碳风险、绿色转型与企业融资约束的关系研究
The Relationship between Carbon Risk,Green Transition and Corporate Financing Constraints
陈芳 1陈园2
作者信息
- 1. 西安石油大学经济管理学院,西安 710065
- 2. 国家计算机网络应急技术处理协调中心陕西分中心,西安 710065
- 折叠
摘要
随着碳排放监管政策的进一步收紧,企业所面临的碳风险压力与日俱增,碳风险对企业经营决策、融资局面所造成的影响也受到诸多关注.基于我国签署应对全球气候变化的《巴黎协定》这一准自然实验,以2010-2022年我国A股上市公司数据为研究样本,构建双重差分模型研究碳风险对融资约束的影响,并探究企业绿色转型在其中起到的调节作用.研究结果表明:在我国签署《巴黎协定》后,高碳排放企业的碳风险显著增强,面临更大的融资约束;企业进行绿色技术创新、提升绿色生产水平等绿色转型活动,能够有效削弱碳风险对融资约束的影响.进一步研究发现,上述效应在非国有企业和小规模企业中更加显著.
Abstract
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.
关键词
碳风险/融资约束/绿色转型/环境规制Key words
carbon risk/financing constraints/green transition/environmental regulations引用本文复制引用
出版年
2024
NETL
NSTL
万方数据