偿债压力视角下碳排放对上市公司绿色创新行为的影响--基于面板门限模型的实证分析

The Impact of Carbon Emissions on the Green Innovation Behavior of Listed Companies from the Perspective of Debt Repayment Pressure:An Empirical Study Based on the Panel Threshold Model

目的为了探究企业碳排放和绿色创新之间的关系,选取2007—2022年A股上市公司面板数据,以利息保障倍数为门限变量,构建面板门限模型。结果企业碳排放与绿色创新水平之间存在单门限效应。当企业偿债压力水平较低时,碳排放量增加会对企业产生绿色创新激励,从而减少生产过程中的污染排放,促进绿色技术进步;当企业偿债压力增加到一定水平时,碳排放量的增加会进一步增加企业运营成本,反而对于企业的研发造成挤出,绿色创新对企业的激励会减少,两者呈现负相关关系。进一步分行业研究发现,碳排放与企业绿色创新之间的非线性关系在高碳行业中更加显著。结论企业碳排放和绿色创新之间存在非线性关系,政府实施碳减排政策应考虑企业偿债压力。

Objective To investigate the relationship between corporate carbon emissions and green innovation,this study uses panel data from A-share listed companies between 2007 and 2022,with the interest coverage ratio as the threshold variable,to construct a panel threshold model.Results There is a single-threshold effect between corporate carbon emissions and the level of green innovation.When a company’s debt pressure is low,an increase in carbon emissions incentivizes green innovation,reducing pollution emissions during production and promoting technological advancement in green technologies.However,when the debt pressure reaches a certain level,further increases in carbon emissions raise operational costs,leading to a crowding-out effect on corporate R&D.In this scenario,the incentive for green innovation diminishes,and the relationship between the two becomes negatively correlated.Further industry-specific analysis reveals that this non-linear relationship between carbon emissions and green innovation is more pronounced in high-carbon industries.Conclusion There is a non-linear relationship between corporate carbon emissions and green innovation,suggesting that government carbon reduction policies should consider corporate debt pressure.