“双碳”政策的市场效应研究--以碳中和碳达峰概念股上市公司为例  

A Study on the Market Effects of the"Emission Peak and Carbon Neutrality"Policy:Take the Listed Companies in the Category of Emission Peak and Carbon Neutrality as an Example

作　　者：徐小惠 夏立军[2] XU Xiao-hui;XIA Li-jun(School of Accounting,Xinjiang University of Finance and Economics,Urumqi Xinjiang 830012,China;Antai College Economics Management,Shanghai Jiao Tong University,Shanghai 200030,China)

机构地区：[1]新疆财经大学会计学院,新疆乌鲁木齐830012 [2]上海交通大学安泰经济与管理学院,上海200030

出　　处：《技术经济与管理研究》2023年第5期53-57,共5页Journal of Technical Economics & Management

基　　金：新疆财经大学校级科研基金高层次人才专项课题(2022XGC008);新疆维吾尔自治区普通高校人文社会科学重点研究基地项目;新疆企业发展研究中心的一般项目;国家自然科学基金地区项目(71862032)。

摘　　要：中国在2020年正式提出“双碳”战略,通过市场调整法,检验发现2018—2021年“碳中和”概念股个股回报率与该战略无关样本的个股回报率之间的趋势表现出明显差异。通过实证研究中国“双碳”政策对企业市场的影响后发现,在“双碳”政策提出后能显著提高与“双碳”相关企业个股回报率,并且这种正向关系在新能源企业中更为显著。同时,这种积极的市场反应有良好的财务业绩基本面作支撑。通过进一步影响机制检验发现,不同生命周期下,企业产生的市场效应有所不同。China formally put forward the"Emission Peak and Carbon Neutrality"strategy in 2020.During 2018—2021,there was a significant difference in the trend between the return rate of individual stocks of the"carbon neutrality"concept stocks(based on the market adjustment method)and the return rate of individual stocks of samples unrelated to the strategy.Through empirical research on the impact of China's"Emission Peak and Carbon Neutrality"policy on the corporate market,it was found that the proposed this policy can significantly improve the return on individual stocks of enterprises related to the policy,and the positive relationship is more significant in new energy enterprises.At the same time,this positive market response is supported by good financial performance fundamentals.Through further impact mechanism testing,it was found that the market effects generated by enterprises vary across different life cycles.

关 键 词：“双碳”政策 市场效应 社会责任 生命周期 

分 类 号：F260[经济管理—国民经济]