Fossil Energy Price,Carbon Emission Right Price And Stock Price Of High-Carbon Listed Companies

Since the Kyoto Protocol,China has been showing the responsibility of a great country in the face of environmental crisis and actively participates in the international carbon emission reduction market-oriented construction activities to seek a green development path.In order to fulfill China’s international commitment,China has carried out seven carbon trading pilot projects in the country.Combined with China’s experience in international carbon trading,China has further explored the national unified carbon market.In the normalization stage of the COVID-19,the carbon emission price pricing of the national unified market is not only related to the function of the carbon market,the realization of emission reduction goals,but also determines the energy cost of enterprises.Therefore,it is of constructive significance to study the carbon price pricing mechanism for green development,in the era of global carbon trade and global emission control,market-oriented carbon pricing will also play a fundamental supporting role in consolidating and enhancing China’s international status and increasing the influence of international emission reductionBased on the fossil energy price,carbon emission right price and the stock price of high-carbon listed companies,this paper studies the mediating effect of carbon emission right price bet-ween two relatively mature markets after the emergence of carbon emission system,and selects the relevant data from 2015 to 2019 for systematic empirical research.Firstly,the concepts and theories are sorted out,and put forward the financial theories of carbon emission rights system,then the development process of carbon emission markets are described by taking EU ETS and China carbon emission market as examples,and the problems found and the current challenges are systematically described;then,in the part of model setting,relevant variables are selected to derive the model,and finally the mediating coefficient of carbon emission right price is obtained;in the empirical part,due to the multicollinearity of fossil energy price variables,this paper uses principal component analysis to solve the problem,after regression analysis,the coefficient is pushed back to the fossil energy price variable to get the real analysis results;after analyzing the results,the mediating effect was tested by item by item regression and Sobel method.The empirical results show that:first,there is industry heterogeneity in the impact of fossil energy price on the stock price of high carbon listed companies,which has a positive correlation effect on the steel,paper and building materials industries,a negative correlation effect on the electric power,oil exploitation and aviation industries,and the correlation of the chemical industry and non-ferrous metal industry is not significant;second,there is a negative correlation between the price of fossil energy and the price of right of carbon emission,which is significant;third,The price of carbon emission right has a significant positive correlation with most industries’stock prices we study and a negative correlation with the steel industry,and the mediating effect is industry heterogeneity.Policy recommendations are as follows:first,in view of the excessive free carbon mission quota in the market,we should flexibly optimize the quota mode and quota quantity to ensure the coordinated development of regions,industries and enterprises;second,through the exploration and summary of the EU ETS and domestic pilot projects in recent years,we will further improve the pricing mechanism and trading system of carbon emission right market;third,the unified carbon mission right market should strengthen the supervision of enterprise data in various industries,ensure its authenticity,make it a good data support for quota allocation and regulation,and improve the disclosure system;fourth,strengthen the role of guiding enterprises to optimize energy structure,give full play to the role of reward and punishment mechanism,when enterprises take the initiative to reduce emissions and improve emission reduction technology,they should give appropriate carbon incentives to achieve the coordination of emission reduction and development.