摘要：为探讨稳定碳价格对企业可持续经营能力的影响，文章基于2003—2020年8个碳排放权交易试点地区的A股上市公司数据，运用渐进双重差分模型研究碳价格稳定机制对企业财务风险的作用效果及其内在机理。整体上，碳价格稳定机制对处理组企业的财务风险具有较强的纾解效应，该效应主要通过缓解融资约束、抑制绿色创新“泡沫”以及提升碳绩效的中介传导机制来实现，并且碳价格稳定机制能更有效纾解处理组非国有性质和资产规模较小的弱势企业的财务风险。经济后果检验表明，碳价格稳定机制在纾解企业财务风险后，能带动企业提升经营效率与市场价值，这主要源于政策对弱势企业的有力扶持，增强了该类企业的创新与盈利能力，并加速创新在全体企业范围内的扩散。相比之下，碳价格稳定机制尽管也能一定程度纾解优势企业的财务风险，但后续对优势企业市场价值和经营效率的影响并不明显。因此，政府部门应充分发挥碳价格稳定机制对企业可持续发展的支撑作用，统筹调配资源、前瞻布局和精准施策，为碳市场的有效运行提供基础支撑。
关键词：碳价格稳定机制；财务风险；融资约束；绿色创新“泡沫”；碳绩效；碳金融
The Impact of Carbon Price Stabilization Mechanism on Corporate Financial Risks
Jiang Nan,Wang Xinyou,Li Weixue
Abstract：In order to explore the impact of stabilzing carbon prices on the sustainable operation capabilities of enterprises,this article uses the data of A-share listed companies in eight carbon emission rights trading pilot regions from 2003 to 2020 and employs a progressive difference-in-differences model to study the effect of the carbon price stability mechanism on the financial risks of enterprises and its underlying mechanism.Overall,the carbon price stability mechanism has a driving effect on reducing the financial risks of the treatment group enterprises.This relationship is mainly achieved through the intermediary transmission mechanisms of alleviating financing constraints,suppressing green innovation bubbles,and improving carbon performance.Moreover,the carbon price stability mechanism can more effectively alleviate the financial risks of non-state-owned and small-scale enterprises in the treatment group.Economic consequence tests show that after the carbon price stability mechanism suppresses the financial risks of enterprises,it can drive enterprises to improve their operational efficiency and market value.This is mainly due to the strong support of the policy for disadvantaged enterprises,which enhances the innovation and profitability of such enterprises and accelerates the diffusion of innovation across all enterprises.In contrast,although the carbon price stability mechanism can also alleviate the financial risks of advantaged enterprises to a certain extent,its subsequent impact on the market value and operational efficiency of advantaged enterprises is not significant.Therefore,the government should give full play to the supporting role of the carbon price stability mechanism in the sustainable development of enterprises,make overall resource allocation,make forward-looking layouts and precise policies,and provide a solid foundation for the effective operation of the carbon market.
Keywords:Carbon Price Stabilization Mechanism;Financial Risk;Financing Constraint;Green Innovation Bubble;Carbon Performance
