摘要
碳排放信息披露是碳金融定价和绿色转型风险评估的重要基础。本文基于动态随机一般均衡(DSGE)模型,模拟分析了碳排放信息披露的经济影响及作用机制。研究结果表明,提高碳排放信息披露水平能够优化银行资产配置、推动经济绿色转型,并提升金融机构的资本充足率。碳排放信息披露与碳税政策协同实施,可显著降低碳税带来的经济成本;碳税力度越大,信息披露效益越突出,尤其在信息披露水平较低的阶段,其边际效应更为明显。能源与资本之间的替代弹性是关键影响因素,较高的能源替代弹性会增强信息披露的经济效应。碳排放信息披露能够有效缓解金融摩擦、减轻碳税对GDP的冲击,推动经济在绿色转型中实现稳定增长。
Carbon emission information disclosure serves as a critical foundation for carbon financial pricing and the assessment of green transition risks.This paper employs a multi-sector dynamic stochastic general equilibrium(DSGE)model to simulate and analyze the economic effects and mechanisms of carbon emission information disclosure.The study indicates that enhancing the level of carbon emission information disclosure optimizes bank asset allocation,accelerates the green economic transition,and improves the capital adequacy of financial institutions.The coordinated implementation of carbon emission information disclosure and carbon tax policy significantly mitigates the economic costs induced by the carbon tax.The benefits of disclosure are more pronounced with a higher carbon tax,and the marginal effect is strongest at lower levels of disclosure.The elasticity of substitution between energy and capital is a key factor.A higher elasticity of substitution amplifies the economic effects of disclosure.Carbon emission information disclosure alleviates financial frictions,reduces the GDP shock induced by carbon tax,and foster stable economic growth during the green transition.
作者
王伟
谢辉
何莎
WANG Wei;XIE Hui;HE Sha(The People's Bank of China Shaoyang City Branch)
出处
《金融经济》
2025年第7期20-35,共16页
Finance Economy
关键词
碳排放信息披露
金融摩擦
能源转型
DSGE模型
Carbon emission information disclosure
Financial frictions
Energy transition
DSGE model
