Belated stock returns for green innovation under carbon emissions trading market

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-02-13 DOI:10.1016/j.jcorpfin.2024.102558

Fanglin Chen , Zhongfei Chen , Xin Zhang

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引用次数: 0

Abstract

Carbon trading is an important market mechanism to achieve carbon neutrality. This study explores the possible impact of carbon markets on the stock market performance of listed companies using data from 2013 to 2022 in China's carbon trading pilot regions. Using the event shock of delayed trading in the Chinese carbon market, we attempt to answer the question of the role of green innovation hidden under the compliance event. Results show that a 1% increase in carbon market turnover leads to an average decrease of CNY 0.123 in the company's stock price. Large-scale companies that have been listed for a short time and have poor green innovation capabilities are more vulnerable to the carbon market. Under delayed trading, firms with high green innovation capability will be profitable. By contrast, profitability is not reflected in low green innovation firms. Companies with low green innovation can reduce stock market performance owing to the carbon market's undersupply situation. Our study reveals the stock performance of different carbon trading entities under delayed trading, providing a realistic basis for firms to choose green innovation while helping to improve carbon trading market dynamics.

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碳排放交易市场下绿色创新的滞后股票回报

碳交易是实现碳中和的重要市场机制。本研究利用中国碳交易试点地区 2013 年至 2022 年的数据，探讨了碳市场对上市公司股市表现可能产生的影响。利用中国碳市场延迟交易的事件冲击，我们试图回答履约事件下隐藏的绿色创新的作用问题。结果显示，碳市场成交量每增加 1%，公司股价平均下降 0.123 元人民币。上市时间短、绿色创新能力差的大型企业更容易受到碳市场的影响。在延迟交易条件下，绿色创新能力强的公司将获得盈利。相比之下，绿色创新能力低的公司则无法体现盈利能力。在碳市场供不应求的情况下，绿色创新能力低的企业会降低股票市场表现。我们的研究揭示了延迟交易下不同碳交易主体的股票表现，为企业选择绿色创新提供了现实依据，同时有助于改善碳交易市场的活力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.