碳排放权交易制度、行政干预与高碳企业减碳融资收益  

Carbon Emissions Trading Scheme,Administrative Intervention and Carbon Reduction Financing Gains for Carbon-Intensive Firms

作　　者：魏晓楠 孙传旺[2,3] WEI Xiaonan;SUN Chuanwang(China University of Geosciences(Beijing),100083;Xiamen University,361005)

机构地区：[1]中国地质大学(北京)经济管理学院,100083 [2]厦门大学经济学院,361005 [3]厦门大学计量经济学教育部重点实验室,361005

出　　处：《财贸经济》2025年第4期149-164,共16页Finance & Trade Economics

基　　金：国家社会科学基金重大项目“能源供给侧与需求侧协同绿色低碳发展机制与实现路径研究”(21&ZD109);中央高校基本科研项目“环境规制方式转变视域下政府补贴驱动工业企业绿色低碳发展的影响机理”(2652023038)。

摘　　要：“降成本”和“增收益”是推进高碳行业低碳化转型的关键。在推进建设全国碳排放权交易市场与引导绿色金融赋能低碳发展的背景下,本文基于中国税收调查数据库与重点碳排放企业名单数据,验证了中国碳排放权交易试点政策对降低高碳企业债务融资成本的作用,减碳融资支持主要围绕大型和存续时间长的企业,中小型及存续时间短的企业较难获得低成本资金。机制检验发现,碳强度的下降增强了市场机制的融资纾困作用,提高了债务资金的风险容忍度,扩大了市场竞争与生产效率较高企业的授信敞口。本文还从融资结构上验证了企业债务融资成本的下降根源于减碳收益而非惩罚效应;碳排放权交易制度有针对性地降低了高绿色技术创新企业的债务融资成本,有效约束了企业的“漂绿”行为。进一步研究发现,市场化交易的减排方式会缓解政府行政干预的负向影响。本文研究结论为推动碳减排与融资收益相挂钩提供了微观实证证据,对推进绿色金融市场化、助力降低碳减排领域的债务融资成本也具有启示意义。Achieving China's “dual-carbon” goals-carbon peaking and carbon neutrality-requires a lowcarbon transformation of the economy and society, driven by continuous green technology innovation and sustained large-scale investment in low-carbon capital. However, under the administrative interventionoriented model, green finance mainly curbs emissions by restricting financing for carbon-intensive enterprises. These enterprises face challenges including financing difficulties, high financing costs, greenwashing, and financing discrimination during their transition to low-carbon operations. Market-based emissions reduction mechanisms, though, have altered the criteria for green finance, offering carbonintensive enterprises a chance to secure carbon-reduction financing.This study, using the National Tax Survey Database and the list of priority carbon emitting enterprises, examines the impact of China's carbon trading pilot policy in cutting debt financing costs for carbonintensive enterprises, and finds that carbon-reduction financing mainly benefits large, long-established firms. Mechanism analysis further demonstrates the following:(1) the decline in carbon intensity enhances the financing relief role of market mechanisms, and the reduction in debt financing costs originates from carbon emissions reduction gains rather than the penalty effect;(2) the carbon trading scheme specifically reduces debt financing costs of enterprises with high green-technology innovation capabilities and effectively restrains greenwashing behaviors;(3) the market-based emissions reduction trading method mitigates the negative impacts of the government's administrative intervention.This paper makes three key contributions to the literature. First, different from existing research, it innovatively examines the impact of the transformation of environmental regulation methods on enterprise debt financing costs and structures. Second, it focuses on the overlooked issue of financing difficulties faced by carbonintensive enterprises in their low-

关 键 词：碳排放权交易制度 减碳融资收益 行政干预 绿色金融 

分 类 号：F275.1[经济管理—企业管理]