碳金融发展对企业绿色治理的影响研究——基于三重底线理论的解析  

A Study on the Impact of Carbon Finance Development on Enterprise Green Governance:An Analysis Based on the Triple Bottom Line Theory

作　　者：张娆 郭晓旭 ZHANG Rao;GUO Xiaoxu(School of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《经济经纬》2024年第5期28-40,共13页Economic Survey

基　　金：国家社会科学基金项目(18BGL085)。

摘　　要：基于三重底线理论,采用2013—2022年中国沪深A股上市企业面板数据,在构建碳金融发展评价指标体系的基础上,探究碳金融发展对企业绿色治理的影响及作用机制。结果显示:碳金融发展能够显著促进企业绿色治理。机制检验发现,碳金融发展能够引导企业坚守“环境—社会—经济”三重底线,从而有效促进企业绿色治理;在环境底线方面,碳金融发展通过提高企业绿色创新产出和降低污染排放强度,进而促进企业绿色治理,在社会底线方面,碳金融发展通过提高企业环境责任承担意识,进而促进企业绿色治理,在经济底线方面,碳金融发展通过提高企业绿色全要素生产率,进而促进企业绿色治理。拓展性分析发现,在公众环保意识较强的地区、市场化水平较高的地区、数字技术发展水平较高地区、国有企业及重污染企业中,碳金融发展对企业绿色治理的推动作用更为明显。研究结论拓展了碳金融发展和绿色治理相关领域的研究,对国家实施低碳经济发展战略具有重要的现实意义。Based on the triple bottom line theory and the panel data of Shanghai and Shenzhen A-share listed enterprises from 2013 to 2022,this paper explores the impact and mechanism of carbon finance development on corporate green governance on the basis of the construction of carbon finance development evaluation index system.The Study has found that the development of carbon finance can significantly promote corporate green governance.Mechanism testing found that the development of carbon finance can guide enterprises to adhere to the triple bottom line of“environment-society-economy”,thereby effectively promoting corporate green governance.In terms of the environmental bottom line,the development of carbon finance can promote the green governance of enterprises by improving their green innovation output and reducing pollution emission intensity.In terms of the social bottom line,the development of carbon finance promotes corporate green governance by improving corporate environmental responsibility.In terms of the economic bottom line,the development of carbon finance promotes corporate green governance by improving corporate green total factor productivity.An expanded analysis shows that in areas with high public awareness of environmental protection,areas with high level of marketization,areas with high digital technology development,state-owned enterprises and heavily polluting enterprises,the development of carbon finance has a more obvious role in promoting corporate green governance.The conclusion expands the research on the development of carbon finance and green governance,and are great significance for the country to further implement the low-carbon economic development strategy.

关 键 词：碳金融发展 企业绿色治理 三重底线 低碳投融资 绿色全要素生产率 

分 类 号：F831.7[经济管理—金融学]