环境责任对企业系统性风险及总风险的影响——基于碳交易政策的断点回归设计  

The Impact of Environmental Responsibility on Firm Systemic Risk and Total Risk——Based on the Discontinuity Regression Design of Carbon Trading Policy

作　　者：刘鸿雁 陈越 Liu Hongyan;Chen Yue(Faculty of Economic and Management,North China Electric Power University,Baoding 071003,China)

机构地区：[1]华北电力大学(保定)经济管理系,保定071003

出　　处：《工业技术经济》2025年第3期78-90,共13页Journal of Industrial Technology and Economy

基　　金：河北省社会科学基金项目“非正式环境规制推动河北制造业绿色发展研究”(项目编号:HB24GL036)。

摘　　要：本文基于我国碳交易政策,采用断点回归设计(RDD),探讨了环境责任对企业系统性风险和总风险的影响。利用2014~2023年间204家上市公司的数据,其中处理组为93家试点企业,对照组为111家通过倾向得分匹配法选取的非试点企业。研究发现,企业履行环境责任显著降低其总风险和系统性风险。异质性分析表明,政策对企业风险的影响在新冠肺炎疫情前后、区域等方面具有异质性效应。调节效应分析表明,管理者短视越轻,高管薪酬越高,代理成本越低,碳交易的风险降低作用越强。中介机制分析表明,履行环境责任通过扩大投资者基础、减少融资约束和增加金融投资降低企业风险。Based on China's carbon trading policy,this paper employs a Regression Discontinuity Design(RDD)to explore the impact of environmental responsibility on firm systemic risk and total risk.Using data from 204 publicly listed firms between 2014 and 2023,the treatment group consists of 93 pilot firms,while the control group firms 111 non-pilot firms selected through propensity score matching.The findings indicate that firm environmental responsibility significantly reduces both total risk and systemic risk.Heterogeneity analysis reveals that the policy's impact on firm risks exhibits varying effects based on factors such as the COVID-19 pandemic and regional differences.Moderation effect analysis suggests that the less myopic the managers,the higher executive compensation,and the lower the agency costs,the stronger the risk-reducing effect of carbon trading.Mechanism analysis demonstrates that fulfilling environmental responsibility reduces firm risk by expanding the investor base,alleviating financing constraints,and increasing financial investment.

关 键 词：政策影响评估 碳交易政策 ESG 碳风险 CSR 企业绩效 企业金融化 断点回归设计 

分 类 号：F275[经济管理—企业管理] F832.5[经济管理—国民经济]