碳风险对金融市场影响研究进展

Research Progress on the Effects of Carbon Risk on Financial Markets

在当前全球“碳达峰”“碳中和”目标日益紧迫的背景下,碳风险引发了社会各界的广泛关注,碳风险对金融市场影响的研究已成为重要的学术前沿问题,本文系统梳理了相关研究文献。首先,基于数据类型和指标构造方法,对碳风险的内涵和度量进行归纳,并厘清了碳风险对金融市场影响的作用渠道。其次,从资本市场和公司金融两个角度,分别梳理碳风险对资产价格影响的理论脉络与实证研究进展,以及碳风险对公司财务绩效、公司价值、公司风险和公司决策的影响。最后,指出了当前研究的不足之处,并提出了未来的研究展望。

With the growing urgency of “peaking carbon dioxide emissions” and “carbon neutrality” targets, carbon risk has attracted widespread attention. Research on the impact of carbon risk on financial markets has become an important academic frontier. This paper provides a comprehensive review of related research on carbon risk. Firstly, this paper summarizes the connotation and measurement of carbon risk and clarifies the channels through which carbon risk affects financial markets. Furthermore, from the perspectives of capital market and corporate finance, this paper reviews the theoretical and empirical research progress on the impact of carbon risk on asset prices, as well as the impact of carbon risk on corporate financial performance, firm value, firm risk, and corporate decisions. Finally, this paper points out the shortcomings of current research and proposes the future research prospects.