Research On The Impact Of Carbon Emission Trading On The Credit Risk Of Listed Companies In High Carbon Industry

Under the multiple pressures of international politics,economic transformation and the promotion of environmental protection policies,traditional industrial enterprises will face problems such as the increase of environmental costs and the tightening of credit funds,and the increase of environmental policy risk will improve the credit risk of enterprises by affecting their operation.At present,financial institutions hold a large number of high-carbon industry assets,which are facing increasing credit risk,market risk and liquidity risk.Improper disposal will affect the stability of the whole financial system.By reading and summarizing the existing literature and combining with the historical experience of China’s local carbon emission trading pilot,taking the listed companies in highcarbon industries from 2010 to 2019 as the sample,the default distance in KMV model is selected as the proxy index of the credit risk of listed companies,and the default distance is set as the explained variable.The virtual variable of carbon emission trading is obtained by sorting out the list of emission control enterprises in each pilot area,and the environmental protection income of enterprises Taking the availability of enterprise credit as a regulatory variable,this paper constructs a regulatory effect multi period double difference model to explore the impact of enterprises’ participation in carbon trading on the credit risk of Listed Companies in high-carbon industries.It also analyzes the impact mechanism of enterprises’ participation in carbon trading on the credit risk of Listed Companies in high-carbon industry,to explore the regulatory role of enterprise environmental protection income and enterprise credit availability in the impact of enterprises’ participation in carbon trading on the credit risk of Listed Companies in high-carbon industry,and then puts forward research hypotheses according to theoretical analysis.After empirical analysis,it is concluded that compared with listed companies in highcarbon industries that do not participate in carbon trading,listed companies participating in carbon trading have lower credit risk.In addition,enterprise environmental protection investment and enterprise credit availability have negative and positive regulatory effects on the impact of listed companies participating in carbon trading on enterprise credit risk respectively."Enterprises participating in carbon trading",as a "market-oriented constraint",gives enterprises a certain degree of freedom and adjustment time,and reduces the short-term capital risk of enterprises.In the face of government environmental regulation,enterprises will comprehensively consider the benefits and costs and adopt a more cost-effective way to achieve the emission reduction target.For companies with low investment in environmental protection,their emission reduction transformation potential is large and the policy risk is large.After participating in carbon trading,they have higher freedom of choice and lower potential credit risk.Enterprises participating in carbon trading have a higher tendency of emission reduction and production transformation,and banks’ consideration of factors such as environmental protection and production tendency in corporate credit evaluation will make the external financing advantages of enterprises participating in carbon trading greater,and the flexibility of enterprises in capital arrangement will significantly reduce their credit risk.Finally,according to the empirical conclusions,this paper puts forward corresponding suggestions from the three levels of government,banks and enterprises.