Research On The Impact Of China’s Carbon Trading Pilot Policy On The Performance Of Listed Thermal Power Enterprises

Faced with the problem of global greenhouse effect,China has taken a positive attitude to cope with it,and proposed to strive for the peak of carbon dioxide emissions in China before 2030,and strive to achieve carbon neutrality before 2060.However,a large number of enterprises with high energy consumption,heavy pollution and high carbon emission are constantly challenging the tolerance limit of nature and posing a major threat to the sustainable development of the environment.There is no doubt that reducing carbon emissions is an inevitable trend at this stage,which is a huge challenge for the "large carbon emission" thermal power enterprises.According to statistics,China’s power industry currently accounts for about 41% of the carbon emissions of the energy industry,and thermal power is the most important source of carbon emissions.In2017,the national power generation industry was first included in the carbon emission trading system,which has higher requirements for its energy conservation and emission reduction.Thermal power enterprises have to increase investment in environmental protection to increase the economic cost of emission reduction.Can the implementation of carbon emission trading policy,a market-based regulation means,reverse the dilemma faced by thermal power enterprises and make them realize the "win-win" of environmental regulation and economic development?This problem is vital to the survival and development of China’s thermal power enterprises,which is worth further discussion.Based on this,this paper aims to objectively evaluate the comprehensive performance of China’s thermal power enterprises under the influence of carbon trading policies in recent years by combining carbon performance and economic performance.This paper takes listed thermal power enterprises under the regulation of carbon emission trading market as the research object,and uses the differential difference model to comprehensively investigate the influence of carbon trading market pilot policy on thermal power industry from the perspective of carbon performance and economic performance,namely external performance and internal performance.Based on the implementation time of the carbon emission trading market and the regulated objects,24 a-share listed thermal power enterprises from 2009 to 2020 are divided into control group and treatment group.The carbon performance is measured by the relative value of their carbon emissions.Economic performance was measured by ROA and TObin’s Q,and various economic and production indicators were selected as control variables to construct a differential dual model evaluation system.The effects of carbon trading pilot policies on the performance of listed thermal power enterprises were comprehensively investigated.Considering that the different size of enterprises may cause the difference of results,this paper also discusses the policy effect under different enterprise sizes.It is found that carbon emission trading has a significant positive effect on the carbon performance and economic performance of thermal power industry,but there is a certain difference in the impact of different scale enterprises.Based on this conclusion,this paper puts forward effective Suggestions for the environmental protection department and the thermal power enterprises.According to different scale enterprise design conforms to the situation of carbon trading system,expect to realize the sustainable development of China’s thermal power industry,effectively protect the ecological environment of our country,but also for our country the comprehensive construction of carbon emissions trading market to provide the beneficial reference.