低碳转型如何影响企业市场价值?  

How Does the Low-carbon Transition Affect the Market Value of Firms?

作　　者：詹宇波 管照生 ZHAN Yu-bo;GUAN Zhao-sheng(Institute of Economics,Shanghai Academy of Social Sciences,200020)

机构地区：[1]上海社会科学院经济研究所,200020

出　　处：《上海经济研究》2023年第12期63-74,共12页Shanghai Journal of Economics

基　　金：上海市哲学社会科学规划一般项目(项目编号:2021BJB008)的阶段性成果之一。

摘　　要：本文研究低碳转型对企业市场价值的影响,以低碳城市试点政策的实施作为一项“准自然实验”,在研究低碳转型对企业市场价值影响机制的基础上,基于2006-2021年上市公司的微观数据,运用渐进双重差分模型评估了该政策对企业市场价值的影响。研究发现:低碳转型显著提高了企业市场价值。低碳转型通过增加环境治理投资、优化企业成本和促进企业绿色创新这三个机制提高企业市场价值。在碳排放强度不同的企业,低碳转型对企业市场价值的影响存在差异,对碳排放强度高的企业的市场价值影响更大;对非高新技术企业市场价值影响高于高新技术企业;低碳转型对新、旧企业市场价值影响存在差异,低碳城市试点政策促进了新企业市场价值,阻碍了旧企业市场价值。This paper studies the impact of low-carbon transition on the market value of enterprises,taking the implementation of Low-carbon city pilot policy as a"Quasi-natural experiment",based on the study of the impact mechanism of low-carbon transition on the market value of enterprises,based on the 2006-2021 of micro-data,using the incremental double difference model to assess the impact of this policy on the market value of enterprises.The study finds that low-carbon transition significantly increases the market value of enterprises.The lowcarbon transition increases the market value of enterprises through three mechanisms:increasing investment in environmental governance,optimizing enterprise costs,and promoting enterprise green innovation.In enterprises with different carbon intensity,the impact of low-carbon transition on the market value of enterprises is different,as the impact on the market value of enterprises with high carbon intensity is greater.The impact on the market value of non-hightech enterprises is higher than that of high-tech enterprises.The impact of low-carbon transition on the market value of new and old enterprises are different.The pilot policy of low-carbon cities promotes the market value of new enterprises,while obstructing that of the old ones.

关 键 词：低碳城市试点 低碳转型 企业市场价值 绿色创新 环境治理投资 优化成本 

分 类 号：F420[经济管理—产业经济]