双碳研究院系列讲座1：碳交易如何促进企业市场价值提升-来自中国的实证

主讲专家：陈真玲

地点：腾讯会议+250-627-095

时间：10月18日下午2:30-4:30

讲座内容：

Aiming to cope with the climate change crisis and achieve its carbon peak and carbon neutrality goals, the Chinese government has committed to implementing market-oriented environmental regulations to promote enterprise carbon emission reductions. However, the issue of how carbon trading affects enterprise market value (EMV) requires further analysis. In this regard, this paper considers the Chinese pilot carbon emission trading scheme (CETS) as a natural experiment, takes enterprise-level data from 2011 to 2019 as a sample, and uses panel regression techniques such as difference-in-differences (DID) and difference-in-difference-in-difference (DDD) models to analyse the impact of carbon market mechanism design on EMV. The empirical results are as follows: (1) The CETS can significantly enhance the EMV of covered enterprises, indicating that China's CETS supports the Porter hypothesis. Compared with state-owned enterprises and small enterprises, the CETS has a more significant effect on promoting the EMV of non-state-owned enterprises and large enterprises. (2) The mixed carbon quota allocation scheme (the combination of free and auction schemes) can make up the lack of market incentives in the free quota allocation system and can significantly increase EMV. The mixed penalty mechanisms combining economic and non-economic penalties can effectively encourage CETS-covered enterprises to participate in carbon trading activities, thus enhancing overall EMV. (3) The results of the mediation effect test indicate that the mixed carbon quota allocation schemes and mixed penalty mechanisms can improve EMV by promoting low-carbon technology innovation, and mixed carbon quota allocation schemes have a more significant effect through this channel. These findings have important reference value for improving EMV under the CTES, achieving the carbon peak and carbon neutrality goals, and promoting sustainable economic developmen.

主讲人简介：

陈真玲，北京工商大学副教授，博士生导师，中国能源经济与管理研究分会理事，全国低碳发展与管理研究分会理事，中国发展战略学会社会战略委员会委员等。主要研究方向：能源经济学，数量经济学，可持续发展战略管理学。主持国家自科基金1项，教育部人文社科基金等省部级项目6项，出版专著2部；发表核心及以上期刊论文近30篇，其中包括CSSCI期刊《管理世界》、《系统工程理论与实践》、《管理评论》及SSCI/SCI期刊《Energy Policy》、《Journal of Cleaner Production》、《Resources Policy》等，荣获教育厅学术技术带头人，北京工商大学校级优青等称号。