Carbon Risk、Financing Constraints And Working Capital

Carbon risk,financing constraints and working capital are important basic theories for studying how to improve the short-term debt repayment ability of enterprises and enhance their sustainable development capabilities in the context of dual carbon goals.They are also important issues that enterprises need to consider in actual decision-making.Carbon risk is due to the uncertain effects of climate change,fossil fuel use and greenhouse gas emissions.While producing and gaining economic benefits,enterprises also bear the risks related to the disposal of carbon-containing waste emissions,which increases the possibility of enterprises facing administrative penalties and potential lawsuits,thereby causing corporate debt crises and affecting their daily operations.Due to the imperfection of the capital market,the existence of financing constraints will restrict the development of enterprises.Therefore,it is of practical significance to study the relationship between corporate carbon risks,financing constraints and working capital.Selecting A-share listed companies from 2014 to 2020 as the research object,and using20,819 sets of annual data from 3,827 companies,the relationship between carbon risk,financing constraints and corporate working capital is studied.First,an empirical analysis of the relationship between carbon risk and corporate working capital is conducted.Then,financing constraints are introduced to examine their mediating effect between carbon risk and working capital.Next,Conch Cement and Shangfeng Cement were selected as case studies to compare and analyze the relationship between carbon risk,financing constraints and working capital.Finally,suggestions are given based on the conclusions of this paper and the current actual situation.The study found that: first,carbon risk is positively related to corporate working capital;second,financing constraints play a partial intermediary role in the impact of carbon risk on working capital.The significance of the research is to introduce financing constraints into the research on the relationship between carbon risk and working capital,to explore the impact of carbon risk on working capital,and the role of financing constraints between carbon risk and working capital,enrich existing research,and meet the current dual requirements.The background of carbon targets provides reference suggestions for enterprises to improve their short-term solvency and enhance their sustainable development capabilities.