当代金融研究2026，Vol.9Issue(6)：39-54,16.DOI:10.20092/j.cnki.ddjryj.2026.06.004
金融创新对商业银行碳风险的影响效应研究
Research on the Impact of Financial Innovation on Carbon Risks of Commercial Banks
摘要
Abstract
As the key players in providing financial support for China's low-carbon transition,commercial banks currently face the critical challenge of deepening fi-nancial innovation whilst mitigating carbon risks.Drawing on panel data from 52 listed commercial banks in China covering the period 2011-2024,this study exam-ines the non-linear impact of financial innovation on commercial banks' carbon risks and explores the mechanisms through which financial derivatives and business diversification influence this relationship.The study finds that there is an inverted"U"-shaped relationship between financial innovation and commercial banks' car-bon risk.Mechanism tests indicate that the mediating effect of financial derivatives is greater than that of diversified operations.Threshold tests reveal that a moderate proportion of green lending can lower the threshold at which financial innovation exacerbates commercial banks' carbon risk,thereby enhancing the mitigating effect of financial innovation on such risk.Heterogeneity tests revealed that,compared with commercial banks with shorter operating histories and lower equity concentra-tion,the mitigating effect of financial innovation on carbon risk is more pronounced for those with longer operating histories and higher equity concentration.Accord-ingly,policy recommendations are put forward regarding managing the pace of fi-nancial innovation,strengthening the mediating efficacy of derivatives,optimising the proportion of green credit,and implementing differentiated categorised supervision.关键词
金融创新/商业银行碳风险/金融衍生工具/多元化经营Key words
Financial Innovation/Carbon Risk of Commercial Banks/Financial De-rivatives/Diversified Operations分类
管理科学引用本文复制引用
吴正祥,王新瑜,武宇超..金融创新对商业银行碳风险的影响效应研究[J].当代金融研究,2026,9(6):39-54,16.基金项目
辽宁省教育厅高校基本科研项目"创新要素配置驱动辽宁制造业高质量发展的机制与对策研究"(LJ112410147083) （LJ112410147083）
辽宁省教育厅高校基本科研项目"生活方式绿色化提升居民幸福感的路径及政策创新研究"(LJ112410147040). （LJ112410147040）
