碳金融与企业低碳转型研究——以中国钢铁行业为例  

Climate Finance and Low-carbon Transformation——Taking China's Steel Industry as an Example

作　　者：刘琢玮 王曙光[1] Liu Zhuowei;Wang Shuguang(Institute of Industry and Culture,Peking University,Beijing 100871,China)

机构地区：[1]北京大学产业与文化研究所,北京100871

出　　处：《工业技术经济》2023年第9期55-64,共10页Journal of Industrial Technological Economics

基　　金：中国社会科学院马克思主义理论学科建设与理论研究工程重大项目(项目编号:2021mgczd008)。

摘　　要：随着碳市场的建立,碳金融随之诞生。为分析碳金融对企业低碳转型的影响,本文以碳排放权质押贷款为例,构建了一个企业转型与银行贷款的决策模型,考虑碳市场和碳金融对于钢铁行业绿色转型的促进作用。本文得出两个主要结论:(1)以碳排放权质押贷款为代表的碳金融可以促进企业低碳转型,实现企业与银行的帕累托改进;(2)碳市场中碳价的剧烈波动会阻碍碳金融的发展。本文根据钢铁行业数据、全国碳市场碳排放配额(CEA)交易数据进行实证研究,提出发展碳金融与促行业转型的实践启示。With the establishment of carbon markets,climate finance is born.In order to analyze the impact of climate fi⁃nance on the green and low-carbon transformation of enterprises,this paper constructs a decision model of enterprise transformation and bank loans,taking carbon emission rights pledge loans as an example,to consider the role of carbon markets and climate fi⁃nance in facilitating the green transformation of the steel industry.Two main conclusions are drawn:(1)climate finance,repre⁃sented by carbon emission rights pledged loans,can facilitate the low-carbon transformation of enterprises and achieve Pareto im⁃provement between enterprises and banks.(2)The dramatic fluctuations of carbon prices in the carbon market can hinder the deve⁃lopment of climate finance.Immediately afterwards,this paper conducts an empirical study based on data from the iron and steel in⁃dustry and Carbon Emission Allowance(CEA)trading data from China carbon market,and proposes development suggestions for climate finance and industry transformation.

关 键 词：碳金融 碳交易 低碳转型 钢铁业 碳排放权质押 VAR-GARCH模型 

分 类 号：F832[经济管理—金融学]