배출권거래제와 타인자본비용과의 관련성

Relationship Between Emissions Trading Scheme and the Cost of Debt: Focusing on Export Concentration

Purpose – This study verifies whether the effect of ETS (Emissions Trading Scheme) on debt financing costs is differentiated according to export concentration, Also, this study verifies whether the increase and decrease effects of debt financing costs according to the characteristics of ETS companies are differentiated according to export concentration. Design/Methodology/Approach – This study analyzes companies listed on the Korean Stock Exchange (KSE), and the analysis period was from 2015 to 2020 as the emission trading scheme started in 2015. The sample taken for this study includes 3,504 firm-year observations. Findings - The results of the analysis are as follows. First, in companies with no exports and companies with a low proportion of exports, debt financing costs are reduced due to the ETS. Second, when carbon intensity is high in a company with high export concentration, the increase in debt financing costs increases. Third, companies with no exports and companies with high export concentration show a decrease in debt financing costs. It can be seen that creditors are differentially aware of the effect of the ETS according to the degree of export concentration, and consider the degree of export concentration even when considering the characteristics of companies responding to the ETS. Research Implications – The results of this study will be helpful for corporate strategies and government support policies for ETS firms. In addition, it will provide practical implications for capital market participants that evaluate climate-related risks.