Research on the Impact of Carbon Risk on Inefficient Investment of Enterprises:Evidence from Chinese Industrial Enterprises
Under the increasingly stringent carbon regulation constraints,carbon risks gradually penetrate into enterprises.It is of great significance to explore the impact of carbon risks on inefficient investment of enterprises and its mechanism.This paper takes A-share industrial enterprises in Shanghai and Shenzhen Stock Exchanges from 2007 to 2021 as research samples,uses Python crawler technology to collect carbon risk keywords from corporate social responsibility reports issued by listed enterprises,and constructs carbon risk index of enterprises.On this basis,a two-way fixed effect model is used to test the impact of carbon risk on inefficient investment of Chinese industrial enterprises.Further,the mediating role and moderating role of agency cost and financing constraints in the impact of carbon risk on inefficient investment of enterprises are analyzed respectively.Finally,the difference of the impact of carbon risk on inefficient investment of enterprises under the condition of enterprise heterogeneity is tested.The results show that carbon risk can effec-tively restrain inefficient investment of enterprises;carbon risk can inhibit inefficient investment of enterprises by reducing agency costs;financing constraints have a negative moderating effect on the inhibitory effect of carbon risk on inefficient investment of enterpri-ses;carbon risk has a stronger inhibitory effect on inefficient investment of large-scale enterprises,state-owned enterprises and young enterprises.According to the analysis results,this paper puts forward a series of suggestions to improve the enterprise capital allocation system based on the perspective of government and enterprises.
carbon riskinefficient investment of enterprisesagency costfinancing constraints
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