Carbon Emissions Permit,market Performance And Carbon Performance Of Power Generation Enterprise

It is the direction of modern enterprises to develop low-carbon economy and adjust industrial institutions in the context of the serious impact of carbon emission has changed climate and environment.In December 2017,the China's carbon emissions trading system has officially launched,includes more than 1700 enterprises using coal and gas to generate power(emissions more than 26000 tonnes of carbon dioxide a year),emissions 3 billion tons of carbon dioxide,which is about 39% of the national carbon emissions.In recent years,domestic scholars rarely make empirical studied on carbon performance,and most of them are exploring the relationship between enterprise's financial performance and the performance of carbon correlation,this paper tries to introduce two variables: the market performance and carbon emissions permit control into empirical research,for the sustained and healthy development of the low carbon economy has a certain guiding significance to the reality.Based on the power generation enterprise data from 2013 to 2016 as sample,in reference to the carbon intensity as the carbon performance,the carbon intensity of carbon emissions data is computing according to the IPCC guidelines,it is more appropriate and real.At the same time,introducing two variables: the market performance and carbon emissions permit control into empirical research,based on low carbon economy theory,information asymmetry theory,signaling theory and legitimacy theory,this paper puts forward three hypotheses,exploring if the market performance and carbon emissions permit control have significant impact on performance of carbon performance.The results show that there is a significant positive correlation between carbon emission permit control and enterprise carbon performance,and the complement of carbon emission trading system is an effective way to improve the carbon performance of enterprises.Verify the market performance measured by the Tobin QA has significant positive effect on carbon performance,good market performance enterprise can more effectively implement effective carbon performance measures,and more willing to set up good social image to improve enterprise carbon performance;Verified the market performance has more significant effect on the carbon performance than the carbon emissions permit control,shows that compared with the enterprise was incorporated into carbon emissions permit controls,the intention of enterprise setting up good social image in order to get attention to reduce carbon emissions is more positive.In this paper,the company's size,financial leverage and profitability are added as the control variables,and the robustness test is carried out after the regression,so the conclusion is convincing.