碳市场、能源市场的联动机制与企业价值

The Linkage Mechanism of Carbon Market and Energy Market and Enterprise Value

本文以研究国内碳市场促进企业减排作用机制为出发点,在确定碳市场、能源市场关联机理基础上,运用MS-AR模型分别进行碳价格与成交量的区制划分,依此将碳市场划分为价格下行-价格低位波动-价格上行,成交量低位波动-成交量上行-高位波动等市场状态,检验不同市场状态下碳价格与成交量调节污染企业市场选择所引发的企业价值波动异质性。研究发现,碳价格低位波动时价格机制失灵;碳价格上涨后与传统能源价格上涨共同抑制污染企业价值提升,减排成本效应显著;碳成交量高位波动时促进污染企业价值提升,企业积极减排价值效应显著;碳市场尚未激励新能源企业价值提升,且同样存在碳市场价格机制失灵、市场信号作用机制分化现象,当前碳市场调节作用仍表现为价格主导的价值抑制作用。传统能耗企业与清洁能源企业相比占据绝对数量优势的情景下,加快推进碳市场建设是推动高能耗企业减排转型以及社会全面实现低碳发展的重要抓手。

Based on the research of domestic carbon market’s promoting corporate emission reduction, this paper uses MS-AR model to divide carbon price and transaction on the basis of determining the correlation of carbon market and energy market. Different market conditions are divided as down-fluctuation-up level of price and low-upper-high level fluctuation of transaction volume, which are examined by adjusting the market selection of polluting enterprises that induces the heterogeneity characteristics of value volatility. It founds that the price mechanism fails at a low level price. The price increasing of carbon and traditional energy suppress the increase in the value of polluting enterprises together, and the cost effect of emission reduction is significant. The high level fluctuation of carbon transaction volume promotes the increase of polluting enterprises′ value, and enterprises actively reduce emissions that makes the positive value effect significant. The carbon market has not stimulated the value of new energy companies to increase. The carbon market price mechanism has also failed and the market signal mechanism has been differentiated, so the current carbon market is still showing a price-led restraining effect on corporate value. The current domestic carbon market can significantly promote low-carbon development. Due to the absolute quantitative advantage of traditional energy-consuming enterprises compared with clean energy production enterprises, the building of the carbon market is an important starting point for promoting the emission reduction transformation of high-energy-consumption enterprises and the realization of low-carbon development in society.