金融创新对商业银行碳风险的影响效应研究OA

As the key players in providing financial support for China's low-carbon transition,commercial banks currently face the critical challenge of deepening fi-nancial innovation whilst mitigating carbon risks.Drawing on panel data from 52 listed commercial banks in China covering the period 2011-2024,this study exam-ines the non-linear impact of financial innovation on commercial banks' carbon risks and explores the mechanisms through which financial derivatives and business diversification influence this relationship.The study finds that there is an inverted"U"-shaped relationship between financial innovation and commercial banks' car-bon risk.Mechanism tests indicate that the mediating effect of financial derivatives is greater than that of diversified operations.Threshold tests reveal that a moderate proportion of green lending can lower the threshold at which financial innovation exacerbates commercial banks' carbon risk,thereby enhancing the mitigating effect of financial innovation on such risk.Heterogeneity tests revealed that,compared with commercial banks with shorter operating histories and lower equity concentra-tion,the mitigating effect of financial innovation on carbon risk is more pronounced for those with longer operating histories and higher equity concentration.Accord-ingly,policy recommendations are put forward regarding managing the pace of fi-nancial innovation,strengthening the mediating efficacy of derivatives,optimising the proportion of green credit,and implementing differentiated categorised supervision.