企业碳风险、环保资产投资与就业吸纳——来自A股污染类上市企业的经验证据

减污降碳与稳定就业并重，是新时代中国经济发展面临的艰巨任务。本文以沪深A股429家污染类上市企业为研究对象，实证检验污染类企业碳风险、环保资产投资与就业吸纳的关系。研究发现，污染类企业碳风险对企业就业吸纳行为的影响呈先促进后抑制的倒“U”形关系；污染类企业碳风险水平大多位于倒“U”形曲线拐点的左侧，即大多数污染类企业碳风险对企业就业吸纳行为起促进作用；企业环保资产投资在碳风险促进污染类企业就业吸纳的关系中发挥部分中介效应。异质性检验还表明，碳风险对企业就业吸纳的促进作用，以及碳风险与企业就业吸纳的倒“U”形关系，仅体现在重污染企业，而非存在于非重污染企业中。研究结论为中国建立和完善企业环保资产投资的长效激励约束机制，进而推动污染类企业减污降碳和就业吸纳提供了实证依据。

Corporate Carbon Risk, Environmental Protection Assets Investment and Employment Absorption-Based upon the Corporate Carbon Risk, Environmental Protection Assets Investment and Employment Absorption-Empirical Evidence from A-share Listed Polluting Companies

Reducing pollution, decreasing carbon emission and stabilizing employment are the main obligation of China’s economic development in the new era. This paper takes 429 polluting listed enterprises in Shanghai and Shenzhen A-shares as the research object to empirically examine the relationship between carbon risk, environmental protection assets investment and employment absorption of polluting companies. The empirical result turns out that the impact of polluting companies’ carbon risk on employment absorption is characterized by an inverted“U” shape that promotes first and inhibits afterwards. Since the carbon risk of most companies is located at the left half of the extreme point of the inverted“U” curve, most companies mainly manifest that polluting companies’ carbon risk can promote the employment absorption. Companies’ environmental protection assets investment plays a partial mediating effect role in the relationship between carbon risk and the polluting company employment absorption. Heterogeneity test result indicates that the promotional effect of polluting companies’ carbon risk on employment absorption, and the inverse“U” relationship between polluting companies’ carbon risk and employment absorption is mainly reflected in heavy-polluting companies. The research results provide empirical evidence for China to establish and improve a long-term incentive and restraint mechanism for corporate environmental protection assets investment, thereby promote the polluting enterprises’ pollution reduction, carbon emission reduction and employment absorption.