Do efforts on energy saving enhance firm values? Evidence from China's stock market

被引：24

作者：

Ye, Dezhu ^{[1
,2
]}

Liu, Shasha ^{[3
]}

Kong, Dongmin ^{[4
]}

机构：

[1] Jinan Univ, Dept Finance, Res Inst Finance, Guangzhou, Guangdong, Peoples R China

[2] Jinan Univ, Inst Resources Environm & Sustainable Dev, Guangzhou, Guangdong, Peoples R China

[3] Peking Univ, Guanghua Sch Management, Beijing, Peoples R China

[4] HUST, Sch Econ, Wuhan 430074, Peoples R China

来源：

ENERGY ECONOMICS | 2013年 / 40卷

基金：

中国国家自然科学基金;

关键词：

Energy saving; Firm values; Event study; Emerging market; CAPITAL-MARKETS; EVENT; PERFORMANCE; OWNERSHIP; POLLUTION; BEHAVIOR; RETURNS; PROFITS;

D O I：

10.1016/j.eneco.2013.07.017

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the impact of energy-saving efforts on firm value, using the carbon emission rights trading scheme (CERTS) of China as an exogenous shock. The results showed that the CERTS increases the market value of energy-related firms; moreover, the energy-saving efforts of firms further influence their market value and investor reaction. Energy-related firms improve their market value and gain benefits by strengthening their energy-saving activities. This paper offers an important policy implication that the Government should enact appropriate policies to improve the energy-saving activities of firms, especially in the energy industry. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：360 / 369

页数：10

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