The Relationship between Carbon Risk,Green Transition and Corporate Financing Constraints
With the further tightening of carbon emission regulatory policies,enterprises face increasing carbon risk pressure,and the impact of carbon risk on their business decision-making and financing situation has received much attention.Based on the quasi-natural experiment of China's signing of the Paris Agreement to address global climate change,this paper takes the data of China's A-share listed companies from 2010 to 2022 as a research sample,constructs a difference-in-differences model to examine the impact of carbon risk on financing constraints,and explores the regulatory role of enterprises'green transition.The results show that high carbon emitting enterprises face significantly increased carbon risks and greater financing constraints after signing the agreement,and enterprises can effectively mitigate the impact of carbon risks on financing constraints by implementing green transition activities,such as green technology innovation and green production improvement.Further research has shown that the above effects are more significant for non-state-owned enterprises and small enterprises.
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