배출권거래제가 부채조달비용에 미치는 영향 분석

Although the government has regulatied greenhouse gas emissions while minimizing the negative impact of industry through the emission trading system(ETS), there is a limit to continuous implementation due to the lack of incentives for green investment. The government emphasizes the market function to induce the greenhouse gas reduction investment. Against this background, first, this study verifies the effect of the ETS on debt financing cost. Second, this study verifies whether the effect of the ETS on debt financing cost differs by the characteristics of a company due to the ETS allocation method. As a result of this analysis, first, the ETS company’s debt financing cost is lower than that of non-ETS company, and it can be seen that debtholders positively evaluate the ETS. Second, under the ETS, a high carbon intensity company’s debt financing cost increases, but a company’s debt financing cost with high energy efficiency decreases. Third, the positive effect of the ETS appeares in small and medium-sized enterprises rather than large enterprises. In addition, the increase of debt financing cost for a company with high carbon intensity and the decrease of debt financing cost for a company with high energy efficiency are also found only in small and medium-sized enterprises. This study is the first to verify the effect of the ETS on debt financing cost, and it will be helpful for government policies that seek to induce a company’s greenhouse gas reduction investment. In addition, the result of this study can be used as important reference for evaluating climate-related risks. Also, the result of this study can be used as important reference in policy decisions of public and private financial institutions and credit rating agencies.