碳排放权交易政策降低了高污染行业企业债务融资成本吗——基于多时点DID的检验

Will Carbon Emissions Trading Policies Reduce the Cost of Debt Financing for High Polluting Enterprises?——Test Based on Multi-time Point DID

自2013年始实施碳排放权交易政策以来,高污染行业企业生产发展受到显著影响。采用多时点DID模型,以2009-2020年A股上市高污染行业企业数据为基础,检验碳排放权交易政策对高污染行业企业债务融资成本的影响。研究发现:碳排放权交易政策的实施对高污染行业企业债务融资成本起到了节约作用;碳排放权交易政策能够通过缓解融资约束和促进企业技术创新降低高污染行业企业的融资成本;内部控制质量高和媒体关注度高的高污染行业企业债务融资成本相对更低;中西部地区、中小规模高污染行业企业债务融资成本对碳排放权交易政策反应更为灵敏。本研究从企业微观经济视角补充了碳排放权交易政策的试行成果,为完善碳排放权交易运行机制,实现高污染行业企业减排、降本增效设计提供了理论依据。

Since the implementation of carbon emission trading policy in 2013,the production development of high pollution en⁃terprises has been significantly affected.This paper uses the multi-time point DID model to test the impact of carbon trading policies on the debt financing costs of high-polluting enterprises based on the data of listed A-share high-polluting enterprises from 2009 to 2020.The study found that:The implementation of carbon trading policy has played a role in saving the debt financing cost of high-polluting enterprises.Carbon trading policy can reduce the financing cost of high polluting enterprises by alleviating financing con⁃straints and promoting technological innovation.The debt financing cost of high pollution enterprises with high internal control quality and high media attention is relatively lower.The debt financing costs of large-scale high-polluting enterprises in the central and west⁃ern regions are more sensitive to carbon trading policies.From the perspective of enterprise micro-economy,the trial results of carbon emission trading policy are supplemented,which provides an important basis for improving the operation mechanism of carbon emis⁃sion trading and realizing the design of emission reduction,cost reduction and efficiency increase of high-pollution enterprises.