Calculating The Impact Of The Coordination Of Carbon Reduction And Pollution Mitigation Policies On The Financial Performance Of "Double High" Listed Companies Based On The Difference-Differences Model

On May 31,2021,the General Office of the Ministry of Ecology and Environment issued the "Guiding Opinions on Strengthening the Prevention and Control of the Eco-Environmental Source of Construction Projects with High Energy Consumption and High Emissions",proposing to promote the coordinated control of pollution reduction and carbon reduction in the "Double High" industries,according to pollution permits Strengthen supervision and law enforcement,so as to strengthen the prevention and control of the ecological environment of the "Double High" project.This paper analyzes the environmental protection indicators and financial indicators of the pollution emissions of the "Double High" listed companies.Combined with the policy of Administration Measures of Pollution Permit(trial),and the development and operation of the Carbon Trade Market,determine the stress scenario,sort out the transmission path,and introduce the DID Model in the evaluation of the emission early warning of the "Double High" listed companies to establish a model to measure the stress situation of the "Double High" listed companies.Research shows that as it is still in the certification stage before 2020,the post-license supervision and law enforcement needs to be improved,the "Measures for the Administration of Pollution Discharge Permits(Trial)" has not yet had a significant impact on the financial performance of listed companies in the "Double High",but the development of the regional carbon trading market pilot work has the "Double High" listed companies have a significant impact on their financial performance.It is expected that the operation of the national carbon market will have a more positive impact on the"Double High" listed companies in the future.Clarifying the transmission path of the environmental performance of the "Double High" listed companies to the financial performance will help reduce the risk of industrial transformation,and is of great significance to the bank’s credit risk management and control and the overall stability of the financial system.