【作者】 李丹；

【导师】 王丹舟；

【作者基本信息】 暨南大学 ， 管理学 会计学， 2021， 硕士

【副题名】基于碳密集型行业的实证研究

【摘要】 气候变化是二十一世纪人类最严峻的全球挑战之一,它威胁着人类的生存和发展以及子孙后代的福祉。2016年,中国二氧化碳排放总量占全球总量的27.3%,成为世界上最大的二氧化碳排放国。面对全球气候变暖的趋势和国际社会的巨大压力,中国将二氧化碳减排纳入国民经济和社会发展的总体战略。工业的二氧化碳排放作为污染的主要源头,政府拟通过市场激励型环境政策对温室气体进行治理,并于2011年批准在五市两省开展碳排放权交易试点工作。随着碳交易的开启,一方面企业需要投入更多的资本进行购买环保设备或开发环保类产品,另一方面市场型环境规制能为环境友好型企业带来更多的机遇。鉴于此,本文在梳理国内外文献的基础上,基于可持续发展理论、波特效应理论和自愿性信息披露理论等相关理论,以2010-2017年A股碳密集型行业的上市公司为研究对象,采用双重差分法从实证层面探究碳交易政策对企业价值的影响,为了进一步研究两者之间的影响路径和是否存在影响异质性的影响因素,本文进一步从技术创新和信息披露两个角度对两者之间的路径进行分析,从产权性质对两者关系的异质性进行分析。研究发现:(1)与非碳交易试点省市的碳密集型上市公司相比,试点地省市的碳密集型上市公司的企业价值更高。(2)技术创新在碳排放权交易政策对企业价值的影响过程中能起到很好的中介作用,而环境信息披露虽然能够提高企业价值,但碳交易政策并未提高企业对环境信息的披露质量和水平。(3)由于外部压力和资源获取等原因,在其他条件相同的情况下,相对于非国有企业,碳交易政策对国有企业价值的提升更显著。另外,为了结果的稳健性,本文进行了平行趋势假设、安慰剂检验等一系列稳健性检验。本文丰富了碳排放权交易与企业价值的理论研究内容,并尝试基于政策影响企业行为,企业行为影响企业价值这一范式对两者之间的路径进行分析,对进一步推动全国碳排放权交易体系建设提供一定的启示意义。最后,基于本文的研究结论,从政府层面和企业层面分别提出相关建议。更多还原

【Abstract】 Climate change is one of the most severe global challenges for mankind in the 21 st century which threatens the survival and development of future generations.In 2016,China became the world’s largest emitter of CO2 emissions and its total carbon dioxide emissions accounted for27.3% of the global total.With the trend of global climate warming and the enormous pressure of the international community,China has incorporated carbon dioxide emission reduction into its general strategy.One of the main source of pollution is industrial carbon dioxide emissions.The government intends to control greenhouse gases through market-incentive environmental policy and in 2011 approved the pilot work of carbon emissions trading in seven provinces.With the development of carbon trading,companies need to invest more capital to purchase environmental protection equipment or develop environmentally friendly products.Meanwhile,market-based environmental regulations can bring more opportunities for environmental friendly enterprise.In view of this,on the basis of relevant theories such as sustainable development theory,Porter effect theory and voluntary information disclosure theory,this paper takes listed companies of carbon-intensive industries in 2010 and 2017 as the samples and explore the impact of carbon trading policies on corporate performance by empirical methods including literature review and double difference method(DID).What’s more,this paper further analyzed the path between carbon trading policies and corporate performance from technological innovation and information disclosure.This paper also analyzed the heterogeneity of the relationship between them from the nature of property rights.The study found that:(1)Compared with the carbon-intensive listed companies in non-carbon trading pilot provinces,the carbon-intensive listed companies in the pilot provinces have better corporate value.(2)Technological innovation plays a good intermediary role in the relationship of carbon emissions trading policies and corporate value.Although environmental information disclosure can improve corporate value,carbon trading policies do not improve the quality and level of corporate disclosure of environmental information.(3)Due to external pressures and limited resources,carbon trading policies have significantly influence on state-owned enterprises’ value compared to non-state-owned enterprises’ under the same conditions.Otherwise,for the robustness of the results,a series of robustness tests such as the parallel trend hypothesis and placebo test were conducted in this paper.This article enriches the theoretical research of carbon emissions trading and corporate value,and attempts to analyze the path between carbon emissions trading and corporate value,based on the corporate-behavior-influence paradigm.This paper could provide some inspiration for further promoting the construction of the national carbon emissions trading system.Finally,based on the research conclusions of this article,relevant suggestions are made from the government level and the enterprise level.更多还原