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Progress in Social Sciences
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全国碳市场启动对电力企业资本成本的影响研究
The Impact of the Launch of China’s National Carbon Market on the Cost of Capital of Power Enterprises
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Information:
安徽理工大学经济与管理学院，淮南
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Keywords:
National carbon market; Power enterprises; Cost of capital; Carbon risk; Green innovation; Difference-indifferences全国碳市场; 电力企业; 资本成本; 碳风险; 绿色创新; 双重差分
- Abstract: The launch of China’s national carbon market not only affects firms’ carbon emission behavior, but may also change capital markets’ risk pricing of firms in high-carbon industries. Taking the launch of the national carbon market in 2021 as a quasi-natural experiment, this paper selects Chinese A-share listed power enterprises and other listed firms in high-carbon industries from 2014 to 2024 as the research sample, and employs a difference-in-differences model to examine the impact of the national carbon market launch on the cost of capital of power enterprises. The results show that the launch of the national carbon market increases the cost of capital of power enterprises in the short term. This conclusion remains robust after PSM-DID estimation, parallel trend tests, and placebo tests. The mechanism analysis indicates that green innovation and low-carbon transition investment are important channels through which the policy raises the cost of capital in the short term, while the financing constraint mechanism provides supplementary evidence. The findings suggest that the financial effect of the national carbon market is characterized by stages: in the early stage of policy implementation, it is more likely to manifest as transition cost pressure, whereas in the long run, reducing corporate financing costs still depends on stronger green financial support and improved carbon information disclosure. 全国碳市场启动不仅影响企业碳排放行为，也可能改变资本市场对高碳行业企业的风险定价。本文以2021年全国碳市场启动为准自然实验，选取2014—2024年中国A股电力企业及其他高碳行业上市公司作为样本，采用双重差分模型检验全国碳市场启动对电力企业资本成本的影响。研究发现，全国碳市场启动在短期内提高了电力企业资本成本；在经过PSM-DID、平行趋势检验和安慰剂检验后，该结论仍然稳健。机制检验表明，绿色创新和低碳转型投入是政策短期推高资本成本的重要渠道，融资约束机制则提供了补充性证据。研究表明，全国碳市场的金融效应具有阶段性特征，政策初期更容易表现为转型成本压力，长期仍需依靠绿色金融支持和碳信息披露完善来降低企业融资成本。
- DOI: 10.35534/pss.0807105 (registering DOI)
- Cite: 马筱迪，杨力．全国碳市场启动对电力企业资本成本的影响研究［J］．社会科学进展，8（7）：606-614.
