脱碳对企业现金持有量的影响

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-08-14 DOI:10.1016/j.ememar.2025.101356

Zhenshu Wu , Yi-Cheng Shih , Yao Wang , Rui Zhong

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引用次数: 0

摘要

本研究表明，在实施《巴黎协定》（或启动区域排放交易计划试点）后，高碳排放国的现金持有量比低碳排放国平均增加约2.6%（7.9%）。外部财务约束更强、现金流波动更大的高碳排放国往往出于预防动机而持有更多现金。此外，在实施脱碳政策后，现金流对高碳排放国更有价值，净投资现金流的增加为高碳排放国应对脱碳提供了现金。此外，高碳排放国通过绿色转型来减少碳排放。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The effects of decarbonization on corporate cash holdings

This study documents that high‑carbon emitters increase cash holdings by approximately 2.6% (7.9%) on average compared with low-carbon emitters after the implementation of the Paris Agreement (or the initiation of regional emission trading scheme pilots). High-carbon emitters with stronger external financial constraints and more volatile cash flows tends to hold more cash for precautionary motives. Further, cash flow is more valuable for high-carbon emitters after the implementation of decarbonization policies and increased net investing cash flow provides cash for high-carbon emitters in response to decarbonization. Additionally, high-carbon emitters conduct a green transition to reduce carbon emissions.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.