我国低碳转型政策对企业价值创造的影响研究——基于城市低碳转型政策和碳排放权交易政策的视角

Research on the Impact of China’s Low Carbon Transformation Policy on Enterprise Value Creation—From the Perspective of Policies of Urban Low-Carbon Transformation and Carbon Emission Trading

摘要: 我国政府自2010年开始分三批推行低碳城市建设的相关方案以及全国范围重点领域碳交易市场建设和产业升级，旨在协调好城市的经济发展和企业的绿色转型。发展低碳经济离不开企业的节能减排，也必然会影响企业的日常经营活动，进而影响到企业价值创造。本文以中国沪深A股上市公司为研究样本，从实证层面采用多期双重差分模型来探究低碳城市试点政策对企业价值创造和碳排放权交易政策对高碳排放企业价值创造的影响，研究时间窗口均为2007~2021年。为研究政策对企业价值创造的影响机制及异质性分组，本文考量企业碳绩效水平在低碳城市试点政策效应中的机制作用，并且从产权性质对政策和企业价值创造的关系进行异质性分析。为提高结论的可靠性，本研究进行了一系列安慰剂和稳健性检验。实证研究表明：第一，城市低碳转型能显著提高企业价值创造。第二，城市低碳转型通过促进碳绩效水平实现企业价值创造。第三，碳排放权交易政策的实施，可提升试点地区高碳排放企业价值。

Abstract: Since 2010, the Chinese government has carried out the relevant plans of low-carbon city construction in three batches, aiming to coordinate the economic development of cities and the green transformation of enterprises. The development of low-carbon economy cannot be separated from the energy conservation and emission reduction of enterprises, which will inevitably affect the daily business activities of enterprises, and then affect the value creation of enterprises. This paper takes Shanghai and Shenzhen A-share listed companies as research samples and adopts a multi-period differential model to explore the impact of low-carbon city pilot policies on enterprise value creation and carbon emission trading policies on value creation of high-carbon emission enterprises. The research time window is 2007~2021. In order to study the mechanism and heterogeneous grouping of the influence of policies on enterprise value creation, this paper considers the mechanism role of carbon performance level in the effect of pilot policies in low-carbon cities, and analyzes the relationship between policies and firm value creation from the nature of property rights. A series of placebo and robustness tests were conducted to improve the reliability of the conclusions. Empirical research shows that: First, urban low-carbon transformation can significantly improve enterprise value creation. Second, urban low-carbon transformation achieves enterprise value creation by promoting carbon performance. Third, the implementation of carbon emission trading policy can enhance the value of high-carbon emission enterprises in pilot areas.