摘要
本文以2006~2020年沪深A股上市公司为研究样本,基于中国城市气候政策不确定性指数和人工筛选出的绿色低碳专利数据,从地级市层面探讨了气候政策不确定性对企业绿色低碳创新的具体影响与内在机理。研究表明:气候政策不确定性显著抑制了企业绿色低碳创新,成为了引致企业绿色低碳创新水平降低的“绊脚石”,在系列稳健性检验后研究结论依然成立。机制分析发现,气候政策不确定性加剧了企业面临的融资约束,降低了管理层的风险偏好,弱化了地区层面的环境规制力度,进而对企业绿色低碳创新产生了负向影响。异质性分析发现,所处阶段为成长期、行业性质为高科技或者高碳有助于企业克服气候政策不确定性对企业绿色低碳创新的抑制作用,而企业所在地区绿色金融发展程度却放大了气候政策不确定性的负向作用。据此,政府应该重视气候政策不确定性所引发的风险,保持政策连贯、统一和信息透明,而企业需在不确定性面前保持足够定力,把握全球绿色低碳发展的潮流与大势,不断提升自身的绿色低碳创新能力。
Based on A-share listed firms in Shanghai and Shenzhen from 2006 to 2020,this paper adopts climate policy uncertainty index of Chinas cities and the artificially screened data of green low-carbon patents,then explores the specific impacts and internal mechanisms of climate policy uncertainty on enterprisesgreen low-carbon innovations at the prefecture-level city.The research shows that climate policy uncertainty can significantly inhibit firmsgreen and low-carbon innovations,playing as a“stumbling block”,and this result is still valid after a series of robustness tests.Mechanism analysis reveals that climate policy uncertainty has a negative impact on firmsgreen low-carbon innovation by increasing their financing constraints,lowering managements risk preference,and weakening environmental regulations at regional level.Heterogeneity analysis indicates that growing-stage,hightech and carbon-intensive features can help firms overcome the inhibitory effect of climate policy uncertainty on their green low-carbon innovations,while regional green finance development magnifies the negative effect of climate policy uncertainty.Accordingly,governments should pay attention to the risks arising from climate policy uncertainty,guarantee policy coherence,harmonization and information transparency,while enterprises should maintain sufficient determination in the face of uncertainty,grasp the trend of global green and low-carbon development,and continuously improve their green low-carbon innovation capabilities.
作者
王沐丹
胡文涛
Wang Mudan;Hu Wentao(Research Institute for Eco-civilization,Chinese Academy of Social Sciences,Beijing 100710,China)
出处
《工业技术经济》
CSSCI
北大核心
2024年第10期109-118,共10页
Journal of Industrial Technology and Economy
基金
中国社会科学院-上海市人民政府上海研究院交办项目“欧盟碳关税对上海产业发展的影响及应对措施”(项目编号:STWM-HX-2024-009)
中国社会科学院创新重大项目“科技创新推动智能强国研究”(项目编号:2023YZD019)
中国社会科学院“青启计划”“气候变化对企业绿色创新影响机制研究”(项目编号:2024QQJH134)
中国社会科学院生态文明研究所-贵州省社会科学院合作项目“贵州省绿色低碳发展战略与政策研究”(项目编号:STWM-HX-2023-012)。
关键词
气候政策不确定性
企业绿色低碳创新
风险偏好
融资约束
环境规制
绿色金融
全球气候变化
企业生命周期
climate policy uncertainty
firm green low-carbon innovation
risk preference
financing constraints
environmental regulation
green finance
global climate change
enterprise life cycle
