碳交易对上市公司的影响分析——基于事件分析法的研究

发布时间：2018-05-23 18:10

本文选题：碳交易 + CDM　；参考：《东岳论丛》2012年11期

【摘要】：本文利用2006-2012年的数据,采用事件分析法研究了CDM的碳交易形式对于上市公司收益率的影响。研究结果显示:上市公司CDM项目成功注册当日,市场规模最小的3家公司有显著为正的异常收益率,但是上市公司整体的异常收益率并不显著为正;在事件窗内,上市公司也没有显著为正的累积异常收益率;不论是注册当日还是事件窗内,规模较小的公司的异常收益率(或累积异常收益率)都明显高于规模较大的公司的相应收益率,小规模公司从CDM项目中将会获得更高的收益。
[Abstract]:Based on the data from 2006 to 2012, this paper studies the effect of carbon trading form of CDM on the return rate of listed companies by event analysis. The results show that the three companies with the smallest market size have significantly positive abnormal returns on the day of successful registration of the CDM project, but the abnormal returns of the listed companies as a whole are not significantly positive; in the event window, There is also no significant positive cumulative abnormal rate of return for listed companies; whether on the day of registration or in the event window, the abnormal returns (or cumulative abnormal returns) of smaller companies are significantly higher than the corresponding rates of return of larger companies. Small companies will benefit more from CDM projects.
【作者单位】：首都经济贸易大学经济学院;北京工商大学嘉华学院;
【基金】：国家社会科学基金重点项目“我国碳排放总量确定、指标分配、实现路径机制设计博弈分析及动态模拟研究”(10AJY002) 北京市哲学社会科学规划项目“目标管理模式下北京市实现碳强度目标的机制与路径研究”(11JGC127)
【分类号】：F832.51;F205;F224

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