Research on impacts of carbon trading policies on the value of wind power enterprises based on the mediating effects of innovation investment and carbon price

doi:10.3969/j.issn.2097-0706.2026.03.009

Abstract

Abstract:

To accelerate the achievement of "dual carbon" goals，significant attention has been directed towards developing renewable energy.The "14th Five Year Plan" further proposes accelerating the implementation of renewable energy development strategy.Currently，wind power has become the main force in new energy generation，showing extensive development potential.As a key measure to promote economic growth and carbon reduction，carbon trading policies require further research on whether they can promote the value of wind power enterprises and the pathways through which this occurs.The carbon emission trading pilot in China was used as a quasi-natural experiment，with data from listed companies between 2010 and 2022 selected to construct a double difference-in-differences（DID）model to analyze the impact of carbon trading on the value of wind power enterprises.The mediating effects of innovation investment and carbon prices in this relationship were also explored. Findings indicated that carbon trading policies significantly enhanced the market value of wind power enterprises，with the conclusions remaining robust after conducting parallel trend tests，placebo tests，and other robustness checks.Further analysis revealed that innovation investment and carbon prices significantly promoted the positive effect of carbon trading on enterprise value.Heterogeneity tests demonstrated that the effects were more pronounced among state-owned enterprises，those with low financing constraints，and small to medium-sized enterprises. Based on these findings， suggestions were made from both government and enterprise perspectives： the government should improve carbon market construction，fully leverage the vitality of the carbon market，appropriately expand the scope of government subsidies，and support corporate technological innovation；enterprises should innovate in fixed asset management，broaden financing channels，and promote the digital and intelligent transformation of wind power.

Key words: carbon trading policy, value of wind power enterprises, difference-in-difference, innovation investment, carbon price

CLC Number:

TK 01

LIAO Zhigao, GENG Nanfang. Research on impacts of carbon trading policies on the value of wind power enterprises based on the mediating effects of innovation investment and carbon price[J]. Integrated Intelligent Energy, 2026, 48(3): 85-95.

Figures/Tables 9

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变量		说明
被解释变量	TobinQ	市值/总资产
解释变量	did	若企业所在地实施碳交易试点政策则取1，否则为0
控制变量	Size	公司总资产的自然对数
	LEV	年末总负债除以年末总资产
	ROE	净利润除以总资产
	Cashflow	经营活动产生的现金流量净额除以总资产
	ATO	营业收入/平均资产总额
	INV	存货净额与总资产的比值
	Dual	董事长与总经理是同一个人为1，否则为0

项目	TobinQ1	TobinQ2	TobinQ3	TobinQ4
did	0.308 6***	0.421 9***	0.315 0***	0.508 8***
did	(0.000 2)	(0.000 0)	(0.000 3)	(0.000 9)
Size		-0.131 7***	-0.161 9***	-0.222 9**
Size		(0.006 8)	(0.000 5)	(0.042 1)
LEV		0.543 9**	0.441 2*	0.264 4
LEV		(0.046 1)	(0.059 3)	(0.633 7)
ROE		0.153 3	-0.187 5	-0.418 9
ROE		(0.702 0)	(0.601 4)	(0.256 9)
ATO		0.784 0***	0.706 3***	1.070 3***
ATO		(0.000 3)	(0.000 2)	(0.001 4)
Cashflow		-0.381 9	-0.751 7	-0.234 2
Cashflow		(0.632 1)	(0.311 6)	(0.749 6)
INV		0.705 0	0.612 2	-0.102 0
INV		(0.328 1)	(0.355 7)	(0.920 9)
Dual		0.149 9	0.255 3***	0.235 7*
Dual		(0.120 2)	(0.002 8)	(0.078 4)
常数项	1.331 2***	3.601 1***	4.437 1***	5.765 2**
常数项	(0.000 0)	(0.000 7)	(0.000 0)	(0.017 0)
数量	139	135	135	135
R²	0.089 5	0.296 8	0.518 7	0.600 0
固定年份	否	否	是	是
固定个体	否	否	否	是

项目	TobinQ	ROA	L
did	0.297 0^**	0.013 9**	0.249 6*
did	(0.035 8)	(0.027 4)	(0.057 1)
Size	-0.274 8**	0.004 2	0.832 3***
Size	(0.014 2)	(0.354 1)	(0.000 0)
LEV	0.692 2	-0.041 3*	-1.885 2***
LEV	(0.209 2)	(0.077 9)	(0.000 2)
ROE	-0.286 0	0.263 3***	-0.383 8
ROE	(0.458 7)	(0.000 0)	(0.234 6)
ATO	0.852 4**	0.032 8**	0.802 8***
ATO	(0.010 5)	(0.018 5)	(0.005 9)
Cashflow	-0.352 5	0.014 6	1.051 1
Cashflow	(0.641 3)	(0.635 4)	(0.103 2)
INV	-0.273 2	-0.062 7	0.766 1
INV	(0.796 6)	(0.147 5)	(0.394 3)
Dual	0.271 0^**	0.012 9**	0.145 1
Dual	(0.049 6)	(0.022 2)	(0.213 1)
常数项	6.925 0***	-0.073 6	-14.312 7***
常数项	(0.005 0)	(0.461 7)	(0.000 0)
数量	135	135	135
R²	0.573 4	0.893 6	0.916 2
固定年份	是	是	是
固定个体	是	是	是

项目	TobinQ5	RD	TobinQ6
did	0.508 8***	1.254 3*	0.396 2**
did	(0.000 9)	(0.097 7)	(0.042 0)
Size	-0.222 9**	-0.158 4	-0.240 5*
Size	(0.042 1)	(0.771 4)	(0.082 6)
LEV	0.264 4	-6.122 6**	0.251 2
LEV	(0.633 7)	(0.028 1)	(0.724 5)
ROE	-0.418 9	-4.072 9**	-0.097 3
ROE	(0.256 9)	(0.019 6)	(0.827 6)
ATO	1.070 3***	3.902 9**	0.849 5*
ATO	(0.001 4)	(0.023 7)	(0.057 0)
Cashflow	-0.234 2	2.121 2	-0.693 7
Cashflow	(0.749 6)	(0.584 6)	(0.478 9)
INV	-0.102 0	1.194 2	-0.615 4
INV	(0.920 9)	(0.807 4)	(0.618 3)
Dual	0.235 7*	0.293 9	0.162 8
Dual	(0.078 4)	(0.621 2)	(0.279 4)
RD			0.065 0**
RD			(0.021 2)
常数项	5.765 2**	7.705 1	6.201 4**
常数项	(0.017 0)	(0.520 7)	(0.043 0)
数量	135	113	113
R²	0.600 0	0.662 3	0.632 8
固定年份	是	是	是
固定个体	是	是	是

项目	TobinQ7	price	TobinQ8
did	0.508 8***	0.060 5***	0.407 9*
did	(0.000 6)	(0.000 3)	(0.098 8)
Size	-0.222 9**	0.058 6***	-0.300 3**
Size	(0.039 6)	(0.000 0)	(0.045 9)
Lev	0.264 4	-0.181 0***	-0.173 6
Lev	(0.632 7)	(0.000 2)	(0.810 2)
ROE	-0.418 9	-0.032 7	-0.569 2
ROE	(0.254 3)	(0.304 9)	(0.200 1)
ATO	1.070 3***	0.082 7**	1.207 5**
ATO	(0.001 1)	(0.011 5)	(0.010 2)
Cashflow	-0.234 2	-0.004 4	-1.439 4
Cashflow	(0.748 9)	(0.957 0)	(0.205 1)
INV	-0.102 0	0.079 6	-1.029 3
INV	(0.920 7)	(0.445 6)	(0.477 5)
Dual	0.235 7*	-0.017 7	0.180 0
Dual	(0.075 5)	(0.177 6)	(0.327 4)
价格			2.856 7*
价格			(0.064 9)
常数项	5.835 2***	47.452 6***	-130.000 0*
常数项	(0.007 9)	(0.000 0)	(0.074 6)
数量	135	107	107
固定年份	是	是	是
固定个体	是	是	是