| 摘要: |
| 碳市场作为推动低碳经济发展和减少温室气体排放的市场化手段,促进了碳排放权价格对能源企业价值的影响。通过构建回归模型,对比分析碳价对传统能源企业和新能源企业长期与短期价值影响的差异,结果显示:碳价对两类能源企业价值的影响都较显著但整体偏小,并且对短期价值的影响明显大于对长期价值的影响；碳价上涨会导致传统能源企业长期和短期价值均出现下滑且短期价值的下滑幅度更大,同样情况下,新能源企业短期价值也下滑,而长期价值却得到提升。进一步分析发现,碳价不稳定且长期处于低位是新能源企业短期减排优势没有得到体现的重要原因。因此,可以通过完善碳市场交易机制,创新碳金融衍生产品来提升两类能源企业利用碳市场管理自身价值的能力。 |
| 关键词: 碳交易市场 碳排放权价格 能源企业价值 |
| DOI：10.13216/j.cnki.upcjess.2022.05.0003 |
| 分类号:F832.5；F426；X196 |
| 基金项目:青岛市哲学社会科学规划项目(QDSKL2201044) |
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| The Impact of China 's Carbon Emission Allowance Price on the Value of Energy Enterprises |
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HAN Min, HUANG Wenlu
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(School of Economics and Management, China University of Petroleum(East China), Qingdao 266580, Shandong, China)
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| Abstract: |
| The carbon trading market greatly impacts the value of energy enterprises to promote the development of the low-carbon economy and the carbon emission reduction through market orientation. The comparative studies of the impact on the long-term and short-term values by the regression model have suggested that both conventional and new energy enterprises are noticeably affected with short-term impact significantly greater than the long-term, but the overall impact being small. The carbon price rise can trigger the declining long-term and short-term values of conventional energy enterprises with the greater decrease of the short-term. In terms of the new energy enterprises, there is similarly a decline in the short-term values but the long-term value is on the rise. Further study suggests that the unstable and long-term low carbon price is the contributing factor impeding the potential carbon emission efficiency of new energy enterprises. It is therefore advisable to enhance the carbon market trading mechanism and innovate carbon financial derivatives so that both conventional and new energy enterprises can benefit and boost their own values. |
| Key words: carbon trading market carbon emission allowance price energy enterprise value |
