市场型环境规制对企业价值的影响效应——来自碳排放权交易试点政策的证据

Effects of market‑based environmental regulations on enterprise value:evidence from China′s carbon emissions trading pilot policy

“双碳”目标约束下,考察市场型环境规制对企业价值的影响效应,对提升企业参与的积极性和主动性,实现环境保护与企业发展“双赢”具有重要意义。该研究以碳排放权交易试点政策为准自然实验,基于中国A股8个试点行业2008—2020年的数据,在平行趋势敏感性检验和处理效应异质性检验的基础上,采用稳健估计量检验该政策对企业价值的影响效应,进一步考察该政策对企业价值的影响机制和异质性。结果表明:①实施碳排放权交易试点政策后,试点地区企业价值显著提升,该结论经过一系列稳健性检验后仍然成立。②机制分析发现,该政策能够通过改善企业ESG表现提升企业价值,分析师关注度则发挥了动态调节效应。分析师关注度通过调节中介过程的前后两个路径,既调节了碳排放权交易试点政策对企业ESG表现的影响,又调节了企业ESG表现对企业价值的影响,从而强化企业ESG表现的中介作用。③异质性分析表明,执法力度强、对环境治理高度重视及“开放经济秩序”营商环境的地区,该政策效果更为明显。基于研究结果提出了对策建议,包括:聚焦碳排放权交易试点政策实施关键环节,积极健全碳市场配额的分配机制,充分发挥激励机制;规范企业ESG信息披露行为,不断完善分析师的“信息传递”与“外部监督”功能,持续强化ESG表现的催化作用;加强“有为政府”建设,提高当地政府对环境治理的重视程度,进一步强化执法力度,并保持中性、普惠的竞争政策,以竞争性开放市场推动碳交易市场高质量发展。

Under the constraints of the‘dual carbon’goals,investigating the impact of market-based environmental regulations on enterprise value has significant implications for enhancing the enthusiasm and initiative among enterprises to participate and achieving a‘win-win’situation in environmental protection and enterprise development.Using the carbon emissions trading pilot policy as a natural experiment and data from eight pilot industries in China′s A-share market from 2008 to 2020,this study further investigated the impact mechanisms and heterogeneity of the policy on enterprise value on the basis of the parallel trend sensitivity test and the processing effect heterogeneity test,and examined the effects of the policy on enterprise value using robust estimators.The results showed that:①After the implementation of the carbon emissions trading pilot policy,the enterprise value in the pilot area significantly increased,and this conclusion held after a series of robustness tests.②Mechanism analysis found that this policy could improve enterprise value by improving enterprise ESG performance and that analyst attention had a dynamic moderating effect.By adjusting the two paths of the intermediation process,analysts not only adjusted the impact of the carbon emissions trading pilot policy on enterprise ESG performance but also adjusted the impact of enterprise ESG performance on enterprise value,thus strengthening the mediating role of enterprise ESG performance.③Heterogeneity analysis showed that the effects of this policy were more pronounced in regions with strong law enforcement,high attention to environmental governance,and an′open economic order′business environment.Based on these research results,countermeasures and suggestions are put forward,including:focusing on the key links of the implementation of the carbon emissions trading pilot policy;actively improving the allocation mechanism for carbon market quotas and giving full play to their incentive mechanisms;standardizing the behavior of ESG information disclosure,and continuously improving the‘information transmission’and‘external supervision’functions of analysts to further strengthen the catalytic role of ESG performance.Additionally,the construction of a‘promising government’should be strengthened,the important role of local governments to environmental governance should be heeded,law enforcement should be strengthened,a neutral and inclusive competition policy should be maintained,and the high-quality development of the carbon trading market with a competitive open market should be promoted.