碳風險對企業財務槓桿影響之研究

本文探討碳風險是否影響企業財務槓桿。過去文獻對於碳風險與企業財務槓桿之間關係的看法並不一致，有學者認為企業面臨碳風險時會利用減少碳排放的方式來降低公司的經營風險，提高公司進入外部資本市場的機會，因而增加企業財務槓桿。但也有學者認為碳風險增加企業未來績效的不確定性及財務困境風險，降低稅盾利益、增加財務危機成本，促使企業降低財務槓桿。本研究利用中國2015年實施《中華人民共和國新環境保護法》作為企業碳風險提高的外生衝擊，採用差異中的差異模型來檢驗碳風險對企業財務槓桿的影響。研究結果發現，相較於非碳密集型企業，碳密集型企業在中國實施《中華人民共和國新環境保護法》後將顯著地降低企業財務槓桿與債務期限結構。本文的實證結果隱含，碳風險是影響企業財務槓桿的重要因素。嚴格的環境政策會導致碳密集型企業碳風險的增加，但企業能夠通過降低財務槓桿決策以及債務期限結構應對碳風險衝擊。

關鍵字

碳風險；財務槓桿；債務期限結構；差異中的差異模型

並列摘要

This study examines whether carbon risk affects corporate financial leverage. Previous literature documents different results on the relationship between carbon risk and corporate financial leverage. Some studies argue that when facing carbon risk, firms tend to reduce carbon emissions to reduce their operational risks and thus increase the opportunity to access external capital markets and corporate financial leverage. However, other studies show that carbon risk increases the firm’s uncertainty of future performance and the risk of financial distress, reducing the benefits of tax shields and increasing the financial distress costs, thus decreasing corporate financial leverage. Using the implementation of the New Environmental Protection Law of the People’s Republic of China in 2015 that exogenously increases carbon risk for a firm, this study uses the differences-in-differences model to test the impact of carbon risk on corporate financial leverage. The results show that compared with non-carbon-intensive firms, carbon-intensive firms significantly reduce their corporate financial leverage and debt maturity structure after the implementation of the New Environmental Protection Law in China. The empirical results imply that carbon risk is an important factor affecting corporate financial leverage. Strict environmental policies increase carbon risks for carbon-intensive firms, but they can cope with the risk of transforming into a low-carbon economy by reducing their financial leverage and debt maturity.