Study On Carbon Performance?Environmental Control And Enterprise Value

Since the reform and opening up,Chinese economy began to develop rapidly,however,the booming economic growth is at the cost of a huge price—high capital investment,large energy consumption and a amount of pollution emissions,the extensive mode of economic growth consumes a large amount of non renewable resources,but also causes serious damages to the ecological environment.Our country is in a critical period of upgrading the manufacturing structure.The enterprise is the main responsibility for the pollution,how to let enterprises to spend resources voluntary on carbon emission reduction activities have become an important problem,at the same time,the system of environmental regulation environment outside the enterprise implementation of internal external environment pollution cost,which makes the win-win low-carbon performance will improve the enterprise value and can achieve economic and environmental regulation the environment becomes the key.In this paper,we want to study the relationship between the enterprise's low carbon performance and the enterprise value,and environmental regulation is added as an adjustment variable to measure its regulatory effect.So we use China's manufacturing industry as the research object,and carding the relationship between enterprise low carbon performance,environmental regulation and enterprise value of the literature review,the relationship between low-carbon performance and corporate value,environmental regulation and corporate value was analyzed,then use the manufacturing data as the sampl from 2012 to 2015,using low carbon performance as the explanatory variables and use the environmental regulation as a moderating variable,empirical analysis of the relationship between the manufacture's enterprise low carbon performance and the manufacture's enterprise value.At last,considering the different regulatory intensity in different regions,the sample enterprises are divided into eastern and midwestern regions.and the results are compared with the results of the total sample data.The results show that:(1)When we only consider the relationship between the low carbon performance and the enterprise value,we can find that the low carbon performance has a significant positive impact on the corporate value,in other words,with the increase of the low carbon performance,the business value will also increase.Green projects and low carbon strategy can not only reduce carbon emissions,but also get financial benefits.This strategy is even important for enterprises that do not emit toxic waste or dangerous chemicals.The study explored how the companies willing to spend their own resources to reduce the carbon voluntarily.(2)The environmental regulation is the regulating variable between the enterprise's low carbon performance and the enterprise value,and has a promoting effect on the relationship between the enterprise's low carbon performance and enterprise value,that is to say,with the process of environmental regulation's promotion,the relationship between the enterprise's low-carbon performance and the enterprise value is more strong,and for midwestern regions' enterprises,the regulation effect of environmental regulation is significant.Generally speaking,environmental regulation is the process of survival of the fittest for enterprise groups.The government should unswervingly push forward the process of environmental regulation in China and take the road of green development,Realize the dual development of the economy and the environment.