题目：The Effect of Carbon Pricing on Firm Performance: Worldwide Evidence
时间：2024年7月5日（周五）13:30-15:00
地点：浙江大学紫金港校区yl23411永利A423
主讲人：段廷桦博士， IESEG School of Management
主持人：徐维东副教授，yl23411永利
主持人简介：
Tinghua Duan is an Assistant Professor of Finance at IESEG School of Management, France. He received Ph.D. in Finance from University of Edinburgh and was a visiting scholar to NYU Stern School of Business. His research interests are Climate Finance, ESG and Corporate Governance. His works has been accepted to present in major finance conferences, such as the American Finance Association (AFA) Annual Meeting, the SFS Cavalcade North America Conference, the SFS Cavalcade Asia-Pacific Conference, the Financial Intermediation Research Society (FIRS) Conference, the ABFER Annual Conference and the China International Conference in Finance (CICF). His papers are published in Journal of Financial and Quantitative Analysis, Journal of Business Ethics and many other leading journals in Finance and Business. His research papers have won Best Corporate Finance Paper Award at the 2023 FMA European Conference and Best Asset Pricing Paper Award at the 2021 Global Research Alliance for Sustainable Finance and Investment Conference.
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 country. Rather, they shift profits and investments from high- to low-emission firms, implying a net gain in carbon efficiency. Our results have significant normative implications.
