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从上市公司的角度,分析了我国CDM项目交易的有效性,即将衡量碳交易有效性的标准设定为能够使企业股票产生价值溢价,实证检验了碳交易对我国A股上市公司股市表现的影响。检验结果显示,上市公司发布CDM项目注册公告当日,能给上市公司带来显著为正的异常收益率;对事件窗及事件发生后15个交易日的检验显示,公告没有使股市产生显著为正的累计异常收益率。对沪市和深市的对比检验表明,上市公司发布公告当日,两市的反应存在较大的差别。
From the perspective of listed companies, this paper analyzes the effectiveness of CDM transactions in our country. The criteria for measuring the effectiveness of carbon trading are set as the value premium of the corporate stock, and the impact of carbon trading on the performance of Chinese A-share listed companies . Test results show that listed companies issue CDM project registration announcement on the day, can bring significant positive positive returns for listed companies; the event window and the incident after the test of 15 trading days show that the announcement did not make the stock market significantly positive The cumulative abnormal return rate. The comparison test between Shanghai and Shenzhen shows that there is a big difference in the response of the two cities on the day the announcement of the announcement of the listed company.