碳排放权交易对企业经营风险的影响

The Impact of Carbon Emission Trading on Enterprise Business Risk

摘要: 为达成“双碳”目标，我国建立了碳排放权试点交易制度。作为市场规制型政策，碳排放权试点交易对于企业经营具有一定的影响。本文以试点地区上市公司为研究样本，选取2008~2023年沪深两市A股上市公司数据，运用双重差分模型实证检验了碳排放权试点交易对企业经营风险的影响。研究表明，参与了碳排放权试点交易的企业通过技术创新、加强信息披露、提升环境绩效等方面降低了其经营风险，且这一结论在经过了一系列稳健性检验后依然成立。本文拓宽了环境政策与企业风险相关研究，丰富了环境规制在微观层面的经验证据和政策效应。

Abstract: In order to achieve the goal of “double carbon”, China has established a pilot trading system for carbon emission rights. As a market regulation policy, the pilot trading of carbon emission rights has a certain impact on the operation of enterprises. This paper takes the listed companies in the pilot area as the research sample, selects the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2023, and uses the difference-in-differences model to empirically test the impact of carbon emission rights pilot trading on the business risk of enterprises. The study found that the carbon emission rights pilot trading policy significantly reduced the business risk of enterprises, and this conclusion remained valid after a series of robustness tests. Pilot trading of carbon emission rights reduces business risks by promoting technological innovation, enhancing information disclosure and improving environmental performance. This paper broadens the research on environmental policy and enterprise risk, and enriches the empirical evidence and policy effects of environmental regulation at the micro level.