摘要
以碳排放权交易制度的实施作为一项“准自然实验”,基于2008—2021年中国A股上市电力企业的面板数据,采用双重差分法实证检验了实施碳排放权交易制度对我国电力企业资本结构的影响。结果表明:碳排放权交易制度的实施显著降低了电力企业的财务杠杆水平。在此基础上,分析了碳排放权交易制度、财务困境和电力企业资本结构水平三者之间的关系。结果表明:财务困境是实施碳排放权交易制度与电力企业财务杠杆水平之间的主要传导渠道,即碳排放权交易制度的实施提高了电力企业的财务困境风险,进而使其财务杠杆水平降低。分析还发现,投资减少不是引起电力企业财务杠杆降低的传导渠道。研究不仅丰富了有关碳排放权交易制度实施领域的实证研究,为首先纳入的发电企业的资本结构以及能源结构的优化提供借鉴,也可为其他行业陆续纳入全国统一碳排放权交易市场提供可借鉴的经验。
Taking the implementation of the carbon emission trading system as a“quasi-natural experiment”,based on the panel data of China’s A-share power listed companies from 2008 to 2021,this paper empirically tests the impact of the carbon emission trading system on the capital structure of China’s power enterprises with the help of DID model.The results show that the implementation of the carbon emission trading system significantly lowers the financial leverage level of power enterprises.On this basis,the relationship among carbon emission trading system,financial distress and capital structure level of power enterprises is analyzed.The results show that financial distress is the main transmission channel between the carbon emission trading system and the financial leverage level of power enterprises,that is,the implementation of carbon emission trading system improves the financial distress risk of power enterprises and further lowers their financial leverage level.The analysis also found that the reduction of investment is not the transmission channel that causes the reduction of financial leverage of power enterprises.The research not only enriches the empirical research in the field of carbon emission trading system,but also provides reference for the optimization of capital structure and energy structure of power generation industry which included first;it also provides valuable experience for other industries to gradually integrate into the unified national carbon market.
作者
王二菊
峥宇
陈省宏
WANG Erju;ZHENG Yu;CHEN Shenghong
出处
《上海商学院学报》
2023年第1期107-120,共14页
Business Economic Review
基金
国家自然科学基金青年项目“不同企业生命周期下环境行政处罚的治理效应研究:微观机制与政策选择”(72003131)。
关键词
碳排放权交易制度
准自然实验
资本结构
电力企业
双重差分模型
carbon emission trading system
quasi-natural experiment
capital structure
power enterprise
DID model
