EU ETS碳减排政策对控排企业的经济效应——对我国“双碳”战略实施和全国碳交易市场建设的启示  

The Economic Effect of EU ETS Carbon Emission Reduction Policies on Emission-Controlling Enterprises——Enlightenment to the Implementation of China’s“Carbon Peaking and Neutrality”Strategy and the Construction of CCETE

作　　者：修心 刘君 XIU Xin;LIU Jun

机构地区：[1]吉林大学经济学院,长春130012 [2]上海其肯科技集团有限公司,上海200436

出　　处：《经济问题探索》2024年第5期108-124,共17页Inquiry Into Economic Issues

摘　　要：我国全国碳交易市场(CCETE)已于2024年迈入第三履约周期,如何制定有效的减排政策并发展碳交易市场以推进“双碳”战略,已成为学界讨论的焦点。欧盟碳排放交易体系(EU ETS)历经四个阶段的发展,现已成为全球最成熟的碳排放交易体系,常被视为制定碳减排政策和构建碳交易市场的重要参考。本研究选取时间跨度为1999年第三季度至2023年第三季度的欧洲公司季度面板数据作为研究对象,以公司资产收益率(ROA)作为衡量公司业绩的关键指标。通过运用双重差分模型(DID)并联合多维固定效应,对欧盟碳减排政策对控排企业产生的经济效应进行实证研究。研究结果显示:在EU ETS的第一阶段和第四阶段,相关碳减排政策对控排企业的资产收益率分别产生了显著的负面影响和正面影响。进一步的异质性检验揭示,早期的减排政策对大型公司的负面影响持续时间较长,晚期的减排政策对大型公司的正面影响效果更强。As China Carbon Emissions Trading Exchange(CCETE)enters into the third phase in 2024,the formulation of emission reduction policies and the development of the carbon trading market to promote the“carbon peaking and neutrality”strategy have become central concerns.The European Union Emissions Trading Scheme(EU ETS)has undergone 4 phases,recognized as the foremost exemplar of a global carbon emissions trading framework,often serving as a significant reference for the formulation of carbon emission reduction policies and the establishment of carbon trading markets.This study empirically investigates the economic effects of the European Union’s carbon emission reduction policies on companies by utilizing the difference-in-differences(DID)model combined with multi-dimensional fixed effects,and selecting quarterly panel data of European companies spanning from the third quarter of 1999 to the third quarter of 2023,using Return on Assets(ROA)to assess corporate performance.The results reveal a negative impact in the initial phases and a positive impact in the latter phases.Through heterogeneity analysis,emission reduction policies in earlier phases have a long-lasting negative impact on larger companies,while the emission reduction policies in later phases have a stronger positive effect on larger companies.

关 键 词：欧盟碳排放交易体系 双重差分模型 “双碳”战略 

分 类 号：F270.3[经济管理—企业管理]