Abstract: With the continuous implementation of China's ecological civilization construction strategy and various environmental policies, the carbon emission trading and the carbon trading market has developed rapidly, which has an important impact on the micro-level corporate financial performance. This paper selects China's A-share listed companies from 2008 to 2017 as research samples, and uses the trend matching score (PSM) and the double difference method (DID) to examine the impact of the carbon emission trading on the corporate financial performance at the micro level. Evidence shows that the implementation of the carbon emission trading can effectively enhance the corporate value; the implementation of the carbon emission trading can effectively improve the corporate financial performance; Further research shows that the implementation of the carbon emission trading can not promote Chinese companies to increase R&D investment, and the implementation of the carbon emission trading has indeed increased the level of the non-operating income of enterprises included in the trading system, but the impact on the corporate investment income is not significant.

Key words: Carbon Emission Trading, Corporate Financial Performance, Corporate Value, R&D Investment

摘要： 随着我国生态文明建设战略与各项环境政策的不断落实,碳排放权交易与碳交易市场快速发展对微观层面的企业财务绩效产生了重要影响。本文选取了2008~2017年我国A股上市公司作为研究样本,采用倾向匹配得分(PSM)与双重差分(DID)方法,从微观层面考察碳排放权交易对企业财务绩效的影响。证据表明:实施碳排放权交易能够有效提升企业价值与企业财务绩效。进一步的研究表明:碳排放权交易的实施尚不能促进我国企业增大研发投入,对企业投资收益的影响不够显著,但确实提高了纳入交易体系企业的营业外收入水平。

关键词: 碳排放权交易, 企业财务绩效, 企业价值, 研发投入