企业低碳行为与股东价值关系的实证研究

结合我国低碳政策背景，实证检验了我国企业低碳行为与股东价值的关系，研究发现：总体而言我国企业低碳行为有利于股东价值的提升，环境敏感行业的低碳行为与股东价值的关系更显著，但是与被动的低碳行为相比，主动低碳行为并来获得更大的股东价值。这表明我国政府制定的低碳政策取得了一定的效果，但是还需要进一步培育低碳产品需求、明确碳交易或碳税等低碳政策，从而使企业主动低碳行为获得应有的更大市场回报。

An Empirical Study on the Relationship between Enterprises＇ Low-carbon Behavior and Shareholders＇ Value

The paper made and empirical study on the relationship between enterprises＇low carbon behavions and sharehold-er value in the context of Chinese low-carbon policies.The study shows that in general the low-carbon behavior can in-crease sharcholders＇value.which is more positive in environmental sensitive indusries.The active low-carbon behaviors do not bring more shareholders＇value,compared to passive low-carbon behaviors.The results indicate that the low-carbon poli-cies made by Chinese government have achieved some success,but it still need to foster the demand for low-carbon prod-ucts and make the carbon rading or carbon tax policy clear in order to help the active carbon behaviors get greater market returns.