碳中和管理的绿色创新效应研究——来自中国上市公司的经验证据  

Research on the Green Innovation Effect of Carbon Neutrality Management——Evidence from Chinese Listed Companies

作　　者：耀友福 周兰[2] Yao Youfu;Zhou Lan

机构地区：[1]贵州财经大学会计学院,550025 [2]湖南大学工商管理学院,410082

出　　处：《会计研究》2024年第12期107-120,共14页Accounting Research

基　　金：国家自然科学基金项目(72162003)的资助

摘　　要：碳中和管理对解决全球气候变化风险及企业绿色生产力发展具有重要作用。本文基于华证碳中和评级的数据优势,实证探究碳中和管理对企业绿色创新的影响。研究发现:碳中和管理具有绿色创新激励效应,能够有效提升企业未来的绿色创新水平。影响机制分析表明,碳中和管理能够发挥积极的融资约束缓释和低碳资源投入,并通过绿色代理成本缓释和有效市场监督效应来促进企业绿色创新。从宏微观气候风险治理的异质性层面,碳中和管理对绿色创新的积极作用在企业气候转型风险较大、高碳行业和碳排放权交易试点地区的企业中更明显。最后从碳中和压力的外部性方面,碳中和管理赋能的绿色创新激励效应在同行业、同一企业集团层面中具有显著的溢出效应。本文从企业碳中和优势视角提供了绿色创新有效性和气候转型风险应对的新证据,对积极推进企业碳中和价值管理及新质生产力高质量发展具有重要价值。Carbon neutrality is an important issue related to addressing global climate change risks and the development of green productivity forces.Based on the data advantages of Huazheng carbon neutrality rating,this paper explores the impact of carbon neutrality management on firms green innova⁃tion.The empirical result shows that good carbon neutrality management has a green innovation incentive effect,which can effectively promote firms green innovation.The influence mechanism shows that carbon neutrality management can play a positive role in relaxation of financing constraints,low carbon re⁃source investment,green agent problem mitigation effect and the effective market supervision,so as to positively promote firms green innovation.Further testing the multidimensional heterogeneity from the macro and micro level of climate risk governance,which show that the positive effect of carbon neutrali⁃ty on green innovation is more pronounced in situation with higher risk of firms climate transformation,high carbon industries and pilot areas for carbon e⁃mission trading.Finally,from the perspective of spillover effects of carbon neutrality pressure,the green innovation incentive effect empowered by carbon neutrality management has significant spillover effects at the same industry and the same enterprise group level.This paper provides the empirical evidence of the effectiveness of green innovation and climate transition risk response from the perspective of firms carbon neutrality advantage,which is of great sig⁃nificance for actively promoting firms carbon neutrality value management and the high-quality development of new quality productivity.

关 键 词：碳中和管理 企业绿色创新 气候转型风险 溢出效应 

分 类 号：X322[环境科学与工程—环境工程] F273.1[经济管理—企业管理] F832.51[经济管理—国民经济]