Based on the data of 247 cities at the prefecture level in China from 2007 to 2019,this paper analyzes the impact of the carbon emissions trading(CET)pilot policy on carbon emission reduction from the perspective of t...Based on the data of 247 cities at the prefecture level in China from 2007 to 2019,this paper analyzes the impact of the carbon emissions trading(CET)pilot policy on carbon emission reduction from the perspective of the price mechanism and government constraints.The results show that the carbon emissions and carbon intensity in the pilot areas are significantly reduced by adjusting the industrial structure and promoting green technology innovation.In terms of regions,the emission reduction effect of the pilot policy in regions with a high proportion of industry is obviously weaker than that in other regions.The aim of the carbon emission trading policy in China that achieve carbon emission reduction is by coordinating the carbon emission trading price that fail to fulfill this aim independently and the degree of government punishment for enterprises.展开更多
This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in Chi...This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.展开更多
An iterative method based on Shapley Value Cooperative Game Theory is proposed for the calculation of local marginal price (LMP) for each Distributed Generator (DG) bus on a network. The LMP value is determined for ea...An iterative method based on Shapley Value Cooperative Game Theory is proposed for the calculation of local marginal price (LMP) for each Distributed Generator (DG) bus on a network. The LMP value is determined for each DG on the basis of its contribution to reduce loss and emission reduction, which is assessed using the Shapley Value approach. The proposed approach enables the Distribution Company (DISCO) decision-maker to operate the network optimally in terms of loss and emission. The proposed method is implemented in the Taiwan Power Company distribution network 7 warnings consisting of 84 buses and 11 feeders in the MATLAB environment. The results show that the proposed approach allows DISCO to operate the network on the basis of its priority between the reduction of active power loss and emission in the network.展开更多
文摘Based on the data of 247 cities at the prefecture level in China from 2007 to 2019,this paper analyzes the impact of the carbon emissions trading(CET)pilot policy on carbon emission reduction from the perspective of the price mechanism and government constraints.The results show that the carbon emissions and carbon intensity in the pilot areas are significantly reduced by adjusting the industrial structure and promoting green technology innovation.In terms of regions,the emission reduction effect of the pilot policy in regions with a high proportion of industry is obviously weaker than that in other regions.The aim of the carbon emission trading policy in China that achieve carbon emission reduction is by coordinating the carbon emission trading price that fail to fulfill this aim independently and the degree of government punishment for enterprises.
基金supports from the National Natural Science Foundation of China(under Grants No.72073105,71903002,and 71774122)the Natural Science Foundation of Anhui Province,China(under Grant No.1908085QG309)are greatly acknowledged.
文摘This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.
文摘An iterative method based on Shapley Value Cooperative Game Theory is proposed for the calculation of local marginal price (LMP) for each Distributed Generator (DG) bus on a network. The LMP value is determined for each DG on the basis of its contribution to reduce loss and emission reduction, which is assessed using the Shapley Value approach. The proposed approach enables the Distribution Company (DISCO) decision-maker to operate the network optimally in terms of loss and emission. The proposed method is implemented in the Taiwan Power Company distribution network 7 warnings consisting of 84 buses and 11 feeders in the MATLAB environment. The results show that the proposed approach allows DISCO to operate the network on the basis of its priority between the reduction of active power loss and emission in the network.
