财政金融协同能否促进企业低碳转型?——来自中国31省市自治区高能耗企业的证据

Can Fiscal and Financial Coordination Promote the Low-Carbon Transformation of Enterprises?Evidence from High-Energy-Consuming Enterprises in 31 Provinces and Autonomous Regions in China

2020年,我国明确提出“双碳”目标,绿色低碳成为工业转型发展的“主旋律”。如何满足高能耗企业在低碳转型过程中的资金需求,是实现“双碳”目标必须优先考虑和解决的问题,而财税与金融作为“双碳”治理的两大关键工具,是支持低碳转型的重要外部资金来源。以2012-2021年A股上市高能耗企业为研究样本,实证检验财政金融协同程度对企业低碳转型的作用机制和影响效果。研究发现:北京、江苏、上海、福建和四川等五省市财政金融协调等级位于全国前列;相较于财政或金融的单方面支持,财政金融协同能对企业低碳转型产生更强的促进作用,并且这种促进作用在非国有企业、获得高政府补助资金企业以及东部地区企业中表现更为显著。机制分析发现,财政金融协同通过降低高能耗企业融资约束程度、提高政府环境监管强度促进其低碳转型。为充分发挥财政金融协同对高能耗企业低碳转型的促进作用,地方政府应统筹财政金融政策,改善金融环境,降低企业融资约束;加强财政补贴资金使用监督,加大环境监管,制定严格标准,提升监管效能。

In 2020,China articulated the"dual carbon"targets,positioning green and low-carbon development as the main theme of industrial transformation.Addressing the capital needs of high-energy-consuming enterprises during their low-carbon transition is imperative for the realization of the"dual-carbon"goals.Fiscal and financial measures,as two critical tools in"dual carbon"governance,serve as significant external funding sources to support this transition.Using a sample of high-energy-consuming enterprises listed on the A-share market from 2012 to 2021,this study empirically examines the impact and mechanisms of fiscal and financial coordination on corporate low-carbon transformation.Findings indicate that Beijing,Jiangsu,Shanghai,Fujian,and Sichuan lead the nation in fiscal and financial coordination levels.Compared to standalone fiscal or financial support,the coordination of both has a stronger effect on promoting low-carbon transformation,especially in non-state-owned enterprises,those with substantial government subsidies,and enterprises in the eastern regions.The mechanism analysis reveals that the fiscal and financial coordination can promote the low-carbon transformation of high-energy-consuming enterprises by easing financing constraints and improving the intensity of government environmental supervision.To fully leverage the role of fiscal and financial coordination in promoting the low-carbon transition of high-energy-consuming enterprises,local governments should integrate fiscal and financial policies,improve the financial environment,and reduce financing constraints on businesses.Additionally,oversight of fiscal subsidy use should be strengthened,environmental regulation intensified,and stringent standards set to enhance regulatory effectiveness.