碳交易对企业绩效的影响——以清洁发展机制为例被引量：12

The Effect of Carbon Trading on Corporate Performance Illustrated by the Case of Clean Development Mechanism

下载PDF

导出

摘要清洁发展机制(CDM)是企业参与碳交易的重要形式,本文基于反事实分析框架,采用匹配估计量方法进行参数估计,选择实施CDM项目最多的火电、钢铁、水泥三个行业的上市公司分析项目实施效果,研究结果显示碳交易对企业绩效的影响存在明显的行业差异性:CDM项目显著提高了火电企业和水泥企业的经营绩效;实施CDM项目对钢铁企业绩效产生了负面影响,特别是如果没有实施CDM项目的企业实施该项目,将会显著恶化企业经营绩效。为促进业绩增长,企业碳交易决策应紧密结合实际情况,审慎评估项目盈利前景,科学合理地选择适宜企业自身特点的碳减排方式。 Clean development mechanism(CDM)is an important way for enterprises participating in the carbon trading.This paper calculates the impact of CDM in Thermal power,iron &steel,and cement industries.In order to solve the selective bias problem in multiple linear regression models,this paper applies the matching estimators to estimate parameter based on a counterfactual framework.The results are as follows:firstly,CDM has improved corporate performance significantly in the thermal power and cement industry,and the effects in the treated group are better than in the control group.Secondly,CDM has negatively influenced corporate performance in the iron and steel industry.In particular,the steel enterprises in the control group may significantly deteriorate their financial performance if they develop CDM projects in a downturn industry.Finally,in order to improve corporate performance,enterprises should carefully evaluate profitability prospects of the CDM projects according to the actual situation.

作者贺胜兵周华蓉田银华

机构地区湖南科技大学商学院

出处《中南财经政法大学学报》 CSSCI 北大核心 2015年第3期3-10,158,共8页 Journal of Zhongnan University of Economics and Law

基金国家社会科学基金重大招标项目"基于CGE模型的产业结构调整污染减排效应和政策研究"(11&ZD043) 国家社会科学基金一般项目"产业结构调整促进污染减排的潜力效应及政策研究"(13BJY070) 国家自然科学基金青年项目"多重冲击下沿海产业转移环境污染动态模拟与风险调控研究"(41201592)

关键词清洁发展机制碳排放权交易节能减排经营绩效匹配估计量 CDM Corporate Performance Matching Estimator Energy-saving and Emission-reduction

分类号 F425 [经济管理—产业经济]

引文网络
相关文献

参考文献22

1Russo,M.V.,Fouts,P.A.A Resource-based Perspective on Corporate Environmental Performance and Profitability[J].Academy of Management Journal,1997,40(3):534-559.
2Judge,W.Q.,Douglas,T.J.Performance Implications of Incorporating Natural Environmental Issues into the Strategic Planning Process:An Empirical Assessment[J].Journal of Management Studies,1998,35(2):241-262.
3Sharma,S.Managerial Interpretations and Organizational Context as Predictors of Corporate Choice of Environmental Strategy[J].Academy of Management Journal,2000,43(4):681-697.
4Bragdon,J.H.,Marlin,J.A.T.Is Pollution Profitable?[J].Risk Management,1972,19(4):9-18.
5Stanwick,P.A.,Stanwick,S.D.The Relationship between Corporate Social Performance and Organizational Size Financial Performance,Environmental Performance:An Empirical Examination[J].Journal of Business Ethics,1998,17(2):195-204.
6Fogler,H.R.,Nutt,F.A Note on Social Responsibility and Stock Valuation[J].Academy of Management Journal,1975,18(1):155-160.
7David,L.L.The Environmental Practices and Performance of Transnational Corporations[J].Transnational Corporations,1995,4(1):44-67.
8Wang,B.Can CDM Bring Technology Transfer to China?An Empirical Study of Technology Transfer in China's CDM Projects[J].Energy Policy,2010,38(5):2572-2585.
9Michele,S.Evidence of the Clean Development Mechanism Impact on the Chinese Electric Power System's Low-carbon Transition[J].Energy Policy,2013,62(11):1309-1319.
10Zhao,Z.Y.,Li,Z.W.,Xia,B.The Impact of the CDM(Clean Development Mechanism)on the Cost Price of Wind Power Electricity:A China Study[J].Energy,2014,69(5):179-185.

二级参考文献28

1陈信元,江峰.事件模拟与非正常收益模型的检验力——基于中国A股市场的经验检验[J].会计研究,2005(7):25-31. 被引量：47
2唐齐鸣,黄素心.ST公布和ST撤销事件的市场反应研究——来自沪深股市的实证检验[J].统计研究,2006,23(11):43-47. 被引量：26
3高天皎.碳交易及其相关市场的发展现状简述[J].中国矿业,2007,16(8):86-89. 被引量：33
4刘镜秀,窦瑾.中国股票市场大小非解禁影响研究[Z].对外经济贸易大学研究生科研立项获奖项目,2008.
5Crocker T D. The Structuring of Atmospheric Pollution Control Systems[J]. Emissions Trading Programs, 2001(5) :11-20.
6Stavins R N. Transactions Costs and Tradable Permits [J]. Journal of Environmental Economics and Management, 1995(29): 133-148.
7T N Cason,L Gandgadharan. Transactions Cost in Tradeable Permit Markets:An Experimental Study of Pollution Market Designs[J]. Journal of Regulation Economics, 2003(2):145-165.
8Sven B. Abatement Costs Vs. Compliance Costs in Multi-period Emissions Trading-The Firms' Perspective [J]. Emissions Trading and Business,2006 (part A):11-26.
9Martin C,W Anke. Emissions Trading and Innovation in the German Electricity Industry-impact of Possible Design Options for An Emissions Trading Scheme in the German Electricity Industry[J]. Emissions Trading and Business, 2006 (part A):39-52.
10Germain M. How to Design and Use the Clean Development Mechanism under the Kyoto Protocol? A Developing Country Perspective[J]. Environment Resource Economics, 2007(38):13-30.