键工具,是支持低碳转型的重要外部资金来源.以 2012-2021 年A股上市高能耗企业为研究样本,实证检验财政金融协同程度对企业低碳转型的作用机制和影响效果.研究发现:北京、江苏、上海、福建和四川等五省市财政金融协调等级位于全国前列;相较于财政或金融的单方面支持,财政金融协同能对企业低碳转型产生更强的促进作用,并且这种促进作用在非国有企业、获得高政府补助资金企业以及东部地区企业中表现更为显著.机制分析发现,财政金融协同通过降低高能耗企业融资约束程度、提高政府环境监管强度促进其低碳转型.为充分发挥财政金融协同对高能耗企业低碳转型的促进作用,地方政府应统筹财政金融政策,改善金融环境,降低企业融资约束;加强财政补贴资金使用监督,加大环境监管,制定严格标准,提升监管效能.
Abstract
In 2020,China articulated the"dual carbon"targets,positioning green and low-carbon development as the main theme of industrial transformation.Addressing the capital needs of high-energy-consuming enterprises during their low-carbon transition is imperative for the realization of the"dual-carbon"goals.Fiscal and financial measures,as two critical tools in"dual carbon"governance,serve as significant external funding sources to support this transition.Using a sample of high-ener-gy-consuming enterprises listed on the A-share market from 2012 to 2021,this study empirically examines the impact and mechanisms of fiscal and financial coordination on corporate low-carbon transformation.Findings indicate that Beijing,Jiangsu,Shanghai,Fujian,and Sichuan lead the nation in fiscal and financial coordination levels.Compared to standalone fiscal or fi-nancial support,the coordination of both has a stronger effect on promoting low-carbon transformation,especially in non-state-owned enterprises,those with substantial government subsidies,and enterprises in the eastern regions.The mechanism analysis reveals that the fiscal and financial coordination can promote the low-carbon transformation of high-energy-consuming enterprises by easing financing constraints and improving the intensity of government environmental supervision.To fully lever-age the role of fiscal and financial coordination in promoting the low-carbon transition of high-energy-consuming enterprises,local governments should integrate fiscal and financial policies,improve the financial environment,and reduce financing con-straints on businesses.Additionally,oversight of fiscal subsidy use should be strengthened,environmental regulation intensified,and stringent standards set to enhance regulatory effectiveness.
关键词
财政金融协同/低碳转型/融资约束/耦合协调度模型Key words
Fiscal and Financial Coordination/Low-Carbon Transformation/Financing Constraints/Coupling Coordination Degree Model引用本文复制引用
出版年
2024
NETL
NSTL
万方数据