碳排放权交易与企业价值:基于绿色技术创新与产能利用率中介效应的实证研究

Carbon Emissions Trading and Enterprise Value:An Empirical Study Based on the Mediation Effect of Green Technology Innovation and Capacity Utilization

以碳排放权交易制度为准自然实验,选取2009—2020年深圳、上海、北京、广东、天津、湖北和重庆7省市碳交易试点地区的沪深A股上市公司为研究样本,建立双重差分模型,实证检验碳排放权交易对企业价值的影响以及绿色技术创新和产能利用率在其中的作用机制.研究发现:(1)实施碳排放权交易制度显著降低了企业价值.(2)碳排放权交易对企业价值的消极影响在国有企业和小规模企业中更为显著.(3)碳排放权交易制度通过促进企业绿色技术创新、抑制企业产能利用率影响企业价值,但绿色技术创新提高所带来企业价值的提升不足以弥补产能利用率降低所导致的企业价值减损,最终呈现碳排放权交易显著负向影响企业价值.

This paper takes the carbon emissions trading system as the quasi-natural experiment,selects the Shanghai and Shenzhen A-share listed companies in the carbon trading pilot areas of Shenzhen,Shanghai,Beijing,Guangdong,Tianjin,Hubei and Chongqing from 2009 to 2020 as the research samples,and establishes the differencein-differences model empirically,to test the impact of carbon emissions trading on enterprise value and the mechanism of green technology innovation and capacity utilization.The research results show that:(1)The implementation of the carbon emissions trading system significantly reduces the value of enterprises.(2)The negative impact of carbon emissions trading on enterprise value is more significant in state-owned enterprises and small-scale enterprises.(3)Carbon emissions trading system affects enterprise value by promoting green technological innovation and inhibiting capacity utilization,but the increase in enterprise value brought by the improvement of green technological innovation is not enough to make up for the decrease in enterprise value caused by the reduction in capacity utilization.