Research On The Impact Of Carbon Emission Trading On The Performance Of Power Industry Enterprises

With the continuous growth of China's economic volume,China has become the world's largest carbon dioxide emitter,and environmental pressure from all sides has followed.China's determination to control emissions has never been reduced,but in the past,the means of compulsory emission reduction can only alleviate the pressure of emissions,and often inhibit economic development.With the continuous improvement of China's environmental governance policies,the carbon emission trading market policy,which aims to force enterprises to reduce emissions through the marketization of carbon,dioxide emission rights,came into being.For the controlled enterprises,their environmental performance and financial performance will be affected by the multi-dimensional impact of the carbon emission trading market.As the first economic entity to participate in the carbon emission market,China's power industry is not only the key link of China's emission reduction work,but also the guarantee link to support China's economic development,clarify the impact of the carbon emission trading market on the power industry,and have a real impact on China At present,the high-quality development under the win-win mode of environmental protection and economic growth is of great significance.This paper takes the electric power industry under the control of carbon emission trading market as the research object,and uses the double difference model to comprehensively investigate the impact of carbon emission trading market on the electric power industry from the perspective of environmental performance and financial performance,that is,external performance and internal performance.Combined with the actual situation and excluding some samples that are not suitable for modeling,based on the implementation time and regulatory objects of carbon emission trading market,the power industry of 26 provinces(cities)and 69 listed power companies in China from 2009 to 2018 are divided into control group and treatment group.The environmental performance is measured by the coal consumption rate,and the financial performance is measured by the return on total assets(ROA)In this paper,we use various economic and production indicators to build a dual difference model evaluation system,and investigate the impact of carbon emission trading on the performance of power industry enterprises.It is found that carbon emission trading has a significant positive role in promoting the environmental performance and financial performance of the power industry,but the impact on the environmental performance of the power industry is due to the significant regional differences in the economic development of different regions,and the impact on the financial performance of the power industry is due to the same differences in the size of enterprises.Therefore,China should continue to promote the construction of the national carbon emission trading market,and design carbon emission trading policies in accordance with the economic development differences in different regions and different enterprise scales in the future work.Electric power enterprises should also actively participate in the carbon emission trading market,formulate scientific and reasonable enterprise development strategy,and strive to make carbon emission trading benefit the whole country.