企业低碳转型风险测度及障碍因子诊断研究

Research on the Risk Measurement of Low-carbon Transition of Enterprises And the Diagnosis of Obstacle Factors

本文从主客观双视角构建指标体系,综合测度转型风险暴露程度,为转型金融支持的行业和企业进行评价与界定。通过文本挖掘引入企业网站及环境报告信息以丰富数据情境,利用熵权TOPSIS法测度企业转型风险暴露程度并进行障碍因子诊断。研究表明:客观风险暴露程度与主观风险暴露程度呈负相关关系,即客观风险暴露程度较高的企业总体上具有较高的转型意愿及能力;企业间主客观风险暴露程度存在异质性,依据不同暴露程度可将企业进行差异化分类管理;主观风险暴露程度是最高障碍因子,在企业风险管理中应引起广泛重视。

This paper constructs an index system from both subjective and objective perspectives to comprehensively measure the degree of transition risk exposure,and evaluates and defines the industries and enterprises supported by transition finance.Through text mining,the information of enterprise websites and environmental reports is introduced to enrich the data context,and the entropy weight TOPSIS method is used to measure the risk exposure of enterprise transformation and diagnose obstacle factors.The results show that there is a negative correlation between objective risk exposure and subjective risk exposure,that is,enterprises with higher objective risk exposure have higher willingness and ability to transform in general,subjective and objective risk exposure is heterogeneous among enterprises,and enterprises can be classified according to different dimensions of exposure,and subjective risk exposure is the highest obstacle factor,which should be widely paid attention to in enterprise risk management.