企业集团碳减排压力与债务分布——来自高耗能上市公司的经验证据

Carbon Abatement Pressure and Debt Distribution of Business Groups:Evidence from Listed Business Groups in Energy-intensive Sector

基于碳达峰、碳中和目标的现实背景,本文以2008—2020年中国A股高耗能上市公司为样本,研究发现企业集团面临的碳减排压力越大,集中负债的程度就越高。机制检验显示,融资约束加剧和经营风险提高是上述效应产生的主要途径。异质性检验发现,当企业集团未通过环境管理体系认证、受媒体关注度较高或集权程度较高,以及地区金融市场化水平较低、行业竞争激烈或地方政府更为重视“减碳”时,碳减排压力对集中负债的影响更显著。本文从环境规制的角度对企业集团债务分布的制度动因进行了扩展性探讨,对企业集团提高财务资源配置效率具有一定的借鉴意义。

Under the background of carbon peak and carbon neutralization,this paper empirically finds that carbon abatement pressure of business groups positively affects their level of centralized liability with the data of Chinese A-share listed business groups in energy-intensive sector from 2008 to 2020.We further find that carbon abatement pressure affects centralized liability via the channel of financing constraints and operational risks.The positive relationship is more pronounced when business groups do not obtain the environment management system certification,receive more media attention,have centralized organizational structure,expose to an environment of poor financial marketization,operate in more competitive sectors or when the local governments pay more attention to carbon abatement.This paper expands the literature by exploring the institutional factors of debt distribution of business groups from the perspective of environmental regulation.It also sheds lights on how a business group can improve its efficiency of financial resource allocation.