碳交易与信息不确定性
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| Title | Carbon Trading and Information Uncertainty
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| 作者 | 罗炜 李绍坤 操群 |
| Author | Luo Wei, Li Shaokun and Cao Qun |
| 作者单位 | 北京大学光华管理学院；中国运载火箭技术研究院 |
| Organization | Guanghua School of Management, Peking University;China Academy of Launch Vehicle Technology |
| 作者Email | luowei@gsm.pku.edu.cn；lishaokun@pku.edu.cn；caoqun881013@126.com |
| 中文关键词 | 碳交易 碳市场分割 信息不确定性 |
| Key Words | Carbon Trading; Carbon Market Segmentation; Information Uncertainty |
| 内容提要 | 2013年我国启动七个碳交易试点市场，而碳交易对企业的直接影响是一个亟待检验的实证问题。本文分析了各碳交易试点的官方标准，利用指定纳入碳交易行业的A股上市公司及其子公司2008-2015年的数据，采用双重差分模型检验了碳交易启动、碳市场分割以及碳约束强度对企业信息不确定性的影响。研究发现，碳交易启动增加了企业的股价波动性；在碳市场分割的状况下，涉足不同碳市场越多的企业，其信息不确定性越大；企业参与的碳市场约束强度越大，其股价波动性越大。进一步分组研究表明，碳交易市场的效应主要存在于国有企业和受到分析师关注较少的企业。 |
| Abstract | In 2013, China launched seven carbon trading pilots. The direct impact of carbon trading on companies is an important empirical question. This paper analyzes the official standards for each carbon trading pilot, and uses the A-share listed companies and their subsidiaries involved in carbon trading industries to investigate the impact of carbon trading initiation, carbon market segmentation, and carbon constraint strength on information uncertainty. The study documents that carbon trading increases the stock price volatility of relevant firms. Under the situation of carbon market segmentation, the more carbon markets the firm participates, the more information uncertainty increases. Moreover, the stock price volatility increases more for firms facing stronger carbon market constraints. Further partition analyses show that the effects of carbon trading mainly exist in state-owned companies and those with less analyst coverage. |
| 文章编号 | WP1435 |
| 登载时间 | 2019-11-14 |
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