碳市场和企业感知到的气候监管风险
Gbenga Adamolekun1, Hao Li2, Bing Xu3
1The Business School, Edinburgh Napier University, Edinburgh, EH14 1DJ, UK.
Journal of environmental management
|August 29, 2025
概括
参与排放交易 (ETS) 增加了气候监管风险 (FCRR),特别是在发达经济体. 治理和坚定的因素可以减轻这些风险,而早期参与则有好处.
科学领域:
- 环境经济学
- 公司治理
- 气候政策
背景情况:
- 排放交易计划 (ETS) 是气候政策的重要工具.
- 了解企业层面的气候监管风险对于合规和战略至关重要.
- 排放交易所对FCRR的影响需要考虑公司和治理因素.
研究的目的:
- 分析ETS参与与FCRR之间的关系.
- 确定调节这种关系的特定公司和治理因素.
- 评估参与时间和立法冲击对FCRR的影响.
主要方法:
- 对36个国家的企业级数据 (2003-2021) 的计量经济学分析.
- 纳入治理变量 (CEO网络,任期,董事会结构) 和公司特征 (财务约束,行业,政治风险) 的回归模型.
- 事件研究方法分析立法冲击和参与时间.
主要成果:
- 成为ETS成员与FCRR有着积极的联系.
- 财务限制,首席执行官网络规模,任期,独立董事和董事会规模降低了FCRR.
- 企业的政治风险,碳密集型产业和被选中的董事会成员增加了FCRR.
- 早期参与ETS降低了FCRR;退出增加了FCRR.
- 在发达经济体中,影响显著,而立法冲击则减弱.
结论:
- 气候监管风险受到排放交易体系的重要影响.
- 关于参加和退出ETS的战略决策以及治理对于管理气候风险至关重要.
- 政策设计,如立法冲击,可以改变ETS对企业的影响.
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