Research on carbon risk and its impact on corporate low-carbon technological innovation:An analysis of mediating effects from an investment and financing perspective
MA Jinpeng
WANG Xiaopeng
Abstract：Against the backdrop of increasingly stringent carbon regulations,carbon risks are accelerating their penetration into enterprises'daily production and operations.Exploring the underlying mechanisms through which these risks influence corporate low-carbon technological innovation holds significant research value.This study examines the impact pathways of carbon risks on corporate low-carbon technological innovation using a two-way fixed effects model,with a sample comprising A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022.The findings indicate that carbon risks exert a positive and promoting effect on corporate low-carbon technological innovation.Path analysis indicates that corporate environmental investments and dynamic adjustments to capital structure partially mediate the relationship between carbon risk and low-carbon technological innovation.Heterogeneity tests further reveal that the promotional effect of carbon risk on low-carbon technological innovation is more pronounced among non-state-owned enterprises and non-heavy-polluting enterprises.These findings provide empirical evidence for enterprises to adjust their low-carbon transition strategies,for governments at all levels to formulate carbon emission constraint standards,and for establishing robust long-term incentive and constraint mechanisms for enterprises.
Keywords：carbon risklow-carbon technological innovationenvironmental investmentdynamic adjustment of capital structure
Publication Date：2025-12-28
Online Publishing Date：2026-01-30(First online date of this platform, not the publication date of the document)
Pages：11( 304-314 )