How does China's carbon emissions trading (CET) policy affect the investment of CET-covered enterprises?
How does China's carbon emissions trading (CET) policy affect the investment of CET-covered enterprises?
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中国的碳排放交易（CET）政策对CET覆盖企业的投资有何影响？
DOI：
10.1016/j.eneco.2021.105224
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发表时间：
2021-03
期刊：
影响因子：
12.8
通讯作者：
Wei Wang
中科院分区：
文献类型：
--
作者：
Yue-Jun Zhang;Wei Wang
碳排放权交易(CET)政策实现了相关企业减排成本的内部化，这可能会影响其投资和管理决策，但很少受到关注。因此，本文基于中国所在的8个高耗能、高碳行业A股上市企业2009-2018年的面板数据，采用差异差值法(DID)和基于差异倾向性得分匹配法(PSM-DID)，对中国大学英语四级考试政策对7个试点地区英语四级考试企业投资支出的影响进行了实证评价。研究结果表明：首先，在中国实施的大学英语教学政策的推动下，受访企业的投资支出总体上降低了0.2449个百分点。其次，这种影响表现出显著的行业和地区异质性。CET政策减少了建材和钢铁行业相关企业的投资支出，但不包括其他六个行业。对北京和广东相关企业的投资支出也有减少的影响，但对其他五个试点地区没有影响。第三，影响在CET政策实施的第二年就开始显现，并随着政策的不断实施呈现出日益加强的趋势。此外，当我们检验平行趋势假设并应用差异差异(DDD)方法进一步排除其他因素的干扰时，中心结果仍然稳健。
The carbon emissions trading (CET) policy realizes the internalization of emission reduction costs of related enterprises, which may affect their investment and management decisions, but has seldom received attention. Therefore, based on the panel data of A-share listed enterprises in eight energy-and‑carbon-intensive industries in China during 2009–2018, this paper employs the difference-in-differences (DID) and the difference-in-differences based propensity score matching methods (PSM-DID) to empirically evaluate the impact of China's CET policy on investment expenditure of CET-covered enterprises in seven pilot regions. The results indicate that: first of all, the investment expenditure of CET-covered enterprises has been reduced by 0.2449% due to China's CET policy during the sample period in general. Second, this impact shows significant industrial and regional heterogeneity. The CET policy reduces the investment expenditure of related enterprises in the building material and steel industries, but not in the other six industries. It also has a reducing impact on the investment expenditure of related enterprises in Beijing and Guangdong, but not in the other five pilot regions. Third, the impact began to appear in the second year of the implementation of CET policy, and it has shown an increasingly strengthening trend with continuous implementation. In addition, the central findings remain robust when we test the parallel trend assumption and apply the difference-in-differences-in-differences (DDD) method to further eliminate the interference of other factors.
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影响因子：
9
作者：
F. Bonenti;G. Oggioni;E. Allevi;G. Marangoni
通讯作者：
F. Bonenti;G. Oggioni;E. Allevi;G. Marangoni
DOI：
10.1016/j.scitotenv.2019.02.405
发表时间：
2019-06
期刊：
The Science of the total environment
影响因子：
--
作者：
Boqiang Lin;Zhijie Jia
通讯作者：
Boqiang Lin;Zhijie Jia
影响因子：
11.1
作者：
Yan Zhang;Jiekuan Zhang
通讯作者：
Jiekuan Zhang
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影响因子：
9
作者：
Wang, Ao-Dong;Wang, Ao-Dong;Tan, Weiping;Tan, Weiping
通讯作者：
Tan, Weiping
地热采暖投资决策的实物期权模型：考虑碳交易和资源税
影响因子：
9
作者：
Shiwei Yu;Zhenxi Li;Yi-Ming Wei;Lancui Liu
通讯作者：
Lancui Liu