碳排放权价格对能源企业股价的影响研究——基于传统能源和新能源企业的对比分析

Research on the impact of carbon emission right price on the stock price of energy enterprises——Comparative analysis based on traditional energy and new energy enterprises

碳交易作为应对气候变化、减少碳排放的有力工具,能够有效促进能源行业向绿色低碳转型。本文通过构建VAR模型,采用脉冲响应和方差分析等方法,对比分析检验新旧两类能源公司股票价格与碳排放权价格的关系,研究发现:两类能源企业的股价与碳排放权价格之间具有长期均衡关系,均受到碳排放权价格的显著影响;传统能源企业股价短期内受碳排放权价格负向影响,长期内则表现为正向影响;新能源企业股价主要受到碳排放权价格的正向影响。因此,一方面,要合理制定碳配额引导能源企业绿色低碳发展;另一方面,也要利用绿色金融支持新能源企业发展。

as a powerful tool to deal with climate change and reduce carbon emissions, carbon trading can effectively promote the transformation of energy industry to green and low-carbon. By constructing VAR model, using impulse response and analysis of variance, this paper compares and tests the relationship between the stock price and carbon emission right price of the new and old energy companies. The results show that there is a long-term equilibrium relationship between the stock price and carbon emission right price of the two energy companies, which are significantly affected by the carbon emission right price;the stock price of traditional energy companies is significantly affected by carbon emission right price in the short term In the long run, the price of carbon emission right has a positive effect on the stock price of new energy enterprises. Therefore, on the one hand, it is necessary to formulate a reasonable carbon quota to guide the green and low-carbon development of energy enterprises;on the other hand, it is also necessary to use green finance to support the development of new energy enterprises.