碳排放交易政策对企业绩效的影响研究

Research on the Impact of Carbon Emissions Trading Policy on Corporate Financial Performance

摘要: 作为一种市场驱动的环境监管机制，碳排放交易政策在有效减少碳排放的同时，也对企业财务绩效起到了促进作用。通过手工搜集碳排放交易试点的企业名单数据，将碳排放交易政策视为准自然实验，采用多期PSM-DID模型探究碳排放交易政策对企业财务绩效的影响，并采用安慰剂等方法检验结果的稳健性。进一步地，分析了客户集中度对企业财务绩效的影响。实证结果表明：碳排放交易政策能够显著提高企业财务绩效，该结果也通过了一系列稳健性检验，证明结果较为稳健。此外，客户集中度削弱了碳排放交易政策对企业财务绩效的影响，究其原因，可能是企业面对较少的客户时，更加依赖客户，导致议价能力低，成本转移困难。本文的研究结果，对于帮助企业正确理解碳排放交易政策为其带来的经济后果，及促进企业积极响应碳排放交易政策具有一定的现实意义。

Abstract: As a market-oriented environmental regulatory mechanism, carbon emission trading policy not only effectively reduces carbon emissions, but also promotes corporate financial performance. By manually collecting data on the list of companies involved in carbon emissions trading pilot projects, the carbon emission trading policy was treated as a quasi-natural experiment. A multiperiod PSM-DID model was used to explore the impact of carbon emission trading policy on corporate financial performance, and methods such as placebo were used to test the robustness of the results. Furthermore, the impact of user concentration on corporate financial performance was analyzed. The empirical results indicate that carbon emission trading policy can significantly improve corporate financial performance, and this result has also passed a series of robustness tests, proving that the results are relatively robust. In addition, user concentration weakens the impact of carbon emission trading policy on corporate financial performance. The reason may be that companies rely more on customers when facing fewer customers, resulting in low bargaining power and difficulty in cost transfer. The research results of this article have certain practical significance in helping enterprises correctly understand the economic consequences of carbon emission trading policy and promoting enterprises to actively respond to carbon emission trading policy.