摘要
随着全球气候变化问题日益严峻，碳排放权交易作为一种市场化的环境治理工具，逐渐成为各国推动低碳经济转型的重要手段。本研究旨在探讨碳排放权交易对企业财务管理的影响，通过分析其在财务决策、风险管理及价值创造中的作用，揭示企业在碳约束下的适应策略。研究采用定量与定性相结合的方法，基于2015年至2022年间中国试点碳市场中上市企业的财务数据，运用面板数据分析模型考察碳排放权交易对企业资本结构、成本管理及盈利能力的具体影响。结果表明，碳排放权交易显著提高了企业的财务风险意识，促使企业优化资本配置并调整投资方向，同时对高碳企业的成本压力和利润水平产生了较大冲击。此外，研究发现积极参与碳交易的企业能够通过灵活的配额管理和技术创新实现财务绩效的改善。本研究的创新点在于首次将碳排放权交易纳入企业财务管理框架，并从动态视角分析了其长期效应，为政策制定者和企业管理者提供了理论支持与实践指导。研究表明，企业应主动融入碳市场机制，通过强化碳资产管理能力提升综合竞争力，从而在低碳经济时代实现可持续发展。
关键词：碳排放权交易；企业财务管理；资本结构；成本管理；财务绩效改善
Abstract
As the issue of global climate change becomes increasingly severe, carbon emission trading, as a market-based environmental governance tool, has gradually become an important means for countries to promote the transition to a low-carbon economy. This study aims to explore the impact of carbon emission trading on corporate financial management by analyzing its role in financial decision-making, risk management, and value creation, thereby revealing the adaptation strategies of enterprises under carbon constraints. A combination of quantitative and qualitative methods is employed, utilizing financial data from listed companies in China's pilot carbon markets between 2015 and 2022. A panel data analysis model is applied to examine the specific effects of carbon emission trading on corporate capital structure, cost management, and profitability. The results indicate that carbon emission trading significantly enhances corporate awareness of financial risks, prompting enterprises to optimize capital allocation and adjust investment directions, while exerting considerable pressure on the cost structures and profit levels of high-carbon enterprises. Furthermore, the study finds that companies actively participating in carbon trading can improve their financial performance through flexible quota management and technological innovation. The novelty of this research lies in its first integration of carbon emission trading into the fr amework of corporate financial management, analyzing its long-term effects from a dynamic perspective, thereby providing theoretical support and practical guidance for policymakers and corporate managers. The findings suggest that enterprises should proactively integrate into carbon market mechanisms, enhancing their overall competitiveness by strengthening carbon asset management capabilities, thus achieving sustainable development in the era of a low-carbon economy.
Keywords：Carbon Emission Trading; Enterprise Financial Management; Capital Structure; Cost Management; Financial Performance Improvement
目 录
摘要 I
Abstract II
一、绪论 1
(一) 碳排放权交易与财务管理的研究背景 1
(二) 碳排放权交易对企业财务管理的意义分析 1
(三) 国内外研究现状综述 1
(四) 本文研究方法与创新点 2
二、碳排放权交易对财务成本的影响 2
(一) 碳排放权交易的直接成本分析 2
(二) 碳排放权交易的间接成本探讨 3
(三) 成本管理策略在碳交易中的应用 3
三、碳排放权交易对财务风险管理的影响 4
(一) 碳排放权交易带来的财务风险类型 4
(二) 财务风险管理框架下的碳交易应对策略 5
(三) 风险评估工具在碳交易中的作用 5
四、碳排放权交易对财务决策的影响 6
(一) 碳交易对企业投资决策的影响分析 6
(二) 碳交易对融资决策的约束与优化 6
(三) 碳交易背景下财务战略调整的方向 7
结 论 9
参考文献 10
