|
|
碳排放交易政策对企业绩效的影响研究
|
Abstract:
作为一种市场驱动的环境监管机制，碳排放交易政策在有效减少碳排放的同时，也对企业财务绩效起到了促进作用。通过手工搜集碳排放交易试点的企业名单数据，将碳排放交易政策视为准自然实验，采用多期PSM-DID模型探究碳排放交易政策对企业财务绩效的影响，并采用安慰剂等方法检验结果的稳健性。进一步地，分析了客户集中度对企业财务绩效的影响。实证结果表明：碳排放交易政策能够显著提高企业财务绩效，该结果也通过了一系列稳健性检验，证明结果较为稳健。此外，客户集中度削弱了碳排放交易政策对企业财务绩效的影响，究其原因，可能是企业面对较少的客户时，更加依赖客户，导致议价能力低，成本转移困难。本文的研究结果，对于帮助企业正确理解碳排放交易政策为其带来的经济后果，及促进企业积极响应碳排放交易政策具有一定的现实意义。
As a market-oriented environmental regulatory mechanism, carbon emission trading policy not only effectively reduces carbon emissions, but also promotes corporate financial performance. By manually collecting data on the list of companies involved in carbon emissions trading pilot projects, the carbon emission trading policy was treated as a quasi-natural experiment. A multiperiod PSM-DID model was used to explore the impact of carbon emission trading policy on corporate financial performance, and methods such as placebo were used to test the robustness of the results. Furthermore, the impact of user concentration on corporate financial performance was analyzed. The empirical results indicate that carbon emission trading policy can significantly improve corporate financial performance, and this result has also passed a series of robustness tests, proving that the results are relatively robust. In addition, user concentration weakens the impact of carbon emission trading policy on corporate financial performance. The reason may be that companies rely more on customers when facing fewer customers, resulting in low bargaining power and difficulty in cost transfer. The research results of this article have certain practical significance in helping enterprises correctly understand the economic consequences of carbon emission trading policy and promoting enterprises to actively respond to carbon emission trading policy.
| [1] | Dong, Z.Y.Z., Xia, C.Y., Fang, K., et al. (2022) Effect of the Carbon Emissions Trading Policy on the Co-Benefits of Carbon Emissions Reduction and Air Pollution Control. Energy Policy, 165, Article ID: 112998.
https://doi.org/10.1016/j.enpol.2022.112998 |
| [2] | Jiang, L., He, S.X., Zhou, H.F., et al. (2021) Coordination be-tween Sulfur Dioxide Pollution Control and Rapid Economic Growth in China: Evidence from Satellite Observations and Spatial Econometric Models. Structural Change and Economic Dynamics, 57, 279-291. https://doi.org/10.1016/j.strueco.2021.04.001 |
| [3] | Lin, B.Q. and Wu, N. (2022) Will the China’s Carbon Emis-sions Market Increase the Risk-Taking of Its Enterprises? International Review of Economics & Finance, 77, 413-434. https://doi.org/10.1016/j.iref.2021.10.005 |
| [4] | 张平淡, 张惠琳. 环境规制改进企业全要素生产率的路径研究——基于碳排放权交易试点的准自然实验[J]. 江淮论坛, 2021(4): 44-51. |
| [5] | Cheng, B.B., Dai, H.C., Wang, P., et al. (2015) Impacts of Carbon Trading Scheme on Air Pollutant Emissions in Guangdong Province of China. Energy for Sustainable Development, 27, 174-185.
https://doi.org/10.1016/j.esd.2015.06.001 |
| [6] | Song, Y.Z., Liang, D.P., Liu, T.S., et al. (2018) How China’s Cur-rent Carbon Trading Policy Affects Carbon Price? An Investigation of the Shanghai Emission Trading Scheme Pilot. Journal of Cleaner Production, 181, 374-384.
https://doi.org/10.1016/j.jclepro.2018.01.102 |
| [7] | Hu, Y.C., Ren, S.G., Wang, Y.J., et al. (2020) Can Carbon Emission Trading Scheme Achieve Energy Conservation and Emission Reduction? Evidence from the Industrial Sector in China. Energy Economics, 85, Article ID: 104590.
https://doi.org/10.1016/j.eneco.2019.104590 |
| [8] | Zhu, J.M., Ge, Z.M., Wang, J.L., et al. (2022) Evaluating Re-gional Carbon Emissions Trading in China: Effects, Pathways, Co-Benefits, Spillovers, and Prospects. Climate Policy, 22, 918-934.
https://doi.org/10.1080/14693062.2022.2054765 |
| [9] | Zhu, J.M., Li, X., Fan, Y.C., et al. (2022) Effect of Carbon Market on Air Pollution: Firm-Level Evidence in China. Resources Conservation and Recycling, 182, Article ID: 106321. https://doi.org/10.1016/j.resconrec.2022.106321 |
| [10] | 沈洪涛, 黄楠, 刘浪. 碳排放权交易的微观效果及机制研究[J]. 厦门大学学报(哲学社会科学版), 2017(1): 13-22. |
| [11] | Lv, M.C. and Bai, M.Y. (2021) Evaluation of China’s Carbon Emission Trading Policy from Corporate Innovation. Finance Research Letters, 39, Article ID: 101565. https://doi.org/10.1016/j.frl.2020.101565 |
| [12] | 宋德勇, 朱文博, 王班班. 中国碳交易试点覆盖企业的微观实证: 碳排放权交易、配额分配方法与企业绿色创新[J]. 中国人口？资源与环境, 2021, 31(1): 37-47. |
| [13] | Lyu, X.H., Shi, A.N. and Wang, X. (2020) Research on the Impact of Carbon Emission Trading System on Low-Carbon Technology Innovation. Carbon Management, 11, 183-193.
https://doi.org/10.1080/17583004.2020.1721977 |
| [14] | Porter, M.E. and Vanderlinde, C. (1995) Toward a New Conception of the Environment-Competitiveness Relationship. Journal of Economic Perspectives, 9, 97-118. https://doi.org/10.1257/jep.9.4.97 |
| [15] | Berrone, P., Fosfuri, A., Gelabert, L., et al. (2013) Necessity as the Mother of “Green” Inventions: Institutional Pressures and Environmental Innovations. Strategic Management Journal, 34, 891-909. https://doi.org/10.1002/smj.2041 |
| [16] | Dhaliwal, D., Judd, J.S., Serfling, M., et al. (2016) Customer Concentration Risk and the Cost of Equity Capital. Journal of Accounting & Economics, 61, 23-48. https://doi.org/10.1016/j.jacceco.2015.03.005 |
| [17] | Campello, M. and Gao, J. (2017) Customer Concentration and Loan Contract Terms. Journal of Financial Economics, 123, 108-136. https://doi.org/10.1016/j.jfineco.2016.03.010 |
| [18] | Cui, Y., Zhang, Y.M., Guo, J.J., et al. (2019) Top Management Team Knowledge Heterogeneity, Ownership Structure and Financial Performance: Evidence from Chinese IT Listed Companies. Technological Forecasting and Social Change, 140, 14-21. https://doi.org/10.1016/j.techfore.2018.12.008 |
| [19] | Ma, Y., Zhang, Q. and Yin, Q.Y. (2021) Top Management Team Faultlines, Green Technology Innovation and Firm Financial Performance. Journal of Environmental Management, 285, Article ID: 112095.
https://doi.org/10.1016/j.jenvman.2021.112095 |
| [20] | 刘晔, 张训常, 蓝晓燕. 国有企业混合所有制改革对全要素生产率的影响——基于PSM-DID方法的实证研究[J]. 财政研究, 2016(10): 63-75. |
| [21] | 李百兴, 王博. 新环保法实施增大了企业的技术创新投入吗?——基于PSM-DID方法的研究[J]. 审计与经济研究, 2019, 34(1): 87-96. |
| [22] | Guo, Y.S., Chen, J.Q., Shi, F., et al. (2022) The Effect of China’s Carbon Emission Trading on Eco-Efficiency: An Empirical Study at the City Level. Environmental Science and Pollution Research, 29, 84827-84843.
https://doi.org/10.1007/s11356-022-21617-9 |
| [23] | Bu, T., Du, W.H., Tang, C.X., et al. (2022) Market-Oriented Environmental Regulations, Employment Adjustment and Transfer Path: Quasi-Experimental Evidence from China’s Carbon Emissions Trading Pilot. Journal of Cleaner Production, 369, Article ID: 133292. https://doi.org/10.1016/j.jclepro.2022.133292 |
| [24] | Shang, L.N., Tan, D.Q., Feng, S.L., et al. (2022) Environmental Regulation, Import Trade, and Green Technology Innovation. Environmental Science and Pollution Research, 29, 12864-12874.
https://doi.org/10.1007/s11356-021-13490-9 |
