中国作为全球最大经济体，同时也是全球最大的温室气体排放国家。为减缓温室 气体排放，中国开始引入碳排放权交易制度，并于2013年起先后在深 圳、北京、广州 等七个地区展开试点。碳排放权交易在中国实施时间不长，有关碳排放权交易实施效 果的研究刚刚开始。习近平总书记提出“既要金山银山，也要绿水青山”， 这意味着 中国在“新改革”中既要保持经济发展，更要促进环境改善。著名的“波特假说”表 明，严格且合适的环境规制能促使企业通过创新实现环境与经济共赢，那么碳排放 权 交易在中国情境下能否实现波特效应呢？因此，本研究回答的就是碳排放权交易在中 国制度背景下能否实现双赢的问题。 首先，本研究回答了碳排放权交易对企业创新的影响 。本文以2010-2015年碳排放 权交易试点省市上市公司为样本，利用DID模型，实证检验了碳排放权交易是否能够 倒逼企业自主创新。研究发现，碳排放权交易机制能显著提升企 业自主创新。另外， 碳排放权交易机制的内在设计影响交易市场的流动性，从而影响碳排放权交易机制与 企业自主创新的关系。当碳排放权交易市场的碳配额交易价格越高、日 均交易规模越 大、每年交易活跃度越高，越能驱动试点企业的自主创新。 接着，本研究回答了碳排放权交易对企业环境绩效的影响。本文手工收集各试点 地区碳排放权交易试点 企业名单，并识别其中上市公司作为处理组；利用PSM方法， 和DID模型检验了碳排放权交易对企业减排效果及减排行为的影响。研究发现，碳排 放权交易的实施确实能够显著降 低企业的碳排放，并且企业主要是通过增加节能减排 设备的长期投资来减少生产过程中的碳排放，而非通过减产的短期行为来实现减排。 最后，本研究回答了碳排放权交易对企 业经济绩效的影响。本文基于中国碳排放 权交易的制度设计，分别从短期和长期视角验证碳排放权交易对企业价值的影响，以 提供来自中国市场的经验证据。第一步，本文采用 事件研究法，检验了碳排放权交易 试点公告的市场反应，发现资本市场对于该事件有显著的正向反应，低碳强度企业的 市场反应更为显著，表明市场预期碳排放权交易能够提高 企业短期价值。第二步，本 文利用双重差分模型研究碳排放权交易正式启动后对企业长期价值的影响，发现碳排 放权交易对企业长期持有到期收益及企业财务绩效并没有显著影 响。第三步，本文对 碳排放权交易机制未能对企业长期价值产生影响的原因进行探索分析。本文发现，现 阶段碳排放权交易机制配额分配较为宽松，加之宏观去产能政策的影响 ，导致配额供 暨南大学博士学位论文 II 大于求，碳价过低，从而碳排放权交易机制目前无法在实现低碳的同时提升企业价值。 整体而言，中国在七个地区试点的碳排放权交易 机制虽然实现了环境治理效果， 并促使了企业的创新行为，但并没有提高企业的长期价值。表明中国的碳排放权交易 并没有实现环境与经济共赢的“强波特假说”，仅实现了“ 弱波特假说”，即碳排放 权交易能够促使企业创新，但创新红利不足以全部抵消企业遵循成本，从而经济红利 受损。本文的研究结论为政府监管部门、碳市场、企业、投资者和 公众提供了一定的 借鉴意义。 关键字：碳排放权交易，创新，环境绩效，经济绩效 暨南大学博士学位论文 III ABSTRACT As the world's largest economy, China is also the largest emitter of greenhouse gases in the world. China has started to introduce carbon emission trading scheme (ETS) to slow its greenhouse gas emissions, with trials in seven regions including Shenzhen, Beijing and Guangzhou. Even though ETS has been implemented several years, there are not many studies on the policy effect of carbon emission trading. “Want both gold mountain and silver mountain, also want green water and green mountain” means that China should maintain economic development and improve the environment in the "new reform". The famous “Porter Hypothesis” shows that strict and appropriate environmental regulations can promote enterprises to achieve a win-win situation between environment and economy through innovation, so can carbon emission trading achieve the porter effect in the context of China? Thus, this thesis wants to answer whether the carbon ETS can achieve a "win- win" effect under Chinese background? Firstly, this study answered the impact of ETS on firm innovation. Based on the sample of listed companies located in the pilot ETS regions from 2010 to 2015, this paper empirically tests whether ETS can force enterprises to innovate independently by using the DID model. The study found that after the implementation of the ETS, the independent innovation behavior of ETS-participating enterprises was significantly improved. The liquidity of the carbon trading market would affect the relationship between the ETS and the independent innovation of enterprises. The higher the carbon price, the larger the daily trading scale and the higher the annual trading activity of the carbon trading market, which will drive the independent innovation of ETS-participating enterprises. Secondly, this study answers the effect of ETS on corporate environmental