碳中和表现会抑制企业债务违约风险吗?  

Will Carbon-Neutral Performance Curb the Risk of Corporate Debt Defaults?

作　　者：王小鹏[1] 白玉 WANG Xiaopeng;BAI Yu(School of Economics and Management,Xi'an Shiyou University,Xi'an,Shaanxi 710065,China)

机构地区：[1]西安石油大学经济管理学院,陕西西安710065

出　　处：《西安石油大学学报(社会科学版)》2025年第2期69-79,共11页Journal of Xi’an Shiyou University:Social Science Edition

基　　金：陕西高校青年创新团队建设项目“面向碳达峰碳中和的资源环境审计创新团队”(2022.68);陕西省教育厅青年创新团队科研计划项目“ESG表现对重污染企业绿色创新的影响研究”(23JP126)。

摘　　要：企业债务违约风险已成为我国低碳发展中金融领域的重大风险之一,如何通过碳中和表现如何有效防范企业债务违约风险已成为各方关注的焦点。基于2018—2023年沪深A股上市公司的面板数据,实证检验碳中和表现对企业债务违约风险的抑制机制。研究结论表明:第一,碳中和表现的提升能够显著降低企业债务违约风险,并且存在显著的行业溢出效应;第二,从影响机制上看,碳中和表现通过增加内部绿色研发投入以提升盈利能力、吸引绿色投资者进入并参与公司治理、降低债务融资成本,从而有效缓解了债务违约风险。据此,建议企业应不断提升碳中和表现能力,降低企业的债务违约风险,以促进金融市场健康发展。Corporate debt default risk has become one of the major risks in the financial sector of our country's low-carbon development.How to effectively prevent corporate debt default risk by carbon neutrality performance has become the focus of attention.Based on the panel data of Shanghai and Shenzhen A-share listed companies from 2018 to 2023,this paper empirically examines the inhibition mechanism of carbon neutrality performance on corporate debt default risk.The results show that:Firstly,the improvement of carbon neutrality performance can significantly reduce the risk of corporate debt default,which has a significant industry spillover effect;Secondly,from the perspective of impact mechanism,carbon neutrality performance increases profitability through the increase of internal green research and development investment,attracts green investors to enter and participate in corporate governance,reduces debt financing costs,and effectively alleviates debt default risk.Therefore,it is suggested that enterprises should continuously improve their carbon neutral performance,reduce their debt default risk,and promote the healthy development of financial markets.

关 键 词：碳中和表现 债务违约风险 绿色技术创新 绿色投资者 债务融资成本 

分 类 号：F275[经济管理—企业管理] X322[经济管理—国民经济]