碳排放权交易、媒体负面关注与企业资本性环保支出

Carbon Emission Trading, Negative Media Attention and Corporate Capital Expenditure on Environmental Protection

以碳排放权交易为准自然实验,以2010—2020年间沪深A股540家上市公司为样本,采用双重差分法,对比碳排放权交易政策实施前后试点地区相对于非试点地区企业资本性环保支出的变化情况,探究碳排放权交易政策对企业环保投资活动的影响,并检验媒体负面关注的调节作用。结果表明:碳排放权交易能够促进企业增加资本性环保支出;媒体负面关注对碳排放权交易与企业资本性环保支出的关系具有积极的调节作用,当媒体负面关注度较高时,试点地区控排企业资本性环保支出有显著增加;异质性分析结果表明,碳排放权交易对内陆地区、重污染行业、国有企业和大规模企业的资本性环保支出的促进作用更强;通过经济后果分析发现,碳排放权交易最终会提升企业财务绩效和绿色创新能力。

Using carbon emission trading as a natural experiment,540 Shanghai and Shenzhen A-share listed companies from 2010 to 2020 are taken as samples,and the difference-in-differences method is used to compare the changes in the capital environmental protection expenditure of enterprises in pilot areas compared with non-pilot areas before and after the implementation of carbon emission trading policy,so as to explore the impact of carbon emission trading policy on enterprises environmental protection investment activities and to examine the moderating effect of negative media attention.The results indicate that carbon emission trading can promote enterprises to increase capital environmental protection expenditures,and negative media attention has a positive moderating effect on the relationship between carbon emissions trading and corporate capital environmental protection expenditure.When the negative media attention is high,the capital environmental protection expenditure of emission control enterprises in pilot areas increases significantly.The results of heterogeneity analysis indicate that carbon emission trading has a stronger promoting effect on capital environmental expenditure in inland areas,heavily polluting industries,state-owned enterprises,and large-scale enterprises.Through economic consequence analysis,it is found that carbon emission trading will ultimately improve the financial performance and green innovation capabilities of enterprises.