证券市场导报Issue(8)：3-12,23,11.
碳市场试点政策与控排企业短债长用
摘要
Abstract
The development of the carbon market encourages enterprises to upgrade their equipment and increase investment in research and development.However,in practice,it may also lead companies to use short-term bonds for long-term asset investments,especially those facing financing constraints.Taking the gradual rollout of carbon market policies as a quasi-natural experiment,this paper employs a multi-period triple difference-in-differences-in-differences(DDD)model to investigate the impact of the carbon market on the use of short-term debt for long-term purposes by enterprises.Empirical results indicate that carbon market pilot policies exacerbate the phenomenon of using short-term debt for long-term purposes by emission-controlled enterprises.Mechanism tests reveal three key channels.First,the carbon market primarily deducts emission allowances based on enterprises'self-estimated and reported carbon emissions,which may cause enterprises to conceal their true carbon data.This exacerbates the information asymmetry between creditors and emission-controlled enterprises,making creditors more inclined to issue short-term loans.Second,long-term institutional investors may proactively reduce their holdings of shares in emission-controlled firms,sending out negative signals about increasing environmental risks and prompting creditors to implement stricter environmental risk assessments in lending decisions.Third,the uncertainty of carbon prices may reduce firms'reserves for financial flexibility,weakening their ability to obtain external debt financing.Further analysis shows that the impact of the carbon market on the use of short-term debt for long-term purposes is less pronounced in regions with stronger financial supervision and stricter environmental regulations,as well as in firms with better government-enterprise and bank-enterprise relationships,indicating that green finance regulation and supportive policies play a positive role.This paper provides insights into coordinating the advancement of carbon market development with the prevention of maturity mismatch risks in corporate investment and financing.关键词
碳市场/短债长用/信息透明度/长期机构投资者/财务柔性储备Key words
carbon market/use of short-term debt for long-term purpose/information transparency/long-term institutional investors/reserves for financial flexibility分类
管理科学引用本文复制引用
张金龙,张维,郝欢欢..碳市场试点政策与控排企业短债长用[J].证券市场导报,2025,(8):3-12,23,11.基金项目
国家自然科学基金项目"基于'银-证-房'微观行为数据的跨部门金融风险建模与分析"(项目编号:72342022) （项目编号:72342022）
