市场激励型环境规制、政府补贴与企业绩效  

Market-Incentive Environmental Regulations,Government Subsidies,and Firm Performance

作　　者：孙传旺[1,2] 魏晓楠 Sun Chuanwang;Wei Xiaonan

机构地区：[1]厦门大学经济学院中国能源经济研究中心 [2]厦门大学经济学院教育部数量经济重点实验室 [3]厦门大学经济学院经济系

出　　处：《财政研究》2022年第7期97-112,共16页Public Finance Research

基　　金：国家社科基金重大项目“能源供给侧与需求侧协同绿色低碳发展机制与实现路径研究”(21&ZD109)。

摘　　要：在命令控制型环境规制向市场激励型转变过程中,旨在激励企业减排行为的政府补贴工具也随之改变,评估其整体作用与传导机制至关重要。本文利用我国碳排放权交易试点政策作为准自然实验,检验了环境规制转变及相应的补贴变化对企业的影响。结果显示:首先,试点政策显著提高了处理组企业绩效水平,且电力企业的绩效激励效应更强。其次,受试点政策影响,处理组企业的节能减排型补贴显著提高,并激励企业通过创新补偿效应提高绩效水平;同时,处理组国有企业的政策性负担型补贴显著下降,但这类补贴的削减会通过提高企业对债务、研发创新和产能利用的效率,改善绩效水平。本文研究结论为完善市场化减排机制提供了补贴工具选择的实证证据。During the transition from command-and-control environmental regulation to market-incentive environmental regulation,government subsidy instruments designed to encourage firms to reduce emissions also change,and it is empirically critical to assess the overall impact and transmission mechanisms.This paper examines the effects of the shift in environmental regulation and the corresponding changes in subsidies on firms by using China’s carbon trading pilot policy as a quasi-natural experiment.The conclusions show that,firstly,the pilot policy significantly improves the performance of the treatment group,and the effect is stronger for the electric power firms.Second,the energy-conservation and emission-reduction subsidies for firms in the treatment group are significantly increased and incentivize firms to improve their performance through the innovation compensation effect.Meanwhile,the subsidies to reduce policy burden of SOEs in the treatment group are significantly decreased,but the performance of SOEs improves because the efficiency of debt utilizing,R&D innovation and capacity of production are increased.The findings of this paper provide empirical support for the selection of subsidy instruments to improve market-based abatement mechanisms.

关 键 词：碳排放权交易 节能减排型补贴 政策性负担型补贴 企业绩效 

分 类 号：F276.6[经济管理—企业管理] F812.45[经济管理—国民经济]