An Empirical Study Of The Impact Of Low Carbon Pilot Policy On Corporate Performance

With the rapid development of the world economy,the world is also facing many social problems,among which environmental issues are most worried.China's current carbon emissions are relatively large,and the growth rate is also relatively fast.Therefore,it has withstood tremendous environmental pressure from the international community.In order to reduce the intensity of carbon emissions,China has taken the initiative to undertake the international responsibility for energy conservation and emission reduction.It has implemented low-carbon pilot policy,established carbon emissions trading markets,industrial restructuring,and supply-side reforms.In order to promote emission reduction in various regions,the National Development and Reform Commission established the first batch of lowcarbon pilot areas in five provinces and eight cities in 2010.In 2012,the National Development and Reform Commission added 29 cities and provinces as lowcarbon pilot areas.In 2017,45 low-carbon pilot cities were added.At present,the low-carbon pilot area has covered all provinces in mainland China.The development experience of human society and the research of experts and scholars have proved that there is a certain correlation between economic development and carbon emissions.How to save energy and reduce emissions while maintaining economic stability has become an important issue today.From a macro perspective,China actively promotes the structural transformation of the economy and promotes the upgrading of the industrial structure.From a micro perspective,we want to explore whether the low-carbon pilot policy will have a significant impact on business performance.This paper firstly carried out theoretical analysis,referring to the neoclassical economic view,Porter's hypothesis and resource-based theory.It is believed that in the early stage of implementation of the low-carbon pilot policy,enterprises will pay higher costs due to compliance with low-carbon regulation policies,thus making Corporate performance is suppressed;from a long-term perspective,the implementation of policies will promote enterprises to carry out technological innovation and improve resource utilization,thus making up for the compliance costs of enterprises in complying with the low-carbon pilot policy.In addition,As each company faces different markets and different resources,this paper believes that the secondary industry enterprises will be more affected by the low-carbon pilot policy than the primary and tertiary industries.This paper starts with the micro-level perspective of whether the low-carbon pilot policy will affect the performance of enterprises,and judges the extent to which Chinese enterprises' performance is affected by the low-carbon pilot policy.This paper uses the DID method to analyze the performance of listed companies in 12 cities in Wuhan,Hangzhou,Nanchang,Shenyang,Xi'an,Guiyang,Changsha,Nanjing,Hefei,Changchun,Taiyuan and Nanning from 2006 to 2015,and found that the implementation of low carbon pilot policy does have an inhibitory effect on corporate performance,but this inhibition is only short-term,and it has not been seen in the long run.In addition,this paper finds that the low-carbon pilot policy has a significant inhibitory effect on the performance of the secondary industry enterprises.Although the low-carbon pilot policy will affect the performance of the company in the short term and further affect the local economic development in short term.The low-carbon pilot policy will not inhibit the performance of the company in the long run,it will promote the enterprise to adjust its own development mode and improve asset utilization instead.