The Research On The Effect And Mechanism Of The Caron-Emission Trading On Corporate Carbon Emission

In recent years,China's economy has developed rapidly,and people's living standard has greatly improved.However,the environmental pollution has become increasingly acute along with the economic development.All kinds of extreme weather events caused by the emissions of greenhouse gases dominated by carbon dioxide have showed with a high frequency in recent years,which reminded people to face up to the issue of climate change.The carbon emission right trading scheme is one of the important ways to control the greenhouse gas emission and solve the issue of climate change.Carbon emission right is a kind of conversion right that allows the carbon dioxide emission,and carbon-emission right trading means exchange this right as a commodity traded in the market.Carbon emission trading has become a low cost means of reducing emissions,due to this,it has led to the following questions:after the establishment of the carbon emission trading market,from the enterprises level,whether the enterprises' carbon emissions have been controlled effectively and how do the enterprises reduce emission after the introduction of carbon emissions trading market.Since June 2013,China's central government has implement the carbon emission trading scheme in seven provinces and cities.Based on the implementation of carbon emission trading policy and listed companies' panel data from 2012?2015,the paper uses propensity score matching and difference-in-difference(PSM?DID)model,the latest model of policy evaluation,to analyzes the effect and mechanism of the carbon emission trading on the corporate carbon emission.The results show that the carbon emission trading policy effectively improves the level of corporate carbon emission;with respect to the research on the mechanism of the carbon emission trading,the study finds that companies reduce carbon emission mainly in a short term manner focused on reducing production,rather than in a.long term manner that relies on environmental protection technology innovation.Based on the empirical results,we put forward the following policy recommendations:Improving the system of carbon emissions trading to provide legal protection and supports for carbon emissions trading;Encouraging firms to take an active part in emission reduction work so as to reduce the carbon emission from source;government and bank can take measures such as providing the firms with environmental subsidy or financial support to induct the firms reduce carbon emission and promote the environmental protection technology innovation,thus realize the goal of carbon emission reduction in a long term manner.