金融学院知识库

  环境退化和气候变化是威胁人类生存和社会可持续发展的重要问题。碳排放权交易机制以碳排放权及其衍生金融产品为标的物，引入市场机制来解决环境问题，其减排作用受到各国的广泛认可。我国在改革开放以来，经济迅猛发展，二氧化碳排放量逐年增加。随着经济转向高质量发展，政府和企业对环境的保护力度也在逐年增强，针对企业而言，碳排放量较高的企业可以通过购买碳排放配额来完成减排任务，碳排放量较低的企业可以出售碳排放配额来赚取收益，企业间在博弈的过程中逐步实现均衡状态。因此，碳排放权交易制度（ETS）的有效运行对缓解气候变化具有重要意义。当前我国在转变经济发展方式的重要过程中，企业是重要的节能减排单位与责任承担者，其积极走低碳发展道路和实现减排目标责无旁贷，研究碳排放权交易对企业价值的影响，对企业积极参与碳交易市场具有理论指导与经验借鉴意义。

  本文首先分析了我国碳交易市场的现状，包括我国整体的碳排放量和碳交易试点地区的碳强度，以及参与碳排放权交易的企业数量与行业分布等；其次对碳排放权交易影响企业价值的相关理论进行分析，主要有科斯产权理论、排污权交易机制、碳排放权交易原理和波特假说，其中碳排放权交易原理和排污权交易机制以二维结构图的形式进行详细阐述；再次以2004-2021年的所有A股上市公司为研究样本，结合上述相关理论分析，运用PSM-DID模型分析碳排放权交易机制对于企业价值的具体影响。

  研究结果表明：碳排放权交易机制能显著提升企业价值，实现波特效应；较之高碳行业，低碳行业企业在碳排放权交易中能更为显著获利；进一步分析碳排放权交易对企业价值的财务影响，研究得出碳排放权交易对企业研发创新投入的成本影响并不显著，对高碳企业的营业外收益影响显著为负，对低碳企业的投资收益影响显著为正。依据上述结论，本文提出完善碳排放权交易市场、扩大碳排放权交易主体、逐步提升我国的碳价格以及提升低碳技术创新能力等对策建议。

     Environmental degradation and climate change are important issues threatening human existence and sustainable social development. Carbon emission trading mechanism takes carbon emission rights and its derivative financial products as the subject matter, and introduces market mechanism to solve environmental problems. Its emission reduction effect is widely recognized by various countries. Since reforming and opening up, the economy develops rapidly and the carbon dioxide emission increases year by year. As the economy turns to high-quality development, the government and enterprises strengthen their efforts to protect the environment year by year. For enterprises, enterprises with high carbon emission can complete the emission reduction task by purchasing carbon emission quota, while enterprises with low carbon emission can sell carbon emission quota to earn income. In the process of game, enterprises gradually realize the equilibrium state. Therefore, the effective operation of the carbon emission trading System (ETS) is of great significance to climate change mitigation. At present, in the important process of transforming the mode of economic development, enterprises are important units of energy saving and emission reduction and responsibility holders. It is incumbent on them to actively lower carbon development path and achieve emission reduction targets. The study of the impact of carbon emission trading on enterprise value has theoretical guidance and empirical significance for enterprises to actively participate in the carbon trading market.

      This paper first analyzes the current situation of Chinese carbon trading market, including the overall carbon emission and carbon intensity of Chinese carbon trading pilot areas, as well as the number of enterprises participating in carbon emission trading and industry distribution. Secondly, it analyzes the theories related to the impact of carbon emission trading on enterprise value, including Coase property rights theory, emission trading mechanism, carbon emission trading principle and Porter hypothesis. The carbon emission trading principle and emission trading mechanism are elaborated in the form of two-dimensional structure chart. Again, taking all A-share listed companies from 2004 to 2021 as research samples, combined with the above theoretical analysis, PSM-DID model was used to analyze the specific impact of carbon emission trading mechanism on enterprise value.

      The results show that the carbon emission trading scheme can significantly enhance the value of enterprises and realize the porter effect. Compared with high-carbon industry, enterprises in low-carbon industry can make more significant profits in carbon emission trading. By further analyzing the financial impact of carbon emission trading on enterprise value, it is concluded that the impact of carbon emission trading on the cost of enterprise R&D and innovation input is not significant, the impact on non-operating income of high carbon enterprises is significantly negative, and the impact on investment income of low carbon enterprises is significantly positive. Based on the above conclusions, this paper puts forward some countermeasures and suggestions on perfecting the carbon emission trading market, expanding the main body of carbon emission trading, gradually improving the carbon price and improving the innovation capacity of low carbon technology.