“双碳”目标下绿色低碳转型对企业盈利能力的影响研究  

A Study on the Impact of Green Low-carbon Transformation on Enterprise Profitability under the ‘Double Carbon’ Target

作　　者：徐枫[1,2] 潘麒[1,2] 汪亚楠 Xu Feng;Pan Qi;Wang Yanan

机构地区：[1]华南理工大学经济与金融学院 [2]华南理工大学金融工程研究中心

出　　处：《宏观经济研究》2022年第1期161-175,共15页Macroeconomics

基　　金：国家社会科学基金面上项目“我国实现碳中和目标的财政金融协同机制及政策优化研究”(21BJL121)的资助。

摘　　要：实现"双碳"目标离不开企业绿色低碳转型,绿色低碳转型是由政府引导、企业决策、社会公众参与的重要部署。本文采用2012—2019年中国制造业上市公司年报数据,根据文本分析法界定214个企业绿色低碳转型的关键词,通过双重差分法评估绿色低碳转型对制造业企业盈利能力的影响及作用机制。本文研究发现,绿色低碳转型能够显著提升中国制造业企业的盈利能力,增加创新投入和缓解融资约束是其中的重要作用机制。从异质性效应来看,绿色低碳转型对民营企业盈利能力的提升效果明显优于国有企业。经过多种稳健性检验后,本文研究结论依然成立,可以为政府制定绿色低碳转型政策和企业进行绿色生产决策提供重要的参考依据。The realization of the ‘dual carbon’ goal is inseparable from the green low-carbon transformation of enterprises. Green low-carbon transformation is an important deployment for the government guidance, enterprise decision-making, and public participation. This paper adopts the annual report data of listed Chinese manufacturing companies from 2012 to 2019, defines 214 keywords for the green low-carbon transformation of enterprises based on text analysis methods, and evaluates the impact of the green low-carbon transformation of manufacturing enterprises on profitability and the mechanism through the difference-in-differences method. This paper finds that the green low-carbon transformation can significantly improve the profitability of Chinese manufacturing enterprises. Increasing innovation input and alleviating financial constraints are important mechanisms. From the perspective of heterogeneous effects, the green low-carbon transformation has significantly improved the profitability of private enterprises than state-owned enterprises. After a variety of robustness tests, the research conclusions are still valid, which can provide an important guidance for the government to formulate green low-carbon transition policies and enterprise green production decisions.

关 键 词：绿色低碳转型 企业盈利能力 创新投入 融资约束 

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