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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/151521


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    題名: 加州碳排放限額與交易系統對企業的經濟影響：使用雙重差分法以及綜合控制法
    The Economic Effects of the California Cap-and-Trade Program: Firm-Level Evidence Using Difference-in-Differences and Synthetic Control Method
    作者: 周郁翔
    Chou, Yu-Hsiang
    貢獻者: 羅秉政
    Kendro Vincent
    周郁翔
    Chou, Yu-Hsiang
    關鍵詞: 氣候政策
    加州碳排放限額與交易系統
    雙重差分法
    綜合控制法
    Climate policy
    California cap-and-trade program
    Difference-in-differences
    Synthetic control method
    日期: 2024
    上傳時間: 2024-06-03 11:48:54 (UTC+8)
    摘要: 本研究採用雙重差分法 (difference-in-differences, DiD) 和綜合控制法 (synthetic control method, SCM) 來探討加州碳排放限額與交易系統 (the California cap-and-trade program) 對企業獲利能力、市場份額、創新和股票報酬的影響。我們嘗試了多種穩健性策略，包括替代模型、事件日、控制組和標準差。結果表明，企業的獲利能力似乎並未受到該計劃的影響，而對市場份額、創新以及股票報酬的影響則正負參半，並且顯著性在不同模型有所差異。本文的結論是，總體趨勢以及個別公司的差異，似乎比此計畫的影響還要顯著，至少在我們的研究框架中，加州碳排放限額與交易系統對企業的經濟影響很微弱。我們提供了幾個可能的解釋，以及對未來的研究者的建議。總結來說，本研究全面性地探討了環境監管的經濟影響，並且對政府機關和投資者都具有重大意義，無論是在制定環境監管政策還是投資策略上。
    This study employs the difference-in-differences (DiD) regression and the synthetic control method (SCM) to investigate the economic effects of the California cap-and-trade program on the participating firms in terms of profitability, market share, innovation, and stock returns. We conduct several robustness checks, including alternative models, event day, control firms, and standard errors. The results show that the profitability of firms does not seem to be affected by this program, while the evidence for the effects on market share, innovation, and stock returns shows mixed results, and the significance varies among different models. Our conclusion is that the regulated firms appear to be affected more by the overall trends and differences in characteristics among individual firms than by the cap-and-trade program. We provide several possible explanations and suggestions for future researchers. Overall, this study comprehensively explores the economic effects of an important environmental regulation, and holds significant implications for governmental agencies and investors, whether in shaping environmental regulations and investment strategies.
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    描述: 碩士
    國立政治大學
    金融學系
    111352023
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111352023
    資料類型: thesis
    顯示於類別:[金融學系] 學位論文

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