气候变化治理对新能源企业的奖励效应——基于中国加入《巴黎协定》股票市场反应的证据.pdfVIP

产品与市场 气候变化治理对新能源企业的奖励效应 ——基于中国加入《巴黎协定》股票市场反应的证据 姜英兵1,2 张伟杰1,2 (1.东北财经大学会计学院，辽宁 大连 116025；2.东北财经大学中国内部控制研究中心，辽宁 大连 116025) 摘要：在经济低碳转型的背景下，股票市场能否借助价格信号引导资源向新能源产业集聚，是股票市场绿色有效性的关 键。本文采用事件研究方法，通过观察股票市场对《巴黎协定》签署的反应，考察气候变化治理力度加强与新能源企业 股票收益的关系。研究发现，相比非新能源企业，新能源企业在《巴黎协定》签署事件窗口期内的股票收益提升。机制 检验发现，气候变化治理力度加强主要通过企业价值增长机制和投资者关注机制影响新能源企业的股票收益，并且企业 价值增长机制的作用程度高于投资者关注机制。异质性分析表明，气候变化治理力度加强对新能源企业股票收益的积极 影响在秦岭-淮河一线以北地区、竞争度更高行业、议价能力较弱以及非国有企业中更加显著。本文的研究对充分发挥气 候变化治理实践对社会资本的引导作用、开展绿色金融助力经济低碳转型具有启示意义。 关键词： 《巴黎协定》；气候变化治理；新能源企业；股票收益 Abstract: In the context of the transition to a low-carbon economy, whether the stock market can exploit price signals to guide the aggregation of resources to the renewable energy industry is key to the green effectiveness of the stock market. The paper uses an event study approach to examine the relationship between the strengthening climate change governance and the stock return of renewable energy firms by investigating the stock market reaction to the signing of the Paris Agreement. The findings show that the stock return of renewable energy firms increases during the event window of the signing of the Paris Agreement, compared to non-renewable energy firms. The mechanism analysis shows that strengthened climate change governance affects the stock return of renewable energy firms through the corporate value growth mechanism and the investor attention mechanism. The impact of the former exceeds that of the latter. Heterogeneity analysis indicates that the positive effect of strengthened climate change governance on the stock return of renewable energy firms is more significant for firms that are located north of the Qinling-Huaihe line, in more competitive industries, with weaker bargaining power, and non-state-owned. The research sheds light on giving full play to the role of c