企业价值视角下碳排放权交易机制波特效应的再检验  

The Porter Effect of Carbon Emissions Trading Mechanism:An Empirical Test on Enterprise Value

作　　者：陆敏[1] 王泱 林金官[1] LU Min;WANG Yangg;LIN Jin-guan(Institute of Statistic Science and Big Data,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]南京审计大学统计科学与大数据研究院,江苏南京211815

出　　处：《数理统计与管理》2023年第3期522-536,共15页Journal of Applied Statistics and Management

基　　金：国家自然科学基金(11971235)的阶段性成果;江苏省研究生科研与实践创新计划(KYCX20_1666);江苏省高校优势学科建设工程资助项目(PAPD);江苏省社科应用研究精品工程课题(20SYC-137)。

摘　　要：将2013年6月开始在7个省市实行的碳排放权交易试点政策作为准自然实验,以2011-2018试点行业的上市企业为平衡面板数据建立双重差分模型和中介效应模型,研究碳排放权交易机制是否能通过促进企业技术创新提高企业价值,以检验“强波特假说”在中国是否成立。研究发现,碳排放权交易试点政策不能通过促进试点地区上市企业通过技术创新提高企业价值,实现波特效应;分地区检验发现,只有在北京市能实现波特效应,在全国及其余省市均无法实现波特效应。碳排放初始配额分配过多导致的碳价过低是主要诱因。应鼓励企业通过绿色技术创新提高企业价值。Taking the carbon emissions trading mechanism implemented in seven pilot provinces since June 2013 as a quasi-natural experiment,this paper establishes a difference in difference and an intermediary effect model with the listed enterprises of pilot industries as the balanced panel data from 2011 to 2018 to study whether the carbon emissions trading mechanism improve the enterprise value by promoting enterprise technological innovation,so as to test whether the"strong Porter Hypothesis"is successful in China.It is found that carbon emissions trading mechanism cannot promote the listed enterprises in pilot areas to improve the enterprise value through technological innovation and thus achieve the porter effect.The regional test shows that the porter effect can be realized only in Beijing,but not in the whole country and other provinces and cities.The low carbon price caused by excessive initial quota allocation is the main reason.Enterprises should be encouraged to improve their value through green technology innovation.

关 键 词：碳排放权交易 企业价值 技术创新 波特效应 

分 类 号：O212[理学—概率论与数理统计]