碳交易与企业品牌价值提升效应--基于项目制与市场制碳交易的检验  

Carbon Trading and the Promotion Effect of Corporate Brand Value--Test of Carbon Trading Based on Project System and Market System

作　　者：王守杰 周畅 金艺冉 WANG Shou-jie;ZHOU Chang;JIN Yi-ran

机构地区：[1]山西师范大学经济与管理学院 [2]浙江财经大学会计学院 [3]国家管网集团东部原油储运有限公司

出　　处：《财务研究》2021年第5期29-41,共13页Finance Research

基　　金：教育部人文社会科学研究青年基金项目(21YJC630175);北京社会科学重点项目(20GLA001)。

摘　　要：碳排放量削减项目与碳排放权交易的运行,对企业生产运营、资本运作、技术革新产生了重要影响。本文在2010~2017年《中国500最具价值品牌》排行榜中A股上市公司数据基础上,手工搜集碳交易数据并匹配至上市公司,通过双向固定的多期DID与OLS模型,检验其对企业品牌价值影响。研究表明,碳交易对企业的品牌价值具有显著的提升效应,且该效应在市场制的碳交易样本中更为明显。机制检验结果显示,市场制、项目制碳交易均通过营业总收入、研发投入与社会责任影响企业品牌价值﹔在市场制碳交易样本中,社会责任起主要中介作用,而项目制碳交易样本中,营业总收入为主要中介因素。异质性检验结果显示,机构投资者占比高的企业,品牌价值受碳排放权交易的影响更显著﹔企业所在地有碳交易试点市场,能够提高两个类型的碳交易对品牌价值的影响。The operations of carbon emission reduction projects and carbon emission trading have important impacts on enterprises’production and operation,capital operation and technological innovation.Based on the data of A-share listed companies in the List of China's 500 Most Valuable Brands from 2010 to 2017,this paper manually collected carbon trading data and matched it to listed companies,and tested its influence on corporate brand value through two-way fixed multi-period DID and OLS model.Research shows that carbon trading has a significant improvement effect on the brand value of enterprises,and this effect is more obvious in the market-based carbon trading samples.The results of mechanism test show that market system and project-based carbon trading influence corporate brand value through total revenue,R&D investment and social responsibility;in the sample of market-based carbon trading,social responsibility plays a major mediating role,while in the sample of project-based carbon trading,total revenue is the main mediating factor.Heterogeneity test results show that the brand value of enterprises with high proportion of institutional investors is more significantly affected by carbon emission trading;the location of the enterprise has carbon trading pilot market,which can improve the influence of the two types of carbon trading on brand value.

关 键 词：碳交易 企业品牌价值 碳排放权交易 CDM项目 

分 类 号：F230[经济管理—会计学]