走向绿色之路:财政环境支出与企业气候风险  

Toward a Green Path:Fiscal Environmental Expenditures and Corporate Climate Risks

作　　者：向海凌 吴非[2] 侯静茹 车德欣[2] XIANG Hailing;WU Fei;HOU Jingru;CHE Dexin(School of Finance and Investment,Guangdong University of Finance,Guangzhou 510521,China;School of National Finance,Guangdong University of Finance,Guangzhou 510521,China;School of Business,Yangzhou University,Yangzhou 225009,China)

机构地区：[1]广东金融学院金融与投资学院,广东广州510521 [2]广东金融学院国家金融学学院,广东广州510521 [3]扬州大学商学院,江苏扬州225009

出　　处：《财经论丛》2025年第3期37-50,共14页Collected Essays on Finance and Economics

基　　金：国家社科基金青年项目(22CJY009);广东省哲学社会科学规划青年项目(GD23YYJ09);广东省普通高校特色创新项目(2024WTSCX142)。

摘　　要：地方财政环境支出作为新时代背景下政府部门改善环境的重要抓手,能够对企业气候风险产生显著影响。本文基于中国上市企业2008-2022年数据集,实证检验财政环境支出对企业气候风险的影响与机制。研究发现,财政环境支出显著降低了企业气候风险。在财政赤字较低地区、人均碳排放较高地区以及中西部地区,财政环境支出有着更为突出的气候风险抑制效果。机制检验显示,财政环境支出能够通过提升企业主动性风险承担意愿、增强环保投资活动来降低企业气候风险。进一步研究发现,绿色“财政-金融”的政策组合能够有效促进对企业气候风险的治理,并展现出了较强的结构性优化特点。本文为理解财政工具的有效性和作用机制提供了新的经验证据支持。Fiscal environmental expenditure,as an important tool for government departments to improve the environment in the new era,has a significant impact on corporate climate risk.Based on a dataset of Chinese listed companies from 2008 to 2022,this paper examines the effects and mechanisms of fiscal environmental expenditure on corporate climate risk.The findings indicate that fiscal environmental expenditure significantly reduces corporate climate risk.The mitigating effects are more pronounced for firms in regions with lower fiscal deficits,higher per capita carbon emissions,and in the central and western regions of China.Mechanism tests reveal that fiscal environmental expenditure reduces corporate climate risk by enhancing firms willingness to undertake risks and by increasing their environmental investment activities.Further analysis suggests that the dual alignment of“green fiscal policy and green finance”generates more pronounced effects on corporate climate risk management and exhibits a strong tendency toward structural optimization.This study provides new empirical evidence for supporting the effectiveness and mechanisms of fiscal tools in addressing corporate climate risks.

关 键 词：财政环境支出 企业气候风险 绿色金融改革试验区政策 

分 类 号：F062.9[经济管理—政治经济学]