Numerical Simulation On Blasting Cavity And Experimental Study Of Grouting For Supporting In Soil

The environment on the earth is getting worse and worse.The essence of protecting the earth is to save ourselves and protect ourselves.With the continuous development of China,China is undertaking more and more important responsibilities and obligations in the world.China has always attached great importance to environmental issues.On October 29,2011,the national development and reform commission issued the "notice on the pilot work of carbon emission trading",and approved seven provinces and cities including Shenzhen to carry out the pilot work of carbon emission trading.This paper mainly discusses the relationship between carbon emission trading,environmental protection investment and enterprise value from three aspects.Second,discuss the impact of enterprise environmental protection investment on the value of pilot enterprises;Third,it further discusses the impact of enterprises' carbon emission,property right nature and innovation output on the value effect of pilot enterprises implementing environmental protection investment.This paper discusses these three issues,and tests and analyzes them by empirical methods including literature review,propensity score matching(PSM)and double difference(DID).Propensity score matching(PSM)can solve the problem of sample self-selection and avoid the error of regression results due to the existence of self-selection in pilot enterprises.The study found that after the pilot implementation of carbon emission trading,enterprises participating in carbon emission trading have higher value compared with enterprises not participating in carbon emission trading.At the same time,it is also found that the enterprise environmental protection investment in recent three years will inhibit the value effect of enterprises participating in carbon emission trading.Further research shows that,1.Compared with high-carbon enterprises,pilot enterprises with low carbon intensity have more significant impact on enterprise value.However,there is no difference between high-carbon enterprises and low-carbon enterprises in the inhibitory effect of environmental investment on the value effect of pilot enterprises.2.Compared with state-owned enterprises,non-state-owned pilot enterprises have a more significant impact on enterprise value.Meanwhile,non-state-owned enterprises' environmental protection investment has a more significant inhibitory effect on the value effect of pilot enterprises.Third,the innovative output of enterprises due to environmental protection investment and innovative investment can alleviate the negative effect of environmental protection investment on the value of pilot enterprises to some extent.At the same time,in order to ensure the research results obtained in this paper are robust,a series of robustness tests are also carried out in this paper.Second,adjust the pilot time,the pilot provinces and cities to re-adjust the implementation time;3.Placebo test.The two methods of regression test and regression test of explained variables were used to determine whether the reasons for the influence on enterprise value were the implementation of the carbon emission trading system.4.Change the measurement method of enterprises' environmental investment,and replace the natural logarithm of environmental expenditure with the intensity of environmental investment for regression test;5.Replace tobin's Q with the return on total assets to measure enterprise value.Finally,a series of robustness tests confirmed the above conclusions.The research of this paper is helpful to further deepen and expand the existing research literature on carbon emission trading and environmental protection investment and output of enterprises.It has certain enlightenment significance to further promote and deepen the construction of national carbon emission right trading system.Through literature review and empirical analysis,this paper studies the relationship between carbon emission trading,environmental investment and enterprise value,and provides relevant policies and Suggestions based on the conclusions.