peiformance. This paper conducts research based on China's micro level data from 2010 to 2016. This paper first collects the list of the ETS-participating firms in each pilot region manually, and identifies the listed companies as the treatment group. Then, the paper uses the PSM method to match the appropriate control group (non-ETS- participating firms) from the other regions according to the individual characteristic variables such as enterprise technology level, production capacity, scale, years of establishment and industries. Lastly, DID model is used to examine the effect of ETS on enterprise carbon emission and emission reduction behavior. This study found that the implementation of ETS can indeed significantly reduce corporate carbon emissions. Moreover, enterprises mainly reduce carbon emissions in the overall production 暨南大学博士学位论文 IV process by increasing emission reduction equipment from the long-term perspective, rather than reduce emissions through short-sighted actions by reducing production. Finally, this study answers the impact of ETS on enterprise financial performance. With the quasi-natural experiment scenario of the ETS in China, this paper provides empirical evidence of the impact of carbon ETS on firm value. Based on the announcement of carbon ETS, we find positive market reaction for this event, especially for firms with low carbon- intensity. However, with the DID methods, we find ETS has no effect on firm’s long-term value. Further, we explain it is because of the loose implement of Chinese ETS and the cut overcapacity policies that lead to the oversupply of allowances and low price of the allowance. On the whole, although the ETS has settled the environmental problem and promoted the innovative behaviors of enterprises, it is not conducive to the long-term value of enterprises. It shows that China's ETS fails to achieve a win-win situation between the environment and the economy, and only realizes the "weak porter hypothesis", that is, ETS can promote enterprise innovation, but the innovation dividend is not enough to completely offset the compliance cost of enterprises, thus damaging the economic dividend. The conclusions of this paper provide some references for government regulatory departments, carbon market, enterprises, investors and the public. Key Words: Carbon emission trading scheme; environmental performance; economic performance; green innovation 暨南大学博士学位论文 V 目录 摘要 ....... I ABSTRACT ...................... III 目录 ...... V 1 绪论 ............................. 1 1.1 研究背景........... 1 1.2 研究内容与意 义.............................. 3 1.2.1 研究内容 .... 3 1.2.2 研究意义 .... 5 1.3 相关概念界定与衡量...................... 6 1.3.1 环境规制的内涵及演变 ........... 6 1.3.2 环境绩效的界定及衡量 ........... 7 1.4 研究思路与方法.............................. 9 1.4.1 研究思路 .... 9 1.4.2 研究方法 .. 10 1.5 研究 创新......... 11 1.6 论文结构......... 12 2 理论分析与文献综述 .............................. 13 2.1 理论分析......... 13 2.1.1 外部性理论 ............................. 13 2.1.2 产权理论 .. 16 2.1.3 创新理论 .. 17 2.2 文献综述......... 19 2.2.1 环境规制与创新 ..................... 19 2.2.2 环境 规制与环境绩效 ............. 20 2.2.3 环境规制与经济绩效 ............. 23 2.2.4 文献评述 .. 25 3 制度背景 ................... 27 3.1 碳排放权交易发展现 状....