摘要
提升企业的风险承担水平是市场激励型环境规制促使企业实现绿色转型的重要保障。以中国碳排放权交易试点政策为对象进行研究,构建了一个反映企业碳排放权交易行为的理论模型,探讨碳排放权交易如何影响轻(重)污染企业的风险承担水平。理论研究表明,碳排放权交易有助于引导企业研发创新、降低生产成本和提高利润,最终提升企业风险承担水平。实证结果显示,市场激励型环境规制显著提高了碳排放权交易试点地区企业的风险承担水平,且主要提高轻污染、非国有和东部地区等样本组企业的风险承担水平。机制检验表明,市场激励型环境规制通过提高企业研发创新、生产率和利润率提升企业风险承担水平,并且市场激励型环境规制对轻污染企业研发创新、生产率和利润率的促进作用大于重污染企业。因此,面对环境治理压力,企业应当主动承担碳排放权交易带来的机会和挑战,通过研发创新提升自身的风险承担能力。
Global warming is a critical issue globally,necessitating immediate action on energy conservation and emission reduction.As a responsible emerging power,China has continuously refined its domestic carbon emissions trading system,setting targets for carbon peak and carbon neutrality.However,environmental regulations introduce uncertainty and risk into corporate production,investment,and profitability.This paper introduces the concept of proactive risk-taking by enterprises.Carbon emissions trading is a significant tool for market-based environmental regulation.This paper conducts both theoretical analysis and empirical testing based on China’s pilot policies for carbon emissions trading.Initially,a theoretical model is constructed to reflect corporate carbon emissions trading behaviors,exploring how such trading influences the risk-taking levels of light and heavy polluting enterprises.The theory suggests that carbon emissions trading helps guide corporate R&D innovation,reduce production costs,and enhance profits,ultimately elevating corporate risk-taking levels.Using the seven pilot regions established by China’s National Development and Reform Commission for carbon emissions trading as a quasi-natural experiment,and data from Chinese A-share listed companies,empirical research is conducted.The results reveal that market-based environmental regulation significantly enhances the risk-taking levels of enterprises in pilot regions,particularly elevating the risk-taking levels of light-polluting enterprises,non-state-owned enterprises,and those in the eastern region.Mechanism analysis indicates that market-based environmental regulation enhances corporate risk-taking levels by promoting R&D innovation,productivity,and profitability.Moreover,this promotional effect is more pronounced in light-polluting enterprises compared to heavy-polluting ones.This paper’s potential marginal contributions are twofold:First,from a research perspective,unlike existing literature which mostly analyzes mechanisms from the perspe
作者
胡浩然
宋颜群
HU Haoran;SONG Yanqun(School of Economics,Shandong University,Jinan 250199,China;School of Public Finance and Taxation,Shandong University of Finance and Economics,Jinan 250014,China)
出处
《当代经济科学》
北大核心
2024年第4期73-87,共15页
Modern Economic Science
基金
山东省社会科学规划研究专项一般项目“山东建设绿色低碳高质量发展先行区的环境治理机制与政策优化研究”(23CFZJ08)
山东省高等学校优秀青年创新团队项目“财税政策促进共同富裕的内外协同机制与实现路径研究”(2023RW063)
济南市市校融合发展战略工程项目“财税专业校研政企协同育人改革项目”(JNSX2023051)。
关键词
环境规制
市场激励
绿色转型
碳排放权交易
风险承担
研发创新
生产率
利润率
environmental regulation
market incentive
green transformation
carbon emission trading
risk-taking
R&D innovation
productivity
profit margin
