Carbon Pricing and Stock Performance: Evidence from China’s Emissions Trading Scheme Pilot Regions

Author:

Zhang Qiongqiong1,Zhang Jianing1ORCID

Affiliation:

1. College of Business and Public Management, Wenzhou-Kean University, Wenzhou 325060, China

Abstract

This paper examines a sample of 167 publicly listed enterprises covered by eight regional pilot emissions trading markets in China from 2013 to 2023. Our empirical findings indicate that the carbon price returns negatively affect the stock returns of enterprises covered by the regional markets, with the Shenzhen and Guangdong regions suffering a more pronounced effect. Furthermore, high-carbon-intensity enterprises are more susceptible to this negative impact than their low-carbon-intensity counterparts. The robustness of the negative relationship is evident even after the national emissions trading market opened on July 16, 2021. This study provides insightful guidance for policymakers to regulate emissions trading markets.

Funder

2023 WKU Student Partnering with Faculty Research Program

2023 WKU International Collaborative Research Program

Publisher

World Scientific Pub Co Pte Ltd

Subject

Economics and Econometrics,Finance

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Liquidity spillover from carbon emission trading markets to stock markets in China;Investment Management and Financial Innovations;2023-11-16

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