碳排放权交易影响企业现金持有的实证分析——来自A股八大行业企业的经验证据  

An Empirical Analysis on the Impact of Carbon Emission Trading on Corporate Cash Holdings——Empirical Evidence from A-Share Enterprises in Eight Industries

作　　者：刘文君 刘星诚 张婷 LIU Wenjun;LIU Xingcheng;ZHANG Ting(School of Economic Management and Law,University of South China,Hengyang,Hunan 421001,China)

机构地区：[1]南华大学经济管理与法学学院,湖南衡阳421001

出　　处：《西安石油大学学报（社会科学版）》2024年第5期48-56,100,共10页Journal of Xi’an Shiyou University:Social Science Edition

基　　金：湖南省哲学社会科学基金项目“‘双碳’目标下湖南电力行业碳减排政策协同机制研究”(22YBA124)。

摘　　要：碳排放权交易政策是一项重要的减排政策,同时对企业的财务决策产生重要影响。基于2007-2018年中国A股八大行业中的上市企业数据,构建DID模型进行实证分析,探索碳排放权交易对企业现金持有水平的影响和作用机理。结果表明:碳排放权交易政策能够提高企业的现金持有水平,但此政策对异质性企业的作用具有较大差异,对高行政等级城市的企业、国有企业、大规模企业以及产品竞争程度高的企业更为明显。同时发现,碳排放权交易政策通过研发创新效应-预防性动机和碳投资效应-交易性动机两条路径影响企业现金持有水平。Carbon emission trading policy is an important emission reduction policy,and has a significant impact on the financial decisions of enterprises.Based on the data of listed enterprises in eight major A-share industries in China from 2007 to 2018,the DID model was constructed for empirical analysis to explore the impact and mechanism of carbon emission trading on the cash holding level of enterprises.The results show that the carbon emission trading policy can improve the cash holding level of enterprises,but the effect of this policy on heterogeneous enterprises is quite different,and it is more obvious for enterprises in cities with high administrative level,state-owned enterprises,large-scale enterprises and enterprises with high product competition.At the same time,it is found that carbon emission trading policy affects the cash holding level of enterprises through two paths:R&D innovation effect-precautionary motivation,and carbon investment effect-transactional motivation.

关 键 词：碳排放权交易 双重差分 现金持有 

分 类 号：F275[经济管理—企业管理] F205[经济管理—国民经济]