| With the development of China's ecological civilization construction strategy,the government,society and enterprises have increased their efforts in environmental protection.China's carbon trading market was piloted in 2013.By December 2017,the cumulative quota of seven pilot markets exceeded 200 million tons of carbon dioxide equivalent,and the turnover exceeded 4.6 billion yuan.In December 2017,the National Development and Reform Commission issued the "National Carbon Emissions Trading Market Construction Plan(Power Generation Industry)",which marked the completion of the overall design of China's carbon emission trading system.In May 2018,the National Ecological Environmental Protection Conference was held.President Xi Jinping emphasized that "green development is an inevitable requirement for building a high-quality modern economic system and a fundamental strategy for solving pollution problems." With the continuous implementation of various environmental policies in China,the enterprises are increasing the investment of clean production,energy conservation,emission reduction,pollution control and climate change response,which have had an important impact on corporate value.In the current literature on environmental costs and carbon emissions trading,there have been many studies on the impact of environmental regulation on enterprises.And there have been many discussions on the measurement methods of corporate environmental costs as well.However,there are few literatures that specifically studied from the perspective of corporate environmental costs.Few researches have been conducted from the perspective of capitalization and costing.The economic consequences of environmental costs in Chinese enterprises have not yet been fully clarified.The research on carbon emission trading in China mainly focuses on the accounting treatment of carbon trading and the disclosure of carbon information.Less researches used the actual data of the market and enterprises to test whether the carbon trading can improve the value of the enterprise.Therefore,based on a comprehensive review of the literature in related fields,this paper examines the impact of environmental costs on corporate value,the impact of carbon emissions trading on corporate value,and the inclusion of carbon emissions trading in environmental costs and enterprises.Further studying the different roles of property rights,heavily polluting industries,financial performance and R&D investment in this study.Through the analysis,summarize the research results,the corresponding policy recommendations,in order to provide reference for Chinese companies to actively participate in environmental regulation and improve the environmental management level of enterprises.The full paper is divided into seven chapters.The first chapter is introduction.Based on the current research background and economic environment,this paper proposes the research theme,overall research ideas,the framework of the thesis,and summarizes the innovations of this paper.The second chapter is related to the theory and literature review.This section reviews the four main aspects,including the theoretical basis of environmental costs,related research on environmental costs,the theoretical basis of carbon emissions trading,and related research on carbon emissions trading.Based on existing literature,point out the possible research limitations and further propose the research perspective of this paper.The third chapter is the institutional background.This section analyzes the institutional background and reality of the environmental cost and carbon emission trading in this paper,which provides a basis research hypothesis that adapts to the following test.The fourth chapter is the study of the impact of environmental costs on corporate value.Based on the previous research and analysis,this part of the study incorporates environmental costs into the research framework.Through the 10-year A-share listed company as a research sample,the total environmental cost of the enterprise is measured and divided into capitalized and expenses environmental costs.Two parts of environmental costs are examined to examine the impact of environmental costs on corporate value.The fifth chapter is the study of the impact of carbon emission trading on corporate value.Based on the analysis of the current situation,this section uses the research sample of A-share listed companies in 10 years to study the impact of carbon emission trading on corporate value by PSM-DID method.And further verify whether China's carbon emission trading is meet the "Porter Hypothesis".The sixth chapter is studying the impact of environmental costs,carbon emissions trading and corporate value.Based on the research results of the first two chapters,this part studies carbon emissions trading as a regulatory variable into the environmental costs and corporate value.Study the impact of enterprises being included in carbon emissions trading on the relationship between environmental costs and corporate value.The seventh chapter of this paper is mainly about research conclusions,policy recommendations and further research directions.On the basis analysis and reasonable induction of the fourth chapter to the sixth chapter,concluse the final research conclusions,policy recommendations and future research directions.Through theoretical analysis and empirical test,this paper draws the following main research conclusions:First,the enterprises' environmental costs reduced the value of enterprises;the cost of capitalization of enterprises can significantly affect the value of enterprises,and reduce the value of enterprises;compared with the capitalized environment cost,the expenses environmental costs of enterprises have less impact on the value of enterprises The nature of state-owned property rights can inhibit the reduction of corporate value caused by environmental costs,and mainly inhibits the reduction of corporate value caused by cost-based environmental costs.In enterprises with heavy pollution,the role of environmental costs in reducing corporate value is more obvious;In enterprises with heavy pollution,the role of expenses environmental costs in reducing corporate value is more obvious than capitalizing environmental costs.Second,the implementation of carbon emission trading has a significant positive correlation with corporate value,which can effectively enhance corporate value.The implementation of carbon emission trading is significantly positively correlated with corporate financial performance,which can effectively improve the return on assets.The implementation of carbon emission trading cannot promote the increase of R&D investment in Chinese enterprises.Further research shows that the implementation of carbon emission trading has indeed increased the level of non-operating income of enterprises,but the impact on corporate investment income is not significant.Third,enterprises which are included in carbon emissions trading inhibit the reduction of corporate value caused by environmental costs.Enterprises which are included in carbon emissions trading inhibit the reduction of corporate value caused by capitalized environmental costs,but does not having a significant regulatory effect between the relationship of expenses environmental costs and corporate value.The main innovations of this paper are as follows:First,the environmental costs are more comprehensively measured and classified into capitalized environmental costs and expenses environmental costs.This paper takes into account the actual situation of enterprise environmental management in China,and pays special attention to the occurrence and record of environmental costs of enterprises.Through manual collection methods conducts the environmental costs,and divides them into capitalized environmental costs and expenses environmental costs to study the actual impact of the environmental cost on the value of the enterprise.Second,the trend matching score and double difference(PSM-DID)method are used to test the impact of implementing carbon emission trading on corporate value.This paper synthesizes the previous research results,and manually collects the start-up time of China's carbon emission trading pilot market and the list of enterprises participating in carbon emission trading in each market.On this basis,study the impact of carbon emission trading on corporate value.And further test whether the impact is in line with the "Porter Hypothesis".Third,comprehensively examine the impact of the environmental costs and the enterprises are included in carbon emissions trading on the corporate value,which are two types of environmental regulations(administrative order type and market transaction type).Based on the verification of the impact of environmental costs and the carbon emission trading on corporate value,this paper further analyzes the impact of environmental costs on corporate value while has an inclusion of carbon emission trading.Provide theoretical support and empirical evidence for China's corporate environmental governance and carbon emissions trading. |
PDF Full Text Request