国境炭素税と株主価値
Crossborder Carbon Taxes and Shareholder Wealth (原題)
Marta Alonso, Martin Jacob, Gaizka Ormazábal, Robert Raney
🤖 gxceed AI 要約
日本語
EUの炭素国境調整メカニズム（CBAM）の主要発表に対する株価反応を分析し、CBAM対象製品を購入するEU企業のリターンが非欧州生産者より有意に低いことを示した。効果は非EUサプライチェーンを持つEU購入者で最も強く、CBAMコストが高く転嫁能力が低い企業ほど顕著である。株式市場は輸入への国境炭素価格をEU企業にとってコストと見ていることを示唆する。
English
Using stock price reactions to EU CBAM announcements, the authors find EU purchasers of CBAM-covered products earn significantly lower returns than non-European producers. Effects are strongest for EU buyers with non-EU supply chains and where costs are high and pass-through ability low. Equity markets expect crossborder carbon pricing on imports to be costly for EU firms.
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
EU CBAMは日本企業の輸出・調達戦略に直結し、SSBJや有報でのScope3・炭素コスト開示、サプライチェーン再編の必要性を示す。日本版炭素国境措置やGX-ETSの議論にも示唆を与える。
In the global GX context
Provides market-based evidence on how CBAM reshapes firm value, informing the global debate on carbon border measures, transition finance, and Scope 3 disclosure under ISSB/CSRD. Relevant to how disclosure and carbon pricing interact in capital markets.
👥 読者別の含意
🔬研究者:炭素国境税の資本市場への影響を株価イベントスタディで定量化した実証枠組みを提供する。
🏢実務担当者:EU向け輸出・調達を持つ企業はCBAMコストと転嫁力を見据えたサプライチェーン・価格戦略の検討が必要。
🏛政策担当者:国境炭素措置の設計が自国企業の競争力とコスト負担に与える影響を考慮すべき。
📄 Abstract（原文）
This paper examines the effect of crossborder carbon taxes on shareholder wealth. Using stock price reactions to key announcements of the European Union (EU) carbon border adjustment mechanism (CBAM), we find that EU purchasers of CBAM-covered products experience significantly lower returns than non-European producers of such products. The effect is strongest for EU purchasers with non-EU supply chains. Further cross-sectional analyses show that these negative reactions are more pronounced when CBAM-related costs are higher and when firms have a lower ability to pass them on to their trading partners. Overall, the evidence suggests that equity markets expect crossborder carbon pricing on imports to be costly for EU firms. This paper was accepted by Caroline Flammer, sustainability. Funding: G. Ormazabal thanks the Cátedra de Dirección de Instituciones Financieras y Gobierno Corporativo del Grupo Santander, the R + D + I Project [Reference PID2022-143016NB-I00 funded by MCIN/AEI/10.13039/501100011033], and ERDF “A way of making Europe” [Grant TED2021-132531B-I00 funded by MCIN/AEI/10.13039/501100011033, the European Union NextGeneration EU/PRTR, IESE’s High Impact Projects Initiative–2023, and the Social Trends Institute]. R. Raney acknowledges financial support from the Spanish Ministry of Science and Innovation [Grant PID2019-111143GB-C31 funded by MICIU/AEI/10.13039/501100011033] and [Grant PID2023-150744NB-C41 funded by MICIU/AEI/ 10.13039/501100011033]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.07171 .
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1287/mnsc.2024.07171first seen 2026-09-18 04:45:28
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