气候风险对企业融资约束的影响——基于中国高碳密集型产业上市公司的经验证据

Theimpact of climate risk on corporate financing constraints-empirical evidence based on listed companies in highly carbon-intensive industries in China

随着气候环境的持续恶化,企业作为经济的微观主体所面临的气候风险不断加剧。选取2011-2020年中国A股高碳密集型产业上市公司为研究样本,运用双向固定效应模型探究气候风险与企业融资约束之间的影响关系,并引入企业绿色转型对二者关系进行调节与门槛效应分析。研究结果表明:(1)气候风险加剧了企业的融资约束,且这种影响关系存在地区异质性,在东部地区更为显著;(2)企业进行绿色转型能够有效缓解气候风险对企业融资约束的负面影响;(3)气候风险对企业融资约束的影响因企业绿色转型程度的不同而呈现出差异,具体呈现出对融资约束的加剧效应升高、加剧效应降低、缓解融资约束3个阶段。基于上述研究结论,提出了将气候风险纳入企业风险管理框架、加速企业绿色转型的对策建议。

With the continuous deterioration of the climate environment,the climate risk faced by enterprises as the micro-main body of the economy is increasing.In this paper,Chinese A-share listed companies in high-carbon-intensive industries from 2011 to 2020 are selected as research samples.The two-way fixed effect model is used to explore the relationship between climate risk and corporate financing constraints,and the green transformation of enterprises is introduced to adjust the relationship between the two and analyze the threshold effect.The results show that:Climate risk intensifies the financing constraints of enterprises,and this relationship has regional heterogeneity,which is more significant in the eastern region;②Enterprises green transformation can effectively mitigate the negative impact of climate risk on corporate financing constraints;③The impact of climate risk on corporate financing constraints varies according to the degree of green transformation of enterprises,which specifically presents three stages:increasing the aggravating effect on financing constraints,decreasing the aggravating effect,and easing the financing constraints.Based on the above research conclusions,this paper puts forward countermeasures and suggestions to incorporate climate risk into the enterprise risk management framework and accelerate the green transformation of enterprises.