“双碳”目标下低碳转型的金融风险防范——基于财政补贴与绿色信贷的政策协同  

Financial Risk Prevention for Low-Carbon Transformation Under the Carbon Peaking and Carbon Neutrality Goals——Policy Synergy Based on Fiscal Subsidies and Green Credit

作　　者：连飞 尚莹 吴晨 Lian Fei;Shang Ying;Wu Chen

机构地区：[1]吉林财经大学金融学院

出　　处：《财政研究》2024年第10期79-96,共18页Public Finance Research

基　　金：国家社科基金一般项目“碳中和目标下低碳转型的金融风险传播路径及防范对策研究”(22BTJ064)

摘　　要：在“双碳”目标背景下,防范低碳转型金融风险对于实现经济高质量发展具有重要的意义。本文以沪、深A股上市企业为研究样本,构建了我国低碳转型金融风险指标,对财政补贴和绿色信贷防范低碳转型金融风险的效果进行了分析。研究表明,财政补贴和绿色信贷各自可以有效防范低碳转型金融风险,主要通过提高企业内部盈利水平、降低企业外部融资成本实现,二者协同对于防范低碳转型金融风险的效果更为显著。进一步检验发现,财政补贴和绿色信贷对信贷资源较充足、政府环保诉求较强、经济发达地区的企业以及民营企业防范低碳转型金融风险的政策效果显著。最后,本文提出为有效防范低碳转型金融风险,应重视财政补贴和绿色信贷的交叉领域和互补效应,打好两大政策的“组合拳”。In the context of the“dual carbon”goal,preventing financial risks in low-carbon transformation is of great significance for achieving high-quality economic development.This article takes A-share listed companies in Shanghai and Shenzhen as research samples,constructs China's low-carbon transformation financial risk indicators,and analyzes the effectiveness of fiscal subsidies and green credit in preventing low-carbon transformation financial risks.Research has shown that fiscal subsidies and green credit can each effectively prevent financial risks in low-carbon transformation,mainly by improving internal profitability and reducing external financing costs.The synergistic effect of the two is more significant in preventing financial risks in lowcarbon transformation.Further examination revealed that fiscal subsidies and green loans have a significant policy effect on preventing financial risks in low-carbon transformation for enterprises in economically developed regions and private enterprises with sufficient credit resources,strong government environmental demands,and more.Finally,it is proposed that in order to effectively prevent financial risks in low-carbon transformation,attention should be paid to the cross disciplinary and complementary effects of fiscal subsidies and green credit,and the combination of the two policies should be well implemented.

关 键 词：低碳转型 金融风险 财政补贴 绿色信贷 

分 类 号：F812[经济管理—财政学]