| 2,478 | 35 | 209 |
| 下载次数 | 被引频次 | 阅读次数 |
搁浅资产形成是经济低碳转型的必然结果，是公司气候风险的主要类型之一。基于2005—2021年沪深A股上市公司数据，探究搁浅资产风险对公司价值的影响。实证结果发现，搁浅资产风险对公司价值产生显著负向影响并具有稳健性。机制分析表明，搁浅资产风险主要通过增加融资约束、降低股票流动性和破坏企业声誉，抑制公司价值提升。异质性分析发现，搁浅资产风险与公司价值间的负向相关关系在非国有、社会责任绩效差、资本密集型、所在城市环境规制更严格、位于经济发达地区以及所在城市行政级别较高的企业中更为明显。研究结论不仅补充和丰富了搁浅资产风险及其经济后果的文献，也为中国企业和投资者认识搁浅资产风险、制定有效的风险管理政策提供了有益指导。
Abstract：The emergence of stranded assets is an inevitable by-product of transitioning to a low-carbon economy and serves as a significant form of climate-related risk for companies.This study employed data from companies listed on Shanghai's and Shenzhen's A-share markets between 2005 and 2021 to examine the impact of stranded asset risk on corporate valuation.The empirical evidence confirmed that stranded asset risk had a consistently negative and significant effect on corporate value.The study identified three main channels through which this negative impact occurs: increased financing constraints, reduced stock liquidity, and tarnished corporate reputation.Further, a heterogeneity analysis revealed that the negative relationship between stranded asset risk and corporate value was particularly evident in non-state-owned companies, those with poor social responsibility performance, in capital-intensive industries, and in firms located in areas with stringent environmental regulations, economically advanced regions, and cities with elevated administrative status.These insights not only enrich the existing literature on stranded asset risk and its economic ramifications but also provide valuable guidance for Chinese corporations and investors in understanding these risks and formulating effective risk management strategies.
陈爽英，雷波，冯海红.发达地区和欠发达地区工业数字化的组态路径——基于“技术—组织—环境”的理论框架分析[J].科学学研究，2022(3).
逯东，孙岩，周玮，杨丹.地方政府政绩诉求、政府控制权与公司价值研究[J].经济研究，2014(1).
鲁桐，党印.公司治理与技术创新：分行业比较[J].经济研究，2014(6).
任胜钢，郑晶晶，刘东华，陈晓红.排污权交易机制是否提高了企业全要素生产率——来自中国上市公司的证据[J].中国工业经济，2019(5).
危平，舒浩.基于EIO-LCA方法的证券投资组合的碳绩效研究[J].管理评论，2021(4).
危平，舒浩，成静涛.气候变化背景下搁浅资产理论的演变[J].金融论坛，2021(9).
谢红军，蒋殿春，包群.官司、声誉与上市企业更名[J].经济研究，2017(1).
谢佳松，林建浩，罗挺威.传统善会善堂的历史遗产——基于企业社会责任的研究[J].财经研究，2023(4).
熊家财，苏冬蔚.股票流动性与代理成本——基于随机前沿模型的实证研究[J].南开管理评论，2016(1).
杨上广，郭丰.知识产权保护与城市绿色技术创新——基于知识产权示范城市的准自然实验[J].武汉大学学报(哲学社会科学版),2022(4).
Albuquerque R.,Y.Koskinen,and C.Zhang,2019.Corporate Social Responsibility and Firm Risk:Theory and Empirical Evidence.Management Science,65(10):4451-4469.
Amihud Y.,2002.Illiquidity and Stock Returns:Cross-section and Time-series Effects.Journal of Financial Markets,5(1):31-56.
Ansar A.,B.L.Caldecott,and J.Tilbury,2013.Stranded Assets and the Fossil Fuel Divestment Campaign:What does Divestment Mean for the Valuation of Fossil Fuel Assets?Smith School of Enterprise and the Environment,University of Oxford.
Ansari D.,and F.Holz,2020.Between Stranded Assets and Green Transformation:Fossil-fuel-producing Developing Countries Towards 2055.World Development,130:104947.
Atanasova C.,and E.S.Schwartz,2019.Stranded Fossil Fuel Reserves and Firm Value.National Bureau of Economic Research.
Caldecott B.,E.Harnett,T.Cojoianu,I.Kok,and A.Pfeiffer,2016.Stranded Assets:A Climate Risk Challenge.Washington DC:Inter-American Development Bank.
Clarkson P.M.,Y.Li,M.Pinnuck,and G.D.Richardson,2015.The Valuation Relevance of Greenhouse Gas Emissions Under the European Union Carbon Emissions Trading Scheme.European Accounting Review,24(3):551-580.
Curtin J.,C.McInerney,B.ó.Gallachóir,C.Hickey,P.Deane,and P.Deeney,2019.Quantifying Stranding Risk for Fossil Fuel Assets and Implications for Renewable Energy Investment:A Review of the Literature.Renewable and Sustainable Energy Reviews,116:109402.
Delis M.D.,K.De Greiff,and S.Ongena,2019.Being Stranded with Fossil Fuel Reserves?Climate Policy Risk and the Pricing of Bank Loans.EBRD Working Paper,231.
Diaz-Rainey I.,S.A.Gehricke,H.Roberts,and R.Zhang,2021.Trump vs.Paris:The Impact of Climate Policy on US Listed Oil and Gas Firm Returns and Volatility.International Review of Financial Analysis,76:101746.
Fajgelbaum,P.D.,P.K.Goldberg,P.J.Kennedy,and A.K.Khandelwal,2020.The Return to Protectionism.The Quarterly Journal of Economics,135(1):1-55.
Huang B.,M.T.Punzi,and Y.Wu,2021.Do Banks Price Environmental Transition Risks?Evidence From a Quasi-natural Experiment in China.Journal of Corporate Finance,69:101983.
Krause F.,W.Bach,and J.Koomey,1989.Energy Policy in the Greenhouse.Wiley,New York.
Krueger P.,Z.Sautner,and L.T.Starks,2020.The Importance of Climate Risks for Institutional Investors.The Review of Financial Studies,33(3):1067-1111.
Liu P.,and H.Qiao,2021.How Does China’s Decarbonization Policy Influence the Value of Carbon-intensive Firms?.Finance Research Letters,43:102141.
McGlade C.,and P.Ekins,2015.The Geographical Distribution of Fossil Fuels Unused when Limiting Global Warming to 2℃.Nature,517(7533):187-190.
Meinshausen M.,N.Meinshausen,W.Hare,S.C.Raper,K.Frieler,R.Knutti,D.J.Frame,and M.R.Allen,2009.Greenhouse-gas Emission Targets for Limiting Global Warming to 2℃.Nature,458(7242):1158-1162.
Mercure J.F.,H.Pollitt,J.E.Vi■uales,N.R.Edwards,P.B.Holden,U.Chewpreecha,P.Salas,I.Sognnaes,A.Lam,and F.Knobloch,2018.Macroeconomic Impact of Stranded Fossil Fuel Assets.Nature Climate Change,8(7):588-593.
Rozenberg J.,A.Vogt-Schilb,and S.Hallegatte,2020.Instrument Choice and Stranded Assets in the Transition to Clean Capital.Journal of Environmental Economics and Management,100:102183.
Shang C,2020.Trade Credit and Stock Liquidity.Journal of Corporate Finance,62:101586.
Shu H.,W.Tan,and P.Wei,2023.Carbon Policy Risk and Corporate Capital Structure Decision.International Review of Financial Analysis,102523.
Silver N.,2017.Blindness to Risk:Why Institutional Investors Ignore the Risk of Stranded Assets.Journal of Sustainable Finance & Investment,7(1):99-113.
Xie X.,J.Lu,M.Li,and J.Dai,2023.Does Carbon Neutrality Commitment Enhance Firm Value?.Journal of Chinese Economic and Business Studies,1-35.
Yan H.,X.Li,Y.Huang,and Y.Li,2020.The Impact of the Consistency of Carbon Performance and Carbon Information Disclosure on Enterprise Value.Finance Research Letters,37:101680.
Yuan J.,X.Guo,W.Zhang,J.Zhou,and C.Qin,2019.Stranded Coal Power Assets in China:A Case Study of Jilin Province.Emerging Markets Finance and Trade,55(12):2673-2688.
(1)限于文章篇幅,研究样本的行业—年度分布表留存备索。
(2)限于文章篇幅,留存备索。
基本信息:
中图分类号:F275;F832.51
引用信息:
[1]舒浩,危平,别奥.转型金融背景下搁浅资产风险对公司价值的影响[J].金融经济学研究,2023,38(06):66-81.
基金信息:
湖南省研究生科研创新一般项目(CX20210146); 中南大学中央高校基本科研业务费专项资金资助(2021zzts0025); 上海市科委软科学重点项目(22692113500)
2023-09-26
2023-09-26
2023-09-26