Green investors and the return on capital in general equilibrium
在一个包含两代人和两类投资者的一般均衡模型中，研究了绿色偏好如何影响资本回报，发现绿色投资者占比上升会提高绿色企业的资本回报，并缩小与棕色企业的回报差距，碳税也能缩小这一差距。
We study how “green” preferences affect the return on capital in a general equilibrium model with overlapping generations and two types of investors. The “brown” type only cares about financial returns, while the “green” type also cares about climate damages from emissions. Based on the preferences of their owners, firms make an endogenous emission abatement choice. We find that the return on capital of green firms increases in the share of green investors, and that the return differential between green and brown firms decreases in the share of green investors. In general equilibrium, the labor demand of green firms can negatively impact the return on capital of brown firms. We show that a carbon tax curbs the return on capital differential as the behavior of the two types of investors converges. • The return on capital of green firms is increasing in the share of green investors. • The return on capital differential between brown and green firms decreases in the share of green investors. • In general equilibrium, the labor demand of green firms can negatively impact the return on capital of brown firms. • A carbon tax reduces the return on capital differential between brown and green firms.