时间

2024年12月24日（周二）14:00-15:30

地点

学术会堂 603

讲座题目

The Effect of Carbon Pricing on Firm Performance: Worldwide Evidence

碳定价对企业绩效的影响：来自全球的证据

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.

主讲人

段廷桦，法国EDHEC商学院金融系副教授。获得英国爱丁堡大学金融学博士，英国杜伦大学经济与金融学硕士，中国农业大学经济学学士。主要研究方向是气候金融, 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等国际主要学术会议接受. 他的论文先后发表于Journal of Financial and Quantitative Analysis, Journal of Business Ethics等国际主要学术期刊。

主办方

创新发展学院中国金融发展研究院

讲座地址

中央财经大学（学院南路校区）北京市海淀区学院南路39号

撰稿：段廷桦

审稿：吴仰儒、赵阳

编辑：沈嘉怡

审核：王颖