基于创新投入和碳价中介效应的碳交易政策对风电企业价值影响研究OA

To accelerate the achievement of"dual carbon"goals,significant attention has been directed towards developing renewable energy.The"14th Five Year Plan"further proposes accelerating the implementation of renewable energy development strategy.Currently,wind power has become the main force in new energy generation,showing extensive development potential.As a key measure to promote economic growth and carbon reduction,carbon trading policies require further research on whether they can promote the value of wind power enterprises and the pathways through which this occurs.The carbon emission trading pilot in China was used as a quasi-natural experiment,with data from listed companies between 2010 and 2022 selected to construct a double difference-in-differences(DID)model to analyze the impact of carbon trading on the value of wind power enterprises.The mediating effects of innovation investment and carbon prices in this relationship were also explored.Findings indicated that carbon trading policies significantly enhanced the market value of wind power enterprises,with the conclusions remaining robust after conducting parallel trend tests,placebo tests,and other robustness checks.Further analysis revealed that innovation investment and carbon prices significantly promoted the positive effect of carbon trading on enterprise value.Heterogeneity tests demonstrated that the effects were more pronounced among state-owned enterprises,those with low financing constraints,and small to medium-sized enterprises.Based on these findings,suggestions were made from both government and enterprise perspectives:the government should improve carbon market construction,fully leverage the vitality of the carbon market,appropriately expand the scope of government subsidies,and support corporate technological innovation;enterprises should innovate in fixed asset management,broaden financing channels,and promote the digital and intelligent transformation of wind power.