摘要
本文选取各省碳排放数据,以2015—2019年中国沪深A股上市公司为样本,检验地区“碳达峰”压力对属地企业盈余持续性的影响及作用机制。研究表明:地区“碳达峰”压力与企业盈余持续性显著正相关,即地区“碳达峰”压力越大,企业盈余持续性越高。机制检验发现,“碳达峰”压力会通过影响企业的资源获取与绿色创新行为,即通过降低企业融资成本、增强绿色创新水平,促进企业盈余持续性的提升。进一步情境异质性分析发现,从资源获取角度,在政府补助较高和绿色金融发展较好的地区,企业获取资源相对便利,“碳达峰”压力对企业盈余持续性的提升效果更好;从绿色创新角度,处于政策不确定性低和高科技行业中的企业,其开展绿色创新活动的环境与能力相对较好,“碳达峰”压力对盈余持续性的提升效果也更好;从行业和地区特征角度,处于重污染行业和地区碳排放量较高的企业,其能感受到较大的“碳达峰”压力进而采取有力措施,“碳达峰”压力对盈余持续性的提升效果也更好。研究结论有助于拓展宏观政策环境与微观企业行为的研究范畴,使政府和企业深入理解“碳达峰”目标实施与企业盈余持续性的关系,对于政府进一步推进政策实施、引导企业碳减排、提升企业盈余持续性有重要意义。
Climate change is closely related to economic development.It is an important guarantee for the sustainable development of enterprises to actively assess and predict the impact of climate change and effectively identify and grasp potential market opportunities.The appearance of global carbon emission peak greatly depends on the peak time of Chinese carbon emission.For this reason,China has issued a series of policy documents that set clear requirements for“carbon peaking”.As an important practice subject to realize the strategic goal of“carbon peaking”,enterprises will be significantly affected in sustainable development.This paper selects the carbon emission data of each province and takes A-share listed companies in China from 2015 to 2019 as the sample to test the impact and its mechanism of regional“carbon peaking”pressure on the earnings persistence of regional enterprises.The study shows that regional“carbon peaking”pressure can improve corporate earnings persistence.Mechanism testing shows that,“carbon peaking”pressure can improve corporate earnings persistence by affecting the resource acquisition and green innovation activities of enterprises.Scenario heterogeneity analysis finds that,the improvement effect of“carbon peaking”pressure on corporate earnings persistence is mainly reflected in the samples with relatively convenient access to resources(regions with higher government subsidies and better development of green finance),samples with a relatively good environment and ability to carry out green innovation activities(enterprises in low policy uncertainty and high-tech industries),and samples with relatively great pressure of“carbon peaking”(enterprises in heavily polluting industries and places with high carbon emissions).The contributions of this paper are as follows:First,it not only expands the research on the factors affecting corporate earnings persistence from the perspective of“carbon peaking”pressure,but also supplements the research on the impact of carbon emi
作者
王少华
张雯菁
Wang Shaohua;Zhang Wenjing(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;School of Management and Economics,Beijing Institute of Technology,Beijing 100081,China)
出处
《外国经济与管理》
北大核心
2023年第6期36-52,共17页
Foreign Economics & Management
基金
国家自然科学基金项目(72202126)
北京市自然科学基金青年项目(9224036)
山西省高等学校哲学社会科学研究项目(2020W068)
山西省审计厅科研课题(22SXSJ0603)。
关键词
"碳达峰"压力
盈余持续性
融资成本
绿色创新
“carbon peaking”pressure
earnings persistence
financing costs
green innovation
