工业技术经济2025，Vol.44Issue(3)：78-90,13.DOI:10.3969/j.issn.1004-910X.2025.03.008
环境责任对企业系统性风险及总风险的影响
The Impact of Environmental Responsibility on Firm Systemic Risk and Total Risk
摘要
Abstract
Based on China's carbon trading policy,this paper employs a Regression Discontinuity Design(RDD)to explore the impact of environmental responsibility on firm systemic risk and total risk.Using data from 204 publicly listed firms between 2014 and 2023,the treatment group consists of 93 pilot firms,while the control group firms 111 non-pilot firms selected through propensity score matching.The findings indicate that firm environmental responsibility significantly reduces both total risk and sys-temic risk.Heterogeneity analysis reveals that the policy's impact on firm risks exhibits varying effects based on factors such as the COVID-19 pandemic and regional differences.Moderation effect analysis suggests that the less myopic the managers,the higher executive compensation,and the lower the agency costs,the stronger the risk-reducing effect of carbon trading.Mechanism analy-sis demonstrates that fulfilling environmental responsibility reduces firm risk by expanding the investor base,alleviating financing constraints,and increasing financial investment.关键词
政策影响评估/碳交易政策/ESG/碳风险/CSR/企业绩效/企业金融化/断点回归设计Key words
policy impact assessment/carbon trading policy/ESG/carbon risk/CSR/firm performance/corporate fi-nancialization/regression discontinuity design分类
管理科学引用本文复制引用
刘鸿雁,陈越..环境责任对企业系统性风险及总风险的影响[J].工业技术经济,2025,44(3):78-90,13.基金项目
河北省社会科学基金项目"非正式环境规制推动河北制造业绿色发展研究"(项目编号:HB24GL036). （项目编号:HB24GL036）
