欧盟CBAM碳关税对企业融资约束的影响及应对策略研究——基于中国出口企业的实证分析

The Impact of EU CBAM Carbon Tariffs on Corporate Financing Constraints and Countermeasures—An Empirical Analysis Based on Chinese Export Enterprises

摘要: 在全球“碳约束”的背景下，欧盟碳边境调节机制(CBAM)深刻影响着国际贸易格局和产业结构重塑，中国对欧出口企业面临显著碳成本上升与合规压力。现有研究多聚焦CBAM的贸易抑制效应与直接税负成本，却忽视其通过金融市场产生的传导影响。本研究以2015~2024年A股上市出口企业为样本，运用双重差分模型(DID)，构建出“贸易政策–金融冲击–企业调整”的分析框架，系统考察CBAM对中国出口企业融资约束的异质性影响。实证结果显示，CBAM政策通过成本、市场、责任三重冲击传导路径，加剧出口企业融资约束，且中小企业、高碳排放企业受政策冲击更为显著。基于此，本文最后从企业、金融机构、监管部门三层面提出应对策略，为中国出口企业优化融资策略、推进绿色转型提供理论与实证支撑。

Abstract: Against the backdrop of global “carbon constraints”, the EU Carbon Border Adjustment Mechanism (CBAM) profoundly reshapes the international trade pattern and industrial structure, and Chinese export-oriented enterprises to the EU face significant rising carbon costs and compliance pressures. Existing studies mostly focus on the trade suppression and direct tax burden effects of CBAM, ignoring its transmission impact on the financial market. Taking A-share listed export enterprises from 2015 to 2024 as samples, this paper uses the Difference-in-Differences (DID) model to construct an analytical framework of “trade policy-financial shock-enterprise adjustment”, and systematically examines the heterogeneous impact of CBAM on the financing constraints of Chinese export enterprises. The empirical results show that CBAM intensifies the financing constraints of export enterprises through three paths of cost, market and responsibility, and small and medium-sized enterprises and high-carbon emission enterprises are more significantly impacted by the policy. Based on this, countermeasures are put forward from the perspectives of enterprises, financial institutions and regulatory authorities, providing theoretical and empirical support for Chinese export enterprises to optimize financing strategies and promote green transformation.