“双碳”背景下碳排放交易制度与企业价值研究  

Carbon Emission Trading System and Firm Value under Carbon Peaking and Carbon Neutrality

作　　者：林萍[1,2] 林梦婷 林伯强[4,5] Ping Lin;Mengting Lin;Boqiang Lin(Newhuadu Business School,Minjiang University,Fuzhou Fujian 350108,China;Research Center for Energy Economics&Low-Carbon Development,Minjiang University,Fuzhou Fujian 350108,China;School of Management,Shanghai University,Shanghai 200444,China;School of Management,Xiamen University,Xiamen Fujian 361005,China;China Institute for Studies in Energy Policy,Xiamen University,Xiamen Fujian 361005,China)

机构地区：[1]闽江学院新华都商学院,福建福州350108 [2]闽江学院能源经济与低碳发展研究中心,福建福州350108 [3]上海大学管理学院,上海200444 [4]厦门大学管理学院,福建厦门361005 [5]厦门大学中国能源政策研究院,福建厦门361005

出　　处：《会计与经济研究》2023年第1期135-147,共13页Accounting and Economics Research

基　　金：福建省科技计划项目(2020R01020087)。

摘　　要：中国碳排放交易制度在试点省市开展,其经济效应备受关注。文章将这一政策视为一项准自然实验,基于2011-2018年重点行业上市公司数据,利用倾向匹配得分和双重差分方法考察碳排放交易制度对企业价值的影响。研究发现:碳排放交易制度的实施显著提高了企业价值;相比于非国有企业,碳排放交易制度对企业价值的促进效应在国有企业中更为显著。作用机制检验发现:碳排放交易制度通过促进研发投入和减排投入,可以提高企业短期或长期价值。The economic effects of China’s carbon emissions trading system have attracted much attention. Considering this policy as a quasi-natural experiment, the paper investigates the impact of the carbon emissions trading system on firm value by using methods of propensity-matched scores and double-difference scoring based on the data of listed firms in key industries from 2011 to 2018. The results show that the implementation of the carbon emissions trading system significantly improves firm value. Compared with non-state-owned enterprises, the promoting impact on the financial value of stateowned enterprises is more significant. The mechanism test shows that the carbon emission trading system can improve firm value in a short-term or long-term by promoting R&D investment and emission reduction investment.

关 键 词：双碳 碳排放交易制度 企业价值 研发投入 减排投入 

分 类 号：F273.1[经济管理—企业管理]