【摘要】 中国碳排放交易制度在试点省市开展，其经济效应备受关注。文章将这一政策视为一项准自然实验，基于2011-2018年重点行业上市公司数据，利用倾向匹配得分和双重差分方法考察碳排放交易制度对企业价值的影响。研究发现：碳排放交易制度的实施显著提高了企业价值；相比于非国有企业，碳排放交易制度对企业价值的促进效应在国有企业中更为显著。作用机制检验发现：碳排放交易制度通过促进研发投入和减排投入，可以提高企业短期或长期价值。更多还原

【Abstract】 The economic effects of China’s carbon emissions trading system have attracted much attention. Considering this policy as a quasi-natural experiment, the paper investigates the impact of the carbon emissions trading system on firm value by using methods of propensity-matched scores and double-difference scoring based on the data of listed firms in key industries from 2011 to 2018. The results show that the implementation of the carbon emissions trading system significantly improves firm value. Compared with non-state-owned enterprises, the promoting impact on the financial value of stateowned enterprises is more significant. The mechanism test shows that the carbon emission trading system can improve firm value in a short-term or long-term by promoting R&D investment and emission reduction investment.更多还原