碳定价与存量绩效:来自中国排放权交易试点地区的证据

IF 0.3 Q4 BUSINESS, FINANCE

Review of Pacific Basin Financial Markets and Policies Pub Date : 2023-11-02 DOI:10.1142/s0219091523500248

Qiongqiong Zhang, Jianing Zhang

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引用次数: 0

摘要

本文以2013 - 2023年中国8个区域碳排放交易试点市场覆盖的167家上市企业为样本进行研究。实证结果表明，碳价格回报对区域市场覆盖企业的股票回报有负向影响，其中深圳和广东地区的影响更为明显。此外，高碳强度企业比低碳强度企业更容易受到这种负面影响。即使在2021年7月16日全国排放交易市场开放之后，这种负相关关系的稳健性也很明显。本研究为政策制定者规范排放交易市场提供了有见地的指导。

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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Carbon Pricing and Stock Performance: Evidence from China's Emissions Trading Scheme Pilot Regions

This paper examines a sample of 167 publicly listed enterprises covered by eight regional pilot emissions trading markets in China from 2013 to 2023. Our empirical findings indicate that the carbon price returns negatively affect the stock returns of enterprises covered by the regional markets, with the Shenzhen and Guangdong regions suffering a more pronounced effect. Furthermore, high-carbon-intensity enterprises are more susceptible to this negative impact than their low-carbon-intensity counterparts. The robustness of the negative relationship is evident even after the national emissions trading market opened on July 16, 2021. This study provides insightful guidance for policymakers to regulate emissions trading markets.

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来源期刊

Review of Pacific Basin Financial Markets and Policies BUSINESS, FINANCE-

CiteScore

1.30

自引率

11.10%

发文量

期刊介绍： This journal concentrates on global interdisciplinary research in finance, economics and accounting. The major topics include: 1. Business, economic and financial relations among the Pacific rim countries. 2. Financial markets and industries. 3. Options and futures markets of the United States and other Pacific rim countries. 4. International accounting issues related to U.S. companies investing in Pacific rim countries. 5. The issue of and strategy for developing Tokyo, Taipei, Shanghai, Sydney, Seoul, Hong Kong, Singapore, Kuala Lumpur, Bangkok, Jakarta, and Manila as international or regional financial centers. 6. Global monetary and foreign exchange policy, and 7. Other high quality interdisciplinary research in global accounting, business, economics and finance.