欧洲央行-企业对碳价格上涨的异质（和意外）投资反应（英）-2024.7-58页

WorkingPaperSeriesFirms’heterogeneous(andunintended)investmentresponsetocarbonpriceincreasesAnnaMatzner,LeaSteiningerDisclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.No2958AbstractWestudytheheterogeneouspass-throughofcarbonpricingoninvestmentacrossfirms.Us-ingbalancesheetdataof1.2millionEuropeanfirmsandidentifiedcarbonpolicyshocks,wefindthathighercarbonpricesreduceinvestment,onaverage.However,lesscarbon-intensivefirmsandsectorsreducetheirinvestmentrelativelymorecomparedtootherwisesimilarfirmsafteracarbonpricetighteningshock.Followingcarbonpricetightening,firmsindemand-sensitiveindustriesseearelativedecreasenotonlyininvestmentbutalsoinsales,employmentandcashflow.Moreover,wefindnoevidencethathighercarbonpricesincentivisecarbon-intensivefirmstoproducelessemission-intensively.Overall,ourresultsareconsistentwiththeoriesofthegrowth-hamperingfeaturesofcarbonpriceincreasesandsuggestthatcarbonpricingpolicyoperatesasademandshock.JELclassification:Q54,Q58,D22,H23.Keywords:Carbonpricing,publicpolicy,climatecrisis,corporatefinance,economicgrowth.ECBWorkingPaperSeriesNo295811Non-technicalsummaryThisresearchexplorestheimpactofcarbonpricingoninvestmentbehaviorsamongEuropean(non-financial)firms.Usingadataset...