碳排放权交易政策能提高企业现金持有水平吗

Can Carbon Emissions Trading Policy Promote the Level of Corporate Cash Holdings?

财务资源是企业落实宏观调控政策目标和开展经营行为的重要保障,因而探讨碳排放权交易政策是否会对企业的财务资源产生影响具有重要意义。基于2009—2017年我国A股上市企业构建PSM-DID模型,研究发现,碳排放权交易政策的实施显著提高了试点企业的现金持有水平。影响机制检验发现,碳排放权交易政策是通过预防性动机和交易性动机两条路径而影响试点企业现金持有水平的。进一步检验发现,碳排放权交易政策对试点企业现金持有水平的提高作用在具有投资偏好的企业、处于产品市场竞争程度高行业的企业和市场势力弱的试点企业中更显著。因此,政府要继续推进碳排放权交易政策和完善碳排放权交易市场,向相关企业提供绿色资源支持;企业要增强对“双碳”政策的敏感性,在提高现金持有水平的同时,要提高资金使用效率,实现低碳、良性发展。

Financial resources are an important guarantee for enterprises to implement macro-control policy goals and conduct business operations.Thus it is of great significance to explore whether the carbon emissions trading policy will affect the financial resources of enterprises.This paper constructs a PSM-DID model based on China’s A-share listed companies from 2009 to 2017 to study this issue.The results show that the implementation of the carbon emissions trading policy has significantly improved the cash holding level of the pilot enterprises.The result of the test of the impact mechanism shows that the carbon emissions trading policy affects the cash holding level of pilot enterprises through two paths,i.e.,the precautionary motivation and the transactional motivation.Further test reveals that the improving effect of carbon emissions trading policy on cash holding level of pilot enterprises is more significant in the enterprises with investment preference,the enterprises in the industries with higher degree of product market competition,or the pilot enterprises with weak market power.Therefore,the government should continue to promote the carbon emissions trading policy and improve the carbon emissions trading markets,and provide green resource support to relevant enterprises.Enterprises should increase their sensitivity to the dual-carbon policy,improve the level of cash holdings and fund utilization efficiency,so as to achieve low-carbon and benign development.