| 碳市场启动对企业股价信息效率的影响研究——来自电力上市公司的证据 |
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| 引用本文：王佳，张新华.碳市场启动对企业股价信息效率的影响研究——来自电力上市公司的证据[J].财经理论与实践,2026,(1):41-47 |
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| 中文摘要:依据 2012—2024 年我国 291 家电力上市公司的季度数据，运用双重差分法，考量全国碳排放权交易市场启动对火电企业股价信息效率的影响。结果显示：全国碳市场启动通过促进分析师关注、降低机构投资者持股比例渠道提升火电企业股价信息效率，该促进效应在大型国有火电企业和碳交易活跃度高地区企业中更为突出，分别提升 13.0% 和 24.5%；火电装机容量增长率高于2.8%地区企业，分析师关注的渠道效应更显著。鉴于此，宜差异化推进企业碳信息披露，优化碳市场与资本市场的信息联动机制，引导信息中介与投资者聚焦碳信息价值。 |
| 中文关键词:碳排放交易 火力发电企业 股价信息效率 信息披露 市场信号 |
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| The Impact of Carbon Market Launch on Corporate Stock Price Information Efficiency: Evidence from Listed Power Companies |
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| Abstract:Based on quarterly data from 291 listed power companies in China from 2012 to 2024, the study adopts a difference-in-differences approach to investigate the impact of the National Carbon Emission Trading Market (NCE TM) implementation-a market-based environmental regulation-on the stock price information efficiency (SPI) of thermal power companies. Results indicate that the NCE TM launch significantly improves SPI for thermal power enterprises through two channels: increasing analyst attention and reducing institutional investor shareholding ratios. Heterogeneity analysis reveals this promotional effect is more pronounced among large state-owned thermal power enterprises and firms in regions with high carbon trading activity, boosting efficiency by 13.0% and 24.5%, respectively. Additionally, the channel effect of analyst attention was more pronounced for companies in regions with thermal power installed capacity growth rates exceeding 2.8%. Given these findings, we propose differentiated corporate carbon information disclosure strategies, optimization of the information linkage mechanism between carbon markets and capital markets, and guidance for information intermediaries and investors to focus on the value of carbon information. |
| keywords:carbon emissions trading thermal power enterprises stock price information efficiency information disclosure market signals |
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