Beschreibung:
This paper defines the A-share market carbon risk index, and empirically tests the impact of carbon risk on China’s stock returns. The research results show carbon risk is correlated negatively with excess returns on equities and has proven to be a systemic risk. Mechanism analysis shows that the impact of carbon risk on stock returns does not originate from internal constraints due to the changes in enterprise market power, but from the external regulatory results. The impact of carbon risk on stock returns is heterogeneous according to the characteristics of regions, industries and controlling shareholders’ equity nature, financing constraints, green innovation level and environmental information disclosure. In the analysis of the heterogeneity of enterprise innovation level, the correctness of Porter’s hypothesis is verified from a new perspective of carbon risk