China's Carbon Emission Trading Scheme and Firm Performance

被引：15
|
作者：
Sun, Rongting [1 ]
Wang, Kaiqi [2 ]
Wang, Xiangjin [3 ]
Zhang, Jie [2 ]
机构：
[1] Shanghai Univ, Sch Econ Finance, Shanghai, Peoples R China
[2] Hohai Univ, Sch Business, Nanjing 211100, Peoples R China
[3] Shanghai Lixin Univ Accounting & Finance, Sch Finance, Shanghai 201209, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 03期
关键词：
Carbon emission trading scheme; China's pilot ETS; corporate value; difference-in-differences model; FINANCIAL PERFORMANCE; EU ETS; IMPACT; PRICES; MARKET;
D O I：
10.1080/1540496X.2021.1925535
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We empirically investigate the effect of emissions trading scheme (ETS) on the corporate performance of Chinese listed firms from 2010 to 2016, treating China's pilot ETS as a quasi-natural experiment. Our difference-in-differences analysis shows that the ETS is significantly correlated with corporate performance of high-energy-consuming firms. While the policy effect strengthens in the first few years and then weakens by 2016. This indicates that ETS cannot sustainably and steadily affect the corporate performance. Finally, we find that ETS has a stronger impact on the performance of high-energy-consuming firms in regions with high governmental intervention and an underdeveloped legal system.
引用
收藏
页码：837 / 851
页数：15
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