碳排放权交易能缓解企业融资约束吗？
Can Carbon Emissions Trading Alleviate Corporate Financing Constraints?
摘要: 本文通过我国碳排放权交易试点的准自然实验，运用双重差分法(DID)探讨碳排放权交易政策对企业融资约束的影响。实证分析结果表明，碳排放权交易政策的实施显著缓解了试点企业所面临的融资约束。在传导机制方面，碳排放权交易政策通过加强企业环境信息披露，从而缓解融资约束程度。在调节效应方面，企业的社会责任水平能够增强碳排放权交易政策对缓解企业融资约束的影响。异质性分析进一步发现，碳排放权交易政策对小规模企业、民营企业及具有较强定价能力企业的融资约束缓解效果更为显著。上述结论不仅验证了碳排放权交易对企业融资约束的缓释作用，为政策优化提供了微观经验证据，同时也为中国在“双碳”目标背景下实现生态环境保护与经济高质量发展的协同推进提供了重要政策启示。
Abstract: Based on the quasi-natural experiment of China’s carbon emission rights trading pilots, this paper employs the difference-in-differences method (DID) to explore the impact of carbon emission rights trading policy on corporate financing constraints. The results of empirical analysis show that the implementation of the carbon emission rights trading policy significantly alleviates the financing constraints faced by pilot enterprises. In terms of transmission mechanism, the carbon emission rights trading policy mitigates financing constraints by strengthening enterprises’ environmental information disclosure. From the perspective of moderating effect, the level of corporate social responsibility can enhance the impact of the carbon emission rights trading policy on alleviating corporate financing constraints. Further heterogeneity analysis reveals that the carbon emission rights trading policy exerts a more significant effect on easing financing constraints for small-scale enterprises, private enterprises and enterprises with strong pricing power. The above conclusions not only verify the mitigation effect of carbon emission rights trading on corporate financing constraints, providing micro empirical evidence for policy optimization, but also offer important policy implications for China to realize the coordinated promotion of ecological environmental protection and high-quality economic development under the background of the “dual carbon” goals.
文章引用：李子昂. 碳排放权交易能缓解企业融资约束吗？[J]. 金融, 2026, 16(2): 314-327. https://doi.org/10.12677/fin.2026.162031

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