碳交易对企业绩效的影响——以清洁发展机制为例被引量：11

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

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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]

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