Greenhouse Gas Reduction and Emissions Trading under the ETS : Evidence from the Cost of Equity Capital
排出量取引制度（ETS）の下での温室効果ガス削減と排出権取引：資本コストからの証拠 (AI 翻訳)
Jong-Dae Kwon, E. Kim
🤖 gxceed AI 要約
日本語
本研究は、排出量取引制度（ETS）の下での温室効果ガス削減活動と排出権取引結果が、企業の株式資本コストに与える影響を分析した。2015～2020年のETS対象企業をサンプルに、資本コスト（ICC）を評価ベースモデルで推定。削減量が多いほどICCが低く、排出権余剰はマイナス、不足はプラスの関係があった。炭素情報需要が高い企業や営業活動が活発な企業でこの関係が強い。
English
This study examines whether greenhouse gas (GHG) emission reductions and emissions trading outcomes under an Emissions Trading Scheme (ETS) are associated with the cost of equity capital. Using a sample of ETS firms from 2015-2020, it finds that greater GHG reduction is linked to a lower implied cost of equity capital (ICC). An emissions surplus is negatively related to ICC, while a shortage is positively related. The negative association is stronger for firms with high carbon information demand (e.g., CDP respondents) and stronger operating activity.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本は東京都や埼玉県などで独自のETSを運用しており、国レベルでの導入も検討されている。本論文は排出量管理が資本コストに影響することを示し、日本の排出量取引制度設計や企業のカーボン戦略に示唆を与える。
In the global GX context
As global carbon pricing expands (e.g., EU ETS, China ETS, and emerging schemes), this paper provides empirical evidence that firms' carbon management performance under an ETS is priced in equity financing costs. This informs the ISSB's and TCFD's emphasis on disclosing carbon risk and transition plans.
👥 読者別の含意
🔬研究者:This paper adds to the literature on the carbon risk premium and the financial consequences of emissions trading systems, using a robust implied cost of capital approach.
🏢実務担当者:Corporate sustainability and finance teams can use these findings to quantify the cost of capital benefits from proactive emissions reduction under an ETS.
🏛政策担当者:Regulators designing ETS can leverage this evidence on how quota allocation and market mechanisms affect firms' financing costs, reinforcing the case for market-based carbon pricing.
📄 Abstract（原文）
[Purpose] This study investigates whether firms’ greenhouse gas (GHG) emissions reductionactivities and emissions trading outcomes under the Emissions Trading Scheme (ETS) areassociated with the cost of equity capital. [Methodology] We measure GHG emissions reduction as the difference between a firm’sETS quota and verified emissions, and estimate the implied cost of equity capital usingvaluation－based models. We also examine whether firm－level emissions trading positions arerelated to ICC. The sample covers ETS firms over 2015－2020. [Findings] We find that greater GHG emissions reduction is associated with a lower ICC. In addition, an emission surplus is negatively related to ICC, whereas an emission shortage ispositively related to ICC. Cross－sectional tests further indicate that the negative associationbetween emissions reduction and ICC is more pronounced for firms subject to heightened carboninformationdemand (e.g., CDP－related firms) and for firms exhibiting stronger operating activity. [Implications] Our evidence suggests that carbon－management performance under the ETSis priced in equity financing costs. The findings provide implications for firms’ carbon strategiesand for policy makers designing quota allocation and market mechanisms by highlighting thelink between emissions management and equity capital costs.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.29189/kaiaair.44.1.13first seen 2026-05-05 22:50:14
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