债务期限结构、绿色技术创新与企业碳排放强度  

Debt Maturity Structure,Green Technology Innovation and Firms’Carbon Emission Intensity

作　　者：孙成昊 张钰欣 刘澜涛 SUN Chenghao;ZHANG Yuxin;LIU Lantao(School of Economics and Trade,Shandong Management University,Jinan 250357,China;School of Finance,Capital University of Economics and Business,Beijing 100070,China;School of Health Management,Shandong University of Traditional Chinese Medicine,Jinan 250355,China)

机构地区：[1]山东管理学院经贸学院,山东济南250357 [2]首都经济贸易大学金融学院,北京100070 [3]山东中医药大学卫生管理学院,山东济南250355

出　　处：《合肥工业大学学报(社会科学版)》2025年第2期132-144,共13页Journal of Hefei University of Technology(Social Sciences)

基　　金：济南市市校融合发展战略工程项目(JNSX2023091);山东省社会科学规划“重大理论和现实问题协同创新研究专项”(24CCXJ08);济南市社科规划课题(JNSK2025C089);山东省本科高校教学改革研究项目(M2024350)。

摘　　要：债务期限结构是影响债务融资成本和风险的重要因素,对微观企业生产和碳排放行为具有重要影响。文章基于2003-2022年中国制造业上市公司数据,分析验证债务期限结构对企业碳排放强度的影响及作用机制。研究发现,企业长期负债占比的提升能够有效降低碳排放强度。机制检验表明,企业债务期限结构通过绿色技术创新影响碳排放强度;地方政府环境关注度对企业长期负债占比提升的碳减排效应具有正向调节作用。异质性分析发现,相对于西部地区和亏损企业,长期负债占比的提高能够显著降低中东部地区和盈利企业的碳排放强度。进一步分析发现,以“短贷长投”为主要特征的债务期限结构错配现象显著提高了企业碳排放强度。As an important factor affecting the debt financing cost and risk,debt maturity structure has a great impact on the firms’production and carbon emission behavior.Based on the data of Chinese listed manufacturing companies from 2003 to 2022,this paper explores the impact and mechanism of debt maturity structure on the firms’carbon emission intensity.The results show that the increasing proportion of long-term liabilities of firms can significantly reduce carbon emission intensity.Mechanism testing shows that the debt maturity structure affects carbon emission intensity through green technology innovation;local governments’environmental attention has positive moderation effect on the carbon emission reduction effect of increasing proportion of long-term liabilities of firms.Heterogeneity analysis reveals that compared to the western regions and loss-making firms,the increase in the proportion of long-term liabilities can significantly reduce the carbon emission intensity of the sample in the eastern and central regions and profit-making firms.Further analysis reveals that the phenomenon of mismatched debt maturity,characterized by short-term loans and long-term investments,significantly increases the firms’carbon emission intensity.

关 键 词：债务期限结构 碳排放强度 绿色技术创新 

分 类 号：F832.5[经济管理—金融学]