碳排放权交易是否促进企业投资效率?--基于碳排放权交易试点的准实验

Can Carbon Emission Rights Trading Affect Enterprise Investment Efficiency?

碳排放权交易政策是我国实现“双碳”战略的重要抓手。本文基于中国沪深A股上市公司数据,利用企业分批、分期进入碳市场这一准实验,评估碳排放权交易政策对企业投资效率的影响与作用机制。研究结果表明:碳排放权交易能够有效提升企业投资效率,这一作用主要体现在缓解企业投资不足,而对企业过度投资的影响有限。考虑平行趋势问题、经过一系列稳健性检验后,结论仍然成立。进一步分析发现碳排放权交易通过缓解企业融资约束、减轻政策性负担以及促进企业技术创新等途径对企业投资效率产生积极影响。并且碳排放权交易对企业投资效率的提升作用在低碳排放行业以及非国有企业中更为明显。本文结论可为加快全国统一碳市场建设提供参考,对于实现“双碳”战略具有重要意义。

Carbon emission trading policy is an important policy to achieve carbon peak and carbon neutral strategy in China.Based on the data of China’s Shanghai and Shenzhen A-share listed companies,this paper uses the quasi-experiment that companies enter the carbon market in batches and phases to evaluate the impact and mechanism of carbon emission trading policies on corporate investment efficiency.Research finds that carbon emission trading can effectively promote the investment efficiency of enterprises,which is mainly reflected in alleviating the insufficient investment of enterprises,but has a limited impact on over investment.After considering the parallel trend problem and a series of robustness tests,the conclusion is still valid.Further analysis shows that carbon emission trading has a positive impact on enterprise investment efficiency by alleviating enterprise financing constraints,reducing policy burden and promoting enter prise technological innovation.Moreover,the effect of carbon emission trading policy on improving enterprise investment efficiency is more obvious in low-carbon emission industries and non-state-owned enterprises.The conclusion of this paper can provide a reference for accelerating the construction of national unified carbon market,and is of great significance for achieve carbon peak and carbon neutral.