碳金融能够促进企业对外直接投资吗——基于上市公司微观数据的实证研究

The Acceleration of Carbon Finance to Enterprises'Outward Foreign Direct Investment:Empirical Research Based on Micro Data of Listed Companies

在“双碳”目标引领下,碳金融作为一种能够强化碳排放管制效果的金融工具,对企业对外直接投资具有重要影响。文章基于2010-2020年上市公司的对外直接投资数据,深入探讨碳金融对企业对外直接投资的作用及其内在机制。研究结果表明,碳金融能够显著促进企业对外直接投资,而且经过一系列稳健性检验,该结论依然成立;进一步的机制检验表明,碳金融可以通过缓解企业融资约束、提升企业生产经营效率及加强企业内部控制,促进企业对外直接投资。文章通过探究碳金融对企业对外直接投资的影响,旨在为企业可持续发展和对外投资策略调整提供绿色金融视角的经验启示。

Under the leadership of the"double carbon"goal,carbon finance,as a financial instrument that can promote carbon emissions control,has a significant impact on enterprises'outward foreign direct investment.Based on OFDI data from listed companies from 2010 to 2020,this study has deeply investigated the role of carbon finance on enterprises'OFDI and its inherent mechanism.The research results has showed that carbon finance has significantly promoted the OFDI,and the conclusion still holds after a series of stability tests.Further mechanism inspection has revealed that carbon finance can promote the enterprises'OFDI by alleviating corporate financing constraints,improving its production and operation efficiency,and strengthening internal control.By exploring the impact of carbon finance on corporate OFDI,this study aims to provide valuable inspiration for the sustainable development of enterprises and the adjustment of investment strategies.