摘要
“30-60”碳达峰碳中和目标的提出旨在推动经济社会的绿色低碳转型,企业如何响应“双碳”目标成为重要的研究议题。以中国A股上市企业为研究对象,探究碳中和真诚性对企业债务融资的影响。研究结果表明,碳中和真诚性有助于增加企业债务融资规模,而高碳行业和企业融资约束抑制了碳中和真诚性对债务融资的促进作用。进一步分析发现,碳中和真诚性对债务融资的促进作用在企业社会责任得分较高的企业和国有企业中更为显著,且企业碳中和真诚性主要促进了企业的长期债务融资而非短期债务融资。这表明企业以实际行动减少温室气体排放,响应“双碳”目标,有助于提高企业的债务融资可获得性。
The proposal of"30-60"carbon peak carbon neutrality target aims to promote the green and low-carbon transformation of the economy and society,and how companies respond to the"dual-carbon"target has become an important research topic.Using the data of China's A-share listed companies,this paper explores the impact of carbon neutrality sincerity on corporate debt financing.The results show that carbon neutrality sincerity helps to increase their debt financing scale,while high-carbon industries and corporate financing constraints inhibit the promotion effect of carbon neutrality sincerity on debt financing.Further analysis finds that the promotion effect of corporate carbon neutrality sincerity on debt financing is more pronounced in companies with higher CSR scores and state-owned companies.Corporate carbon neutrality sincerity mainly promotes long-term debt financing rather than short-term debt financing.This suggests that companies are taking practical actions to reduce GHG emissions and respond to the"dual-carbon"goal,which helps to improve the company's debt financing accessibility.
作者
黄珍
田英
王宇慧
Zhen Huang;Ying Tian;Yuhui Wang(School of Management,Northwestern Polytechnical University,Xi'an 710072,China;Institute of High-quality Corporate Development,Northwestern Polytechnical University,Xi'an 710072,China)
出处
《财务与金融》
2025年第1期18-31,共14页
Accounting and Finance
基金
陕西省社会科学基金项目(项目编号:2022D028)
国家社会科学基金重大项目(项目编号:21&ZD137)。
关键词
碳中和真诚性
债务融资
高碳行业
融资约束
Carbon Neutral Sincerity
Debt Financing
High Carbon Industries
Financing Constraints
