中国碳排放权交易机制与实践:基于微观企业股权资本成本的视角  

Carbon emission trading mechanism and practice in China:From the perspective of cost of equity capital

作　　者：刘向强[1] 方祺 胡珺 LIU Xiangqiang;FANG Qi;HU Jun(College of Economics and Management,Southwest University,Chongqing 400715,China;International Business School,Hainan University,Haikou 570228,China)

机构地区：[1]西南大学经济管理学院,重庆400715 [2]海南大学国际商学院,海南海口570228

出　　处：《中国软科学》2024年第5期142-151,共10页China Soft Science

基　　金：国家自然科学基金项目“并购业绩补偿承诺的影响因素及其及经济后果研究”(719021165);国家自然科学基金地区项目“碳排放权交易市场、投资者碳风险关注与资本市场效率研究”(72362011);重庆市社会科学规划项目“数字化转型推动市属国有制造业转型升级高质量发展研究”(2022NDYB56);中央高校基本业务费项目“企业并购重组中的商誉减值及其风险防范研究”(SWU2109212)。

摘　　要：碳排放权交易市场作为企业减排增效的重要机制,引发了资本市场投资者对企业碳排放问题的关注,进而可能影响投资者对企业的风险评估与价值判断。手工整理中国各试点碳市场的控排企业名录发现:碳排放权交易机制显著提升了控排企业的权益资本成本,主要机制为投资者碳风险关注,但该市场机制存在明显的效应边界。进一步发现,当碳市场的初始配额实施部分竞价拍卖和非履约主体交易更为活跃,产品市场竞争程度更高和企业所在城市空气污染更为严重,以及企业非财务绩效表现更好时,碳排放权交易机制对企业权益资本成本的提升作用更为明显。研究结论有助于更为全面的评估我国碳市场建设的经济后果,为该低碳环保政策的持续推广提供理论依据与经验参考。As an important mechanism for enterprises to reduce emissions and increase efficiency,the carbon emission trading market has aroused the attention of investors in the capital market on the carbon emission issue of enterprises,which may affect investors’risk assessment and value judgment of enterprises.By manually sorting out the list of emission control enterprises in various carbon emission trading markets in China,this paper finds that the carbon emission trading mechanism has significantly increased the cost of equity capital of enterprises listed in carbon emission trading markets.The main mechanism is that investors pay attention to carbon risk,but the market mechanism has obvious effect boundaries.It is further found that when the initial quota of the carbon market is partially auctioned and transactions are more active,the competition in the product market is higher,the air pollution in the city where the enterprise is located is more serious,and the non-financial performance of the enterprise is better,the carbon emission trading mechanism has a more significant effect on the cost of equity capital of the enterprise.The conclusion of this study is helpful to comprehensively evaluate the economic consequences of China’s carbon market construction,and provide theoretical basis and empirical reference for the continuous promotion of this low-carbon environmental protection policy.

关 键 词：碳排放权交易 碳市场机制设计 投资者碳风险关注 权益资本成本 

分 类 号：F832.5[经济管理—金融学]