中国人口·资源与环境2024，Vol.34Issue(7)：88-100,13.DOI:10.12062/cpre.20240505
市场型环境规制对企业价值的影响效应
Effects of market-based environmental regulations on enterprise value:evidence from China's carbon emissions trading pilot policy
摘要
Abstract
Under the constraints of the'dual carbon'goals,investigating the impact of market-based environmental regulations on en-terprise value has significant implications for enhancing the enthusiasm and initiative among enterprises to participate and achieving a'win-win'situation in environmental protection and enterprise development.Using the carbon emissions trading pilot policy as a natu-ral experiment and data from eight pilot industries in China's A-share market from 2008 to 2020,this study further investigated the im-pact mechanisms and heterogeneity of the policy on enterprise value on the basis of the parallel trend sensitivity test and the processing effect heterogeneity test,and examined the effects of the policy on enterprise value using robust estimators.The results showed that:① After the implementation of the carbon emissions trading pilot policy,the enterprise value in the pilot area significantly increased,and this conclusion held after a series of robustness tests.② Mechanism analysis found that this policy could improve enterprise value by improving enterprise ESG performance and that analyst attention had a dynamic moderating effect.By adjusting the two paths of the intermediation process,analysts not only adjusted the impact of the carbon emissions trading pilot policy on enterprise ESG perfor-mance but also adjusted the impact of enterprise ESG performance on enterprise value,thus strengthening the mediating role of enter-prise ESG performance.③ Heterogeneity analysis showed that the effects of this policy were more pronounced in regions with strong law enforcement,high attention to environmental governance,and an 'open economic order' business environment.Based on these re-search results,countermeasures and suggestions are put forward,including:focusing on the key links of the implementation of the car-bon emissions trading pilot policy;actively improving the allocation mechanism for carbon market quotas and giving full play to their in-centive mechanisms;standardizing the behavior of ESG information disclosure,and continuously improving the'information transmis-sion'and'external supervision'functions of analysts to further strengthen the catalytic role of ESG performance.Additionally,the con-struction of a'promising government'should be strengthened,the important role of local governments to environmental governance should be heeded,law enforcement should be strengthened,a neutral and inclusive competition policy should be maintained,and the high-quality development of the carbon trading market with a competitive open market should be promoted.关键词
碳排放权交易/企业价值/ESG表现/分析师关注度Key words
carbon emissions trading/enterprise value/ESG performance/analyst attention分类
管理科学引用本文复制引用
徐杰,李红晔,韩先锋..市场型环境规制对企业价值的影响效应[J].中国人口·资源与环境,2024,34(7):88-100,13.基金项目
云南省哲学社会科学规划重点项目"R&D资本化改革下云南制造业绿色全要素生产率测算与提升路径研究"(批准号:ZD202305) （批准号:ZD202305）
教育部人文社科规划基金项目"数智化赋能制造业绿色转型的机理与政策研究"(批准号:23YJA790026). （批准号:23YJA790026）
