Booming or sinking: How does an emission trading scheme affect enterprise value?  

作　　者：Yanni He Yigang Wei Yiming Fang Yueyang Cao 

机构地区：[1]Institute of Economics,School of Social Sciences,Tsinghua University,Beijing,100084,China [2]School of Economics and Management,Beihang University,Beijing,100083,China [3]School of Economics,Peking University,Beijing,100871,China

出　　处：《Chinese Journal of Population,Resources and Environment》2022年第3期227-236,共10页中国人口·资源与环境（英文版）

摘　　要：Unlike prior research that shows climate policy improves enterprise value,this study reveals the negative im‐pact of emission trading schemes(ETSs)on enterprise value under China’s unique institutional backdrop and identifies the mechanism through which this impact occurs.Data from a sample of 1267 listed companies in the Chinese stock market from 2005 to 2018 models are analyzed using difference-in-differences(DID)and propensity score matching methods(PSM).The results suggest that ETSs have an average short-term negative impact on enterprise value,which peaks in the second year of the ETS and diminishes from the fourth year.Further analysis reveals that ETSs did not cause significant operating losses for firms but reduced their value through the market response mechanism.ETS enterprises experienced significant declines in their annual stock transaction amounts and in returns on individual shares.This indicates that investors expect ETSs to ad‐versely affect pilot enterprises and accordingly adopt disinvestment strategies.Despite the short-term negative effect,ETSs effectively encourage enterprises to innovate green technologies to mitigate long-term carbon risk.

关 键 词：Emission Trading Scheme(ETS) Enterprise Value Stock Market 

分 类 号：F832.5[经济管理—金融学] X322[环境科学与工程—环境工程] F275