| 摘要: |
| 碳排放权交易政策作为我国重要的环境政策之一，其对企业价值的影响受到广泛关注。本文从理论上分析我国碳排放权交易政策对企业价值产生影响的制度背景与作用机制，实证上分别采用事件研究法和回归分析法，检验碳排放权交易政策对不同产权性质、不同规模及不同行业企业价值的影响。研究发现，碳排放权交易政策对上市公司价值产生显著的正向影响，且这种影响会基于不同产权性质和公司规模呈现异质性。另外，分行业检验表明，该政策对工业行业及石化、化工等重污染行业的企业价值影响更大。最后，结合研究结果提出引导企业积极响应、实施差异化配额策略、提供绿色创新补贴等相关政策建议。 |
| 关键词: 碳排放权交易；企业价值；事件研究法；回归分析法 |
| DOI： |
| 分类号:F830.9 |
| 基金项目:基金项目：国家社会科学基金一般项目“供给侧结构性改革下中国OFDI对出口产品质量的影响机制及对策研究”（17BJL106）。 |
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| An Empirical Study on the Impact of Carbon Emissions Trading Policy on the Corporate Value of Listed Companies |
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CHEN Kai-jun,JI Peng-fei,SONG Ying-min
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(School of Economics,Northwest Normal University)
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| Abstract: |
| As one of the most important environmental policies in China，carbon emissions trading policies have received widespread attention on their impact on corporate value.This paper theoretically analyzes the institutional background and impact mechanism of China’s carbon emissions trading policy on the corporate value of listed companies.This paper empirically tests the impact of carbon emissions trading policies on the value of different ownership，different scale firms in different industries.The results shows that the carbon emission trading policy has a significant positive impact on the value of listed companies，and this impact is heterogeneous based on different property rights and company sizes.Compared with state-owned enterprises and large-scale enterprises，the impact of this policy on the value of non-state-owned enterprises and small-scale enterprises is more significant.In addition，the policy has a greater impact on the firms in chemical and other heavily polluting industries.After changing the estimation window and replacing variables，the estimation results are still robust.As one of the most important environmental policies in China,the impact of carbon emissions trading policy on enterprise value has received widespread attention.This paper theoretically analyses the institutional background and impact mechanism of China’s carbon emissions trading policy on enterprise value,and empirically examines the impact of the carbon emissions trading policy on the value of enterprises with different property rights,different sizes and different industries using event study and regression analysis respectively.The study finds that carbon trading policies have a significant positive impact on the value of listed companies,and that this impact is heterogeneous across different property rights and company sizes.In addition,the impact of the policy on the value of enterprises in industrial sectors and heavy polluting industries such as petrochemicals and chemicals is found to be greater by industry.Finally,the paper combines the research findings with corresponding policy recommendations such as guiding enterprises to respond positively,implementing differentiated quota strategies and providing green innovation subsidies. |
| Key words: Carbon Emissions Trading Policy;Corporate Value;Event Analysis;Regression Analysis |
