碳税政策、银行风险口与宏观审慎监管

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中图分类号：X196;F812.42;F832 文献标识码：A 文章编号：1007-5097（2025）08-0038-12

Carbon Tax Policies，Bank Risk Exposure，and Macro-Prudential Regulation

CHEN Ruoyu， LI Shuoshi， DING Zhongming （School of Finance，Anhui University of Finance and Economics，Bengbu 233o3o，China）

Abstract：How to maintain financial stabilityduring the implementationof carbon tax policies is a practical issue that warrants attention and in-depth research.Thisarticle develops aDSGE model featuring heterogeneous energy sectors and assetquality，characterizes thekeymechanisms bywhich carbon taxpoliciesaffectbank risks，and further explores the efectivenessofmacro-prudentialregulatorypolicies inaddressngbank risks.Research showsthattheimplementationof carbontaxpolicieshassignificantemssonreductioneffects，butitwillaffctthebrownassetvalueofnterprisesthrough marginalcostandassetvaluerevaluation，form strandedaets，lead tonetasst lossesofbanks，and increasebankrisks. Macro-prudentialregulationcan effectivelyreducebank risk exposure，aleviatebankriskscausedbytheimplementation ofcarbontaxpolicies，andplayapolicyroleinmaintainingfinancialstability.Therefore，before theimplementationofthe carbontaxpolicies，itisnecessary to strengthencommunication，form stable market expectationsandsuffcienteconomic adjustment space，inorder toalleviatebank risksand maintain financial stability.

Key words： carbon tax policies; bank risks; stranded assets; macro-prudential regulatory policy

一、引言及文献综述

党的二十大报告明确提出，要防范化解金融风险，守住不发生系统性风险的底线。（剩余16609字）