온실가스 배출규제가 기업 가치와 부채조달비용에 미치는 영향

Even though greenhouse gas (GHG) emissions regulation contributes to the achievement of the national greenhouse gas reduction target, there are concerns that the increased compliance costs may reduce the competitiveness of an enterprise and become a threat. Various policy supports are required to enhance the competitiveness of a company and achieve the mid-to long-term GHG reduction target, and the role of capital market participants is important. In this context, this study analyzes the role of market participants in the regulation of greenhouse gas emissions. The major findings of this study are as follows. First, in small and medium-sized enterprises (SMEs), GHG emissions regulation is found to decrease firm value but such a relationship is not found in large firms. I infer that stock investors recognize that the effect of GHG emissions regulation on business risk is higher in SMEs than large corporations. I also find that in large firms and SMEs, GHG emissions regulation does not increase the cost of debt. This study is the first to examine the effect of GHG emissions regulation on corporate value and debt capital cost. This study will contribute to the development of SMEs’ strategy for coping with GHG emissions regulation, and it is meaningful to identify the role of capital market participants. In addition, this study has significant implications for policymakers as it is necessary to supplement policy enforcement to ensure the effectiveness of government policy.