碳排放权交易、企业创新与企业价值

Carbon Emission Trading, Enterprise Innovation and Enterprise Value

摘要: 碳排放权交易的实施不仅能有效降低试点省份的碳排放，也会影响受监管企业的现金流、生产运营、投资和技术革新决策，进而影响企业价值。本文选取2008~2020年在沪深上市的A股公司数据，通过双重差分模型实证分析发现碳排放权交易的运行显著提升了企业价值，进一步的机制检验发现碳排放权交易可以通过推动企业自主创新来提升企业价值。研究不仅丰富了有关碳交易对企业微观影响的实证研究，也为完善中国的碳交易市场提供了参考。

Abstract: The implementation of carbon emission trading can not only effectively reduce the carbon emissions of pilot provinces, but also affect the cash flow, production and operation, investment and technological innovation decisions of regulated enterprises, thus affecting enterprise value. This paper selects the data of A-share companies listed in Shanghai and Shenzhen from 2008 to 2020. Through the empirical analysis of the double difference model, it is found that the operation of carbon emissions trading has significantly improved the enterprise value, and further mechanism testing finds that carbon emissions trading can improve the enterprise value by promoting independent innovation of enterprises. The research not only enriches the empirical research on the micro impact of carbon trading on enterprises, but also provides a reference for improving China’s carbon trading market.