市场激励型环境规制的价值效应——基于碳排放权交易机制的研究

The Value Effect of Market Incentive Environmental Regulation——A Study on Carbon Emission Trading

摘要:

探索市场激励型环境规制对绿色经济发展和企业价值增长的作用对于促进环境规制市场化和企业低碳发展至关重要。本文以2013年实施的碳排放权交易试点对市场激励型环境规制与企业价值的关系进行分析。结果表明：碳排放权交易机制的实施对企业短期价值有显著的积极影响，但抑制了长期价值。宏观层面上，随着碳市场流动性的提升，该机制的实施对企业短期价值的促进作用增强，对长期价值的消极影响也得到缓解。微观层面上，碳排放权交易机制对企业短期、长期价值在风险承受能力高的企业中均体现出更加显著的积极影响。本文研究结果丰富了市场激励型环境规制与企业价值研究的相关文献，为碳排放权交易机制的进一步完善提供了参考，给企业的绿色价值提升提供了思路。

关键词:市场激励型环境规制;碳排放权交易;价值效应;碳市场流动性;风险承受能力

Abstract:

To explore the role of market-incentive environmental regulation on the development of green economy and the growth of enterprise value is very important to promote the marketization of environmental regulation and the low-carbon development of enterprises. Based on the carbon emissions trading pilot project implemented in 2013, this paper analyzes the relationship between market incentive environmental regulation and enterprise value. The results show that the implementation of carbon emissions trading mechanism has a significant positive impact on the short-term value of enterprises, but suppresses the long-term value. At the macro level, with the improvement of the liquidity of the carbon market, the implementation of this mechanism can enhance the short-term value of enterprises and alleviate the negative impact on long-term value. At the micro level, the carbon emissions trading mechanism has a more significant positive impact on the short-term and long-term value of enterprises in enterprises with high risk tolerance. The research results of this paper enrich the relevant literature on market-incentive environmental regulation and enterprise value, provide a reference for the further improvement of carbon emissions trading mechanism, and provide ideas for enterprises to enhance the green value.

Key words:market-incentive environmental regulation; carbon emission trading; value effect; carbon market fluidity; risk tolerance