中国企业碳减排的经济后果研究

Economic Consequences of Chinese Corporate Carbon Emission Reduction

基于我国的绿色信贷制度背景,依据企业从事碳减排活动的成本、技术、获利途径等因素,本文研究了企业碳减排活动对债权人、投资者决策行为的影响。研究发现,企业碳减排活动有利于企业获得银行贷款,我国的绿色信贷政策发挥了作用;但是,碳减排活动越多的企业,其公司价值越低,表明企业的碳减排活动受到资本市场投资者的抵触。根据我国的制度背景和经验证据,我们建议金融机构继续履行绿色信贷职责,支持并监督企业的碳减排活动;政府管理部门可通过推进碳排放权交易市场建设、增加企业碳减排补贴的范围和标准来提升投资者的信心。

Based on Chinese green credit background and according to the cost,technology and profitable way of corporate carbon emission reduction,we investigate the economic consequences of Chinese corporate carbon emission reduction.We find that corporate carbon emission reduction is positive with bank loans.The result shows that China's green credit policy plays a role.However,we also find that the more carbon emission reduction,the lower the corporate value.The result shows that carbon emission reduction is challenged by capital market.According to our institution background and empirical evidences,we suggest that financial institutions continue to take green credit responsibility,support and supervise corporate carbon reduction activities.In order to boost investor confidence,the government should promote carbon emission allowance trading market and increase range and standard of corporate carbon emission reduction subsidies.