碳交易政策对企业金融化的影响研究

Research on the Impact of Carbon Trading Policy on the Financialization of Enterprises

碳交易是落实国家碳达峰目标、碳中和愿景的重要政策工具,对企业经营策略有着重要影响。基于2010—2018年上市公司数据,运用双重差分法考察碳交易政策对企业金融化的影响及其作用机制。研究发现:(1)碳交易政策的实施显著提升了企业金融化水平;(2)碳交易政策对企业金融化的促进作用在非国有企业、管理层短视程度高的企业与碳价格较低的环境中更强;(3)碳交易政策对企业金融化的正向影响是企业在资本逐利动机下,为防范未来现金流波动风险而偏向增加流动性储备的结果,“蓄水池”效应在其中发挥关键作用。据此提出通过推动碳金融加快发展、提升碳价格有效性、强化政策协同等政策建议,以推动企业长期健康发展,引导实体企业“脱虚向实”。

Carbon trading is an important policy tool to implement the national carbon peak target and carbon neutrality vision,impacting enterprises’business strategies.Based on the data of listed companies from 2010 to 2018,this paper investigates the impact of carbon trading policy on enterprise financialization and its mechanism by using the differences-in-differences method.The results show that:(1)the implementation of carbon trading policy significantly improves the financialization of enterprises;(2)the promotion effect of carbon trading policy on enterprise financialization is stronger in non-state-owned enterprises,enterprises with managerial myopia,and the environment with low carbon prices;(3)the positive impact of carbon trading policies on enterprise financialization is the result of enterprises preferring to increase liquidity reserves to prevent the risk of future cash flow fluctuations under the capitalist profit motive,and the“reservoir”effect plays a key role.This study puts forward policy suggestions to accelerate the development of carbon finance,improve the effectiveness of carbon price and strengthen policy coordination,so as to promote the long-term healthy development of enterprises and guide the entity enterprises to“get rid of the virtual to the real”.