기업의 탄소배출과 주가수익률간 관계에 관한 연구

This paper empirically analyses the relationship between corporate carbon emissions and stock market returns based on the recent increased attention to the environment and carbon emissions and the tightening of regulations. Analyzing data from National Greenhouse-gas Management System (NGMS), we find that there is an overall statistically significant positive relationship between carbon intensity (carbon emissions relative to sales or net income) and stock returns. However, it is also found that a partially statistically significant negative relationship during the second ETS plan period. This suggests that the domestic stock market is generally consistent with the carbon premium hypothesis, but gradually acquires characteristics consistent with the green premium hypothesis. The empirical results suggest the need for proactive management of carbon-related risks by domestic companies, financial institutions with exposures to domestic companies, and the financial supervisory authorities that oversee them.