Against the existential and ubiquitous threat of climate changes to the environment,human health,and economic well-being,the proliferation of carbon neutrality from both government and private sector recently prevails...Against the existential and ubiquitous threat of climate changes to the environment,human health,and economic well-being,the proliferation of carbon neutrality from both government and private sector recently prevails in order to strengthen preparedness for the future global crisis.More than 70 countries and regions have pledged to achieve the goal of carbon neutrality by 2050(ICAP,2020).While the momentum toward adopting carbon neutrality targets continue to build,a growing body of countries and subnational governments move toward carbon pricing through rolling out,speeding-up,or strengthening the construct of emission trading scheme(ETS)and carbon financial market.Notwithstanding the laudable objectives of ETS to enable emission reduction,the potential of ETS is still largely untapped,largely stemming from poor financial innovation.This special issue is,therefore,aimed at promoting research on the carbon financial innovations,financial derivatives services,the use of Fintech and the optimization on architectures of the ETS such that ETSs could drive the transformation toward low-carbon development path and the achievement of Carbon Neutrality targets.展开更多
Unlike prior research that shows climate policy improves enterprise value,this study reveals the negative im‐pact of emission trading schemes(ETSs)on enterprise value under China’s unique institutional backdrop and ...Unlike prior research that shows climate policy improves enterprise value,this study reveals the negative im‐pact of emission trading schemes(ETSs)on enterprise value under China’s unique institutional backdrop and identifies the mechanism through which this impact occurs.Data from a sample of 1267 listed companies in the Chinese stock market from 2005 to 2018 models are analyzed using difference-in-differences(DID)and propensity score matching methods(PSM).The results suggest that ETSs have an average short-term negative impact on enterprise value,which peaks in the second year of the ETS and diminishes from the fourth year.Further analysis reveals that ETSs did not cause significant operating losses for firms but reduced their value through the market response mechanism.ETS enterprises experienced significant declines in their annual stock transaction amounts and in returns on individual shares.This indicates that investors expect ETSs to ad‐versely affect pilot enterprises and accordingly adopt disinvestment strategies.Despite the short-term negative effect,ETSs effectively encourage enterprises to innovate green technologies to mitigate long-term carbon risk.展开更多
文摘Against the existential and ubiquitous threat of climate changes to the environment,human health,and economic well-being,the proliferation of carbon neutrality from both government and private sector recently prevails in order to strengthen preparedness for the future global crisis.More than 70 countries and regions have pledged to achieve the goal of carbon neutrality by 2050(ICAP,2020).While the momentum toward adopting carbon neutrality targets continue to build,a growing body of countries and subnational governments move toward carbon pricing through rolling out,speeding-up,or strengthening the construct of emission trading scheme(ETS)and carbon financial market.Notwithstanding the laudable objectives of ETS to enable emission reduction,the potential of ETS is still largely untapped,largely stemming from poor financial innovation.This special issue is,therefore,aimed at promoting research on the carbon financial innovations,financial derivatives services,the use of Fintech and the optimization on architectures of the ETS such that ETSs could drive the transformation toward low-carbon development path and the achievement of Carbon Neutrality targets.
文摘Unlike prior research that shows climate policy improves enterprise value,this study reveals the negative im‐pact of emission trading schemes(ETSs)on enterprise value under China’s unique institutional backdrop and identifies the mechanism through which this impact occurs.Data from a sample of 1267 listed companies in the Chinese stock market from 2005 to 2018 models are analyzed using difference-in-differences(DID)and propensity score matching methods(PSM).The results suggest that ETSs have an average short-term negative impact on enterprise value,which peaks in the second year of the ETS and diminishes from the fourth year.Further analysis reveals that ETSs did not cause significant operating losses for firms but reduced their value through the market response mechanism.ETS enterprises experienced significant declines in their annual stock transaction amounts and in returns on individual shares.This indicates that investors expect ETSs to ad‐versely affect pilot enterprises and accordingly adopt disinvestment strategies.Despite the short-term negative effect,ETSs effectively encourage enterprises to innovate green technologies to mitigate long-term carbon risk.
