作　　者： ;

机构地区： 暨南大学

出　　处： 《财贸经济》 2019年第1期144-161,共18页

摘　　要： 本文借助中国碳排放权交易的准自然实验场景,提供了碳排放权交易影响企业价值的中国市场经验证据。基于碳排放权交易试点《关于开展碳排放权交易试点工作的通知》公告日的事件研究证实,资本市场对于该事件有显著正面反应,低碳强度企业的市场反应更为显著,表明碳排放权交易能提高企业短期价值。但是,基于双重差分模型的研究显示,碳排放权交易正式启动后并没有影响企业的长期价值。进一步,本文分析了碳排放权交易未能影响企业长期价值的原因,由于碳排放权交易机制配额分配较为宽松,加之宏观去产能政策影响,导致配额供大于求,配额价格过低,从而碳排放权交易机制在现阶段没能实现经济红利。本文透过碳排放权交易揭示了科斯定理的微观经济后果,对于建设全国统一的碳市场有积极的指导意义。 With the quasi-natural experiment scenario of the carbon ETS in China, this paper provides empirical evidence of the impact of carbon ETS on firm value. Research finds that on the day the Notice on Launching the Carbon Emission Trading Pilot Scheme was released, the capital market responded positively, especially firms with low carbon intensity, showing that the carbon ETS can increase a firm’s short-term value. However, with the DID methods, we find carbon ETS has no effect on the firm’s long-term value and go on to explain the reasons: due to the loose control over carbon emission quota and the reduction of excessive production capacity, the carbon emission quota is in oversupply and low-priced, and as a result the carbon ETS fails to produce economic dividends for the time being. The paper reveals the microeconomic outcomes of the Coase Theorem from the perspective of carbon ETS and its findings have important implications for establishing a national unified carbon market in China.

关 键 词： 碳排放权交易 市场反应 企业价值 准自然实验

分 类 号： [F832.5;F275]

领　　域： []