Does carbon emissions trading affect the financial performance of high energy-consuming firms in China?
Does carbon emissions trading affect the financial performance of high energy-consuming firms in China?
复制标题
碳排放交易是否影响中国高耗能企业的财务绩效？
DOI：
10.1007/s11069-018-3434-5
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发表时间：
2018-08
期刊：
影响因子：
3.7
通讯作者：
Jing-Yue Liu
中科院分区：
文献类型：
--
作者：
Yue-Jun Zhang;Jing-Yue Liu
中国碳排放交易是否对碳交易市场主体（即企业）的财务绩效产生影响，对国民经济和碳交易市场的可持续发展至关重要。本文基于2010-2017年中国七大高耗能行业上市公司的面板数据，运用DID模型研究了CET对公司财务绩效的影响。实证结果表明，科技进步对企业财务绩效的影响存在明显的产业异质性；CET政策降低了有色金属行业企业的财务绩效，但提高了电力行业企业的财务绩效。此外，随着CET政策的实施，其对有色金属和电力行业企业财务绩效的影响日益加剧。最后，CET对化工、造纸和航空行业公司财务绩效的影响存在2-4年的滞后，并且随着时间的推移，影响从负面变为积极。也就是说，CET政策很难保证所有企业在短期内都能盈利，但在长期内仍有盈利的可能。
Whether China’s carbon emissions trading (CET) has an impact on the financial performance of the market players of carbon trading, i.e., firms, is crucial to the sustainable development of national economy and carbon trading market. Based on the panel data of the listed firms in the seven high energy-consuming industries in China during 2010–2017, this paper uses the DID model to study the impact of CET on the firms’ financial performance. The empirical results show that the impact of CET on firms’ financial performance presents obvious industrial heterogeneity; CET policy reduces the financial performance of firms in the nonferrous metal industry but improves that in the power industry. In addition, with the implementation of CET policy, its impact on the financial performance of firms in the nonferrous metal and power industries is increasingly intensifying. Finally, there is a lag of 2–4 years on the impact of CET on the firms’ financial performance in the chemical, paper and aviation industries, and the effects change from negative to positive over time. That is, CET policy can hardly ensure that all firms are profitable in the short term, but there is still the possibility of profitability in the long term.
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影响因子：
2
作者：
Z. Griliches
通讯作者：
Z. Griliches
DOI：
10.2139/ssrn.2933641
发表时间：
2012-08
期刊：
Environmental Economics eJournal
影响因子：
--
作者：
通讯作者：
--
影响因子：
6.8
作者：
Bel, Germa;Holst, Maximilian
通讯作者：
Holst, Maximilian
影响因子：
4.8
作者：
Yue‐Jun Zhang;Jun-Fang Hao
通讯作者：
Yue‐Jun Zhang;Jun-Fang Hao
影响因子：
8
作者：
Lechner, M
通讯作者：
Lechner, M