時間

2024年12月24日（周二）14:00-15:30

地點

學術會堂 603

講座題目

The Effect of Carbon Pricing on Firm Performance: Worldwide Evidence

碳定價對企業績效的影響：來自全球的證據

摘要

Despite the theoretical benefits of carbon pricing in combating climate change, many countries seem reluctant to adopt such policies. To address these concerns, we utilize the staggered enactment of carbon pricing initiatives across jurisdictions to evaluate their impacts on publicly listed firms worldwide. We observe triadic effects. First, carbon pricing initiatives impose a financial redistribution effect on firms, reducing the profitability of high-emission firms. Second, high-emission firms receive a lower market valuation, which is driven mostly by the cash flow channel as opposed to the discount rate channel. Lastly, high-emission firms also reduce investments. Importantly, carbon pricing initiatives do not reduce aggregate profitability, firm value, or investments in the policy-initiating jurisdictions. Rather, they shift profits and investments from high- to low-emission firms, implying a net gain in carbon efficiency. Our results have significant policy implications.

主講人

段廷桦，法國EDHEC商學院金融系副教授。獲得英國愛丁堡大學金融學博士，英國杜倫大學經濟與金融學碩士，中國農業大學經濟學學士。主要研究方向是氣候金融, ESG, 公司治理。他的研究曾被the American Finance Association (AFA) Annual Meeting, the SFS Cavalcade North America Conference，the SFS Cavalcade Asia-Pacific Conference, the Financial Intermediation Research Society Conference，the ABFER Annual Conference和the China International Conference in Finance等國際主要學術會議接受. 他的論文先後發表于Journal of Financial and Quantitative Analysis, Journal of Business Ethics等國際主要學術期刊。

主辦方

韦德体育bevictor中國金融發展研究院

講座地址

韦德体育bevictor（學院南路校區）北京市海澱區學院南路39号

撰稿：段廷桦

審稿：吳仰儒、趙陽

編輯：沈嘉怡

審核：王穎