碳价格及其波动率能促进中国企业低碳投资吗?

Can Carbon Price and Its Volatility Promote Low-Carbon Investment of Chinese Companies?

成长中的中国碳市场已初步形成碳价信号,研究碳价格及其波动率对低碳投资的影响对深化完善全国碳市场具有重要意义。基于此,利用2015—2019年控排上市企业数据,采用实证研究方法,研究碳价格及其波动率对中国企业低碳投资的影响。研究结果表明,碳价信号并不总是对企业低碳投资产生直接影响,但可以和融资约束共同发生作用。其中,碳价格与融资约束的交互项对企业低碳投资具有促进作用,碳价格波动率与融资约束的交互项对低碳投资产生抑制作用。考虑企业产权性质时,国有企业低碳投资受碳价格、碳价格与融资约束的交互项的影响,非国有企业受融资约束、碳价格波动率、碳价格波动率与融资约束的交互项的影响。因此,提出政策建议:维持公允且稳定的碳价,合理调控碳价格波动率、创新气候金融发展和规范碳资产管理培训。

The carbon price signal has been initially formed in China’s growing carbon market. It is of great significance to study the impact of carbon price and its volatility on low-carbon investment for deepening and improving the national carbon market. Based on this,using the data of listed companies under emission control from 2015 to 2019,and using the empirical research method,this paper studies the impact of carbon price and its volatility on low-carbon investment of Chinese enterprises. The results show that the carbon price signal does not always have a direct impact on companies’ low-carbon investment,but it can work together with financing constraints.Among them,the interaction term of carbon price and financing constraint has a promoting effect on enterprises’ low-carbon investment,while the interaction term of carbon price volatility and financing constraint has an inhibiting effect on enterprises’ low-carbon investment. When considering the property right nature of enterprises, low carbon investment of state-owned enterprises is affected by carbon price, the interaction term of carbon price and financing constraint,while non-state-owned enterprises are affected by financing constraint,carbon price volatility,and the interaction term of carbon price volatility and financing constraint. Therefore,the following policy suggestions are put forward:maintaining a fair and stable carbon price,reasonably regulating the volatility of carbon price,innovating the development of climate finance and standardizing the training of carbon asset management.