Carbon Emission Trading Market Participation, Environmental Protection Investment And Corporate Value

On November 4,2016,the Paris Agreement entered into force.As an important party to the Paris Agreement,China is committed to reducing its CO2 emissions by per unit of GDP about 60% to 65% in 2030 compared with 2005.Therefore,the task of national emission reduction is very arduous.China has successively introduced three batches of accounting methods and reporting guidelines for greenhouse gas emissions about 24 key industries,which has established operational norms for the company's carbon accounting and reporting.In addition,on the basis of trials of local carbon emissions trading markets,China started the construction of a nationwide carbon emissions trading market on December 19,2017.It aims to give full play to the market mechanism's control over carbon emissions and help the country and the enterprise to control and reduces carbon emissions effectively.Then it promotes the green and low-carbon transformation of the company.Therefore,under the background of the establishment of China's carbon emission market system and the transformation of the company's green and low-carbon economy,whether the enterprise participate in the carbon emission trading market affects corporate value and how it affects are a matter of concern.This thesis takes the listed company of the A-share Main Board of Shanghai and Shenzhen Stock Exchanges from 2013 to 2016 as the research object,and it analyzes and tests whether or not participate in the carbon emission trading market affects the value of the company,and explores the impact of environmental protection investment in its mechanism.The study found that:(1)There is a positive promotion relationship between participation in carbon emissions trading market and corporate value.The participating in carbon emissions trading market can increase the listed company's corporate value.In contrast to non-state-owned listed companies,participation in the carbon emissions trading market of state-owned listed companies has a more significant role in promoting corporate value;(2)Environmental protection investment plays a positive role in the process of participating in the carbon emissions trading market for corporate value promotion.To the regulatory effect,the increase in environmental protection investment has strengthened the positive role of participation in the carbon emissions trading market for corporate value.The paper studies the mechanism of participation in carbon emission trading market affecting corporate value from an empirical perspective,and confirms the positive role of firms in participating in the carbon emissions trading market for corporate value.In the context of China's carbon emission rights market construction and the company's green and low carbon transition,this provides objective and academic evidence for evaluating the positive role of enterprises in participating in carbon emission trading and implementing emission reduction input,and enriches the literature of carbon emission trading market related to corporate value.