转型金融背景下搁浅资产风险对公司价值的影响  

Impact of Stranded Asset Risk on Corporate Valuation in Transitioning to a Low-Carbon Economy

作　　者：舒浩 危平[1] 别奥 Shu Hao;Wei Ping;Bie Ao

机构地区：[1]中南大学商学院 [2]华东理工大学商学院

出　　处：《金融经济学研究》2023年第6期66-81,共16页Financial Economics Research

基　　金：湖南省研究生科研创新一般项目(CX20210146);中南大学中央高校基本科研业务费专项资金资助(2021zzts0025);上海市科委软科学重点项目(22692113500)。

摘　　要：搁浅资产形成是经济低碳转型的必然结果,是公司气候风险的主要类型之一。基于2005—2021年沪深A股上市公司数据,探究搁浅资产风险对公司价值的影响。实证结果发现,搁浅资产风险对公司价值产生显著负向影响并具有稳健性。机制分析表明,搁浅资产风险主要通过增加融资约束、降低股票流动性和破坏企业声誉,抑制公司价值提升。异质性分析发现,搁浅资产风险与公司价值间的负向相关关系在非国有、社会责任绩效差、资本密集型、所在城市环境规制更严格、位于经济发达地区以及所在城市行政级别较高的企业中更为明显。研究结论不仅补充和丰富了搁浅资产风险及其经济后果的文献,也为中国企业和投资者认识搁浅资产风险、制定有效的风险管理政策提供了有益指导。The emergence of stranded assets is an inevitable by-product of transitioning to a low-carbon economy and serves as a significant form of climate-related risk for companies.This study employed data from companies listed on Shanghai’s and Shenzhen’s A-share markets be⁃tween 2005 and 2021 to examine the impact of stranded asset risk on corporate valuation.The empirical evidence confirmed that stranded asset risk had a consistently negative and significant effect on corporate value.The study identified three main channels through which this negative impact occurs:increased financing constraints,reduced stock liquidity,and tarnished corporate reputation.Further,a heterogeneity analysis revealed that the negative relationship between stran⁃ded asset risk and corporate value was particularly evident in non-state-owned companies,those with poor social responsibility performance,in capital-intensive industries,and in firms located in areas with stringent environmental regulations,economically advanced regions,and cities with elevated administrative status.These insights not only enrich the existing literature on stranded as⁃set risk and its economic ramifications but also provide valuable guidance for Chinese corporations and investors in understanding these risks and formulating effective risk management strategies.

关 键 词：气候变化 低碳转型 搁浅资产风险 公司价值 

分 类 号：F832.4[经济管理—金融学]