我国碳排放权价格对上市公司市场价值的影响  

The Influence of Emission Allowance Price on the Market Value of Companies in China

作　　者：王天潇 Wang Tianxiao(Sinopec Economics&Development Research Institute Company Limited,Beijing 100029,China)

机构地区：[1]中国石化集团经济技术研究院有限公司,北京100029

出　　处：《当代石油石化》2021年第9期17-22,共6页Petroleum & Petrochemical Today

摘　　要：建设和发展碳市场是我国实现碳达峰、碳中和目标的重要举措。碳排放权价格对上市公司市场价值影响的方向和程度,能够在一定程度上反映市场的引导效果。以2014–2020年国内典型试点碳市场及其涉及的控排行业上市公司为研究对象,根据碳市场发展历程,分两个市场阶段研究了碳排放权价格对公司市场价值的影响。结果表明,我国碳市场建设初期(2014–2017年),碳排放权价格对公司市场价值影响不显著;而随着试点碳市场发展完善(2018–2020年),碳排放权价格能够对控排公司市场价值产生一定负向影响,市场引导作用正逐渐显现。预计未来我国碳市场将更加成熟,能够有效促进碳减排和经济可持续发展。Cap and trade is widely accepted as one of the most effective methods to reduce emission and achieve carbon neutrality.The carbon price should have an influence on companies'market value if the market is effective.This paper analyzed the influence of carbon price on market value in two China's carbon market stages,based on the panel data of typical domestic carbon market from 2014 to 2020.The result showed that,in the early stage of carbon market(2014-2017),the carbon price suggested no significant influence on the market value.When the carbon market came to an improved stage(2018-2020),the carbon price exhibited a certain negative impact on the market value of emission capped companies.This phenomenon and tendency showed that China's carbon market was gradually playing a part in financial system,and would play an important role in carbon emission reduction and sustainable economic development in the future.

关 键 词：碳市场 碳排放权价格 市场价值 VEC模型 

分 类 号：X196[环境科学与工程—环境科学] F832.5[经济管理—金融学] F275