摘要
以2013年实施的碳排放权交易试点对市场激励型环境规制与企业价值的关系进行分析。结果表明,碳排放权交易机制的实施对企业短期价值有显著的积极影响,但抑制了长期价值;宏观层面上,随着碳市场流动性的提升,该机制的实施对企业短期价值的促进作用增强,对长期价值的消极影响也得到缓解;微观层面上,碳排放权交易机制对企业短期、长期价值在风险承受能力高的企业中均体现出更加显著的积极影响。研究为碳排放权交易机制的进一步完善提供参考,给企业绿色价值提升提供思路。
Based on the carbon emission trading pilot implemented in 2013,this paper analyzes the relationship between market incentive-based environmental regulation and enterprise value.The results show that the implementation of carbon emission trading mechanism has a significant positive effect on the short-term value of enterprises,but inhibits the long-term value.At the macro level,with the improvement of the liquidity of the carbon market,the implementation of this mechanism has a stronger promoting effect on the short-term value of enterprises,while the negative impact on the long-term value has also been alleviated.At the micro level,the carbon emission trading mechanism has a more significant positive impact on the short-term and long-term value of enterprises in those enterprises with high risk tolerance.This study enriches the relevant literature on market incentive environmental regulation and enterprise value research,provides a reference for the further improvement of carbon emission trading mechanism,and provides ideas for the improvement of enterprise green value.
作者
李涛
李昂
宋沂邈
伊力奇
Li Tao;Li Ang;Song Yimiao;Yi Liqi(School of Economics and Management,North China Electric Power University,Beijing 102206,China)
出处
《科技管理研究》
CSSCI
北大核心
2021年第13期211-222,共12页
Science and Technology Management Research
关键词
市场激励型环境规制
碳排放权交易
价值效应
碳市场流动性
风险承受能力
market-incentive environmental regulation
carbon emission trading
value effect
carbon market fluidity
risk tolerance
