会计学院知识库

中国作为全球温室气体排放量最大的国家，以及《巴黎协定》的缔约方之一，减碳控排的任务迫在眉睫。为了实现减排目标，中国从2013年开始在深圳、北京、湖北等7个地区尝试建立碳排放权交易试点市场。距碳排放权交易机制的引入已有一段时间，但距离2030年到达碳达峰的时限开始进入倒计时。中国在“十四五”计划中提出节能减排目标，并指出健全减排政策机制，以保证生态环境质量持续改善。碳排放权交易机制作为市场化的环境规制，其节能减排意义毋庸置疑，但关于其经济后果的讨论一直是研究的热点。前有“波特假说”，认为适当、严格的环境政策可以使企业获得更多的创新优势，从而促进公司绩效的提高；后有“强波特假说”提出，适宜的环境政策可以直接提高企业业绩。那么，中国环境下的碳排放权交易是否能够达到推动企业发展的目的？为此，本文尝试在中国的体制环境下，对“强波特假说”是否能够被验证这一问题进行探讨。

本文以2010-2020年中国A股上市公司为研究对象，在外部性理论、产权理论、排放权交易理论和利益相关者理论的基础上，运用倾向得分匹配法（PSM）和双重差分法（DID）等方法，考察碳排放权交易机制对企业短期和长期财务绩效的影响，以及碳市场流动性对碳排放权交易与企业财务绩效关系的调节作用。研究发现，碳排放权交易机制虽然抑制了企业短期内的财务绩效增长，但对长期财务绩效具有较为明显的正向影响，并且这种影响随着碳市场的流动性增强而更加显著。上述结论在稳健性检验后仍然有效，验证了中国制度背景情境下的“强波特假说”具备可信性。“绿水青山，就是金山银山”，这意味着环境的改善可以带来经济的发展。

本文的研究结果，一方面可以为中国相关政府部门健全市场化减排机制提供企业方面的反应证据，帮助政府根据企业行为有针对性地完善当下的环境规制，在监管的同时，激励和引导高碳排放企业实现节能降碳减污协同增效。另一方面，协助进入碳市场交易的企业辨明碳排放权交易机制与企业财务绩效之间的相互影响机制，从而帮助企业认识到遵守环境规制的重要性，主动制定更为积极的减排计划。

As the country with the largest greenhouse gas emission in the world and one of the parties to the Paris Agreement, the task of reducing carbon emission control is imminent. In order to achieve emission reduction targets, China began to establish carbon emission right trading pilot markets in seven regions including Shenzhen, Beijing, and Hubei since 2013. It has been some time since the introduction of the carbon emissions trading mechanism, but the time limit for reaching the carbon peak in 2030 has begun to count down. In the 14th Five-Year Plan, China put forward energy conservation and emission reduction targets and pointed out that the emission reduction policy mechanism should be improved to ensure the continuous improvement of ecological environment quality. As a market-oriented environmental regulation, the carbon emission trading mechanism has its significance in energy conservation and emission reduction, but the discussion on its economic consequences has been a hot research topic.  Porter Hypothesis holds that proper and strict environmental policies can make enterprises gain more innovation advantages, thus promoting the improvement of corporate performance. Later, Strong Porter Hypothesis proposed that appropriate environmental policies can directly improve the performance of enterprises. So, can carbon emission trading in China achieve the purpose of promoting the development of enterprises?  Therefore, this paper attempts to explore whether the Strong Porter Hypothesis can be tested in the institutional environment of China.  

Based on the externality theory, property rights theory, emissions trading theory, and stakeholder theory, this paper examines the impact of the carbon emissions trading mechanism on firms' short-term and long-term financial performance and the moderating effect of carbon market liquidity on the relationship between carbon emissions trading and firms' financial performance, using the propensity score matching method (PSM) and the double difference method (DID), based on A-share listed companies in China from 2010 to 2020. It is found that although the carbon emission trading mechanism inhibits the growth of short-term financial performance, it has a significant positive impact on long-term financial performance, and this impact is more significant as the liquidity of the carbon market increases. The above conclusions are still valid after the robustness test, which verifies the credibility of the Strong Porter Hypothesis in the context of China's institutional background. "Green water and green mountains are the golden hills and silver mountains", which means that the improvement of the environment can bring economic development.

The results of this study, on the one hand, can provide evidence for China’s relevant government departments to improve the market-oriented emission reduction mechanism, help the government to improve the current environmental regulation according to the behavior of enterprises, and encourage and guide high-carbon emission enterprises to achieve energy saving, carbon reduction, and pollution reduction synergy. On the other hand, it helps enterprises entering the carbon market to identify the interaction mechanism between carbon emission trading mechanism and enterprise financial performance, so as to help enterprises realize the importance of complying with environmental regulations and actively formulate more active emission reduction plans